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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
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:bla:jacrfn:v:9:y:1997:i:4:p:30-45

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Cited by:
  1. 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.
  2. 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.
  3. 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.
  4. Peter Wirtz, 1999. "Évolution institutionnelle, schémas mentaux et gouvernement des entreprises:le cas Krupp-Thyssen," Revue Finance Contrôle Stratégie, Editions Economica, vol. 2(1), pages 117-143, March.
  5. Bruno Deffains & Jean-Daniel Guigou, 2002. "Droit, gouvernement d’entreprise et marches de capitaux," Cahiers du CEREFIGE 0204, CEREFIGE (Centre Europeen de Recherche en Economie Financiere et Gestion des Entreprises), Universite Nancy 2 - Metz, revised 2002.
  6. 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 - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance).
  7. 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 and Francis Journals, vol. 15(6), pages 391-407.
  8. 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.

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