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Corporate Ownership And Control In The U.K., Germany, And France

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  • Julian Franks
  • Colin Mayer

Abstract

Like its U.S. counterpart, the U.K. corporate ownership and governance system can be characterized as an "outsider" system with a large number of public corporations, widely dispersed ownership (though with growing concentrations of institutional shareholdings), and well-developed takeover markets. By contrast, the much smaller number and proportion of publicly traded German and French corporations are governed by "insider" systems--those in which the founding families, banks, or other companies have controlling interests and in which outside shareholders are not able to exert much control. 1997 Morgan Stanley.

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Bibliographic Info

Article provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.

Volume (Year): 9 (1997)
Issue (Month): 4 ()
Pages: 30-45

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Handle: RePEc:bla:jacrfn:v:9:y:1997:i:4:p:30-45

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Cited by:
  1. Nikolay Trifinov Naydenov, 2005. "Changes in the Japanese Postwar Corporate Governance System in the 1990s," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 124-150.
  2. Wiwattanakantang, Yupana, 2001. "Controlling Shareholders and Corporate Value: Evidence from Thailand," CEI Working Paper Series 2001-4, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  3. Peter Wirtz, 1999. "Évolution institutionnelle, schémas mentaux et gouvernement des entreprises:le cas Krupp-Thyssen," Revue Finance Contrôle Stratégie, revues.org, vol. 2(1), pages 117-143, March.
  4. Pablo de Andres Alonso & Felix J. Lopez Iturriaga & Juan A. Rodriguez Sanz, 2005. "Financial decisions and growth opportunities: a Spanish firm's panel data analysis," Applied Financial Economics, Taylor & Francis Journals, vol. 15(6), pages 391-407.
  5. John Armour & B.R. Cheffins & D.A. Skeel Jr., 2002. "Corporate Ownership Structure and the Evolution of Bankruptcy Law in the US and UK," ESRC Centre for Business Research - Working Papers wp226, ESRC Centre for Business Research.
  6. Noriyuki Tsunogaya & Parmod Chand, 2012. "The Complex Equilibrium Paths towards International Financial Reporting Standards (IFRS) and the Anglo-American Model: The Case of Japan," The Japanese Accounting Review, Research Institute for Economics & Business Administration, Kobe University, vol. 2, pages 117-137, December.
  7. Dennis Leech, 2001. "Shareholder Voting Power and Corporate Governance: A Study of Large British Companies," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 27, pages 33-54.
  8. Faccio, Mara & Lasfer, M. Ameziane, 2000. "Do occupational pension funds monitor companies in which they hold large stakes?," Journal of Corporate Finance, Elsevier, vol. 6(1), pages 71-110, March.
  9. Pablo de Andrés-Alonso & Valentín Azofra-Palenzuela & Juan A. Rodríguez-Sanz, 2000. "Endeudamiento, oportunidades de crecimiento y estructura contractual: un contraste empírico para el caso español," Investigaciones Economicas, Fundación SEPI, vol. 24(3), pages 641-679, September.
  10. Rajaa Mtanios & Mathieu Paquerot, 1999. "Structure de propriété et sous-performance des firmes:une étude empirique sur le marché au comptant, le règlement mensuel et le second marché," Working Papers FARGO 0991202, Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance).
  11. Suto, Megumi, 2000. "New development in the Japanese corporate governance in the 1990s - the role of corporate pension funds," HWWA Discussion Papers 100, Hamburg Institute of International Economics (HWWA).
  12. Manow, Philip, 2001. "Globalization, corporate finance, and coordinated capitalism: Pension finance in Germany and Japan," MPIfG Working Paper 01/5, Max Planck Institute for the Study of Societies.
  13. Seifert, Bruce & Gonenc, Halit & Wright, Jim, 2005. "The international evidence on performance and equity ownership by insiders, blockholders, and institutions," Journal of Multinational Financial Management, Elsevier, vol. 15(2), pages 171-191, April.

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