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An empirical analysis of the 2000 corporate tax reform in Germany: Effects on ownership and control in listed companies

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Weber, Anke

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Abstract

This paper is a first attempt to analyse the implications of the 2000 corporate tax reform on ownership concentration in Germany. The empirical results document a fall in ownership concentration and a decrease in the power of top institutional owners including the big banks. Hence, the description of German corporate governance as a bank-based system may no longer apply. However, even though the corporate tax reform had a significant effect on ownership concentration and on the power of the top-institutional blockholders, the change in the corporate income tax law did not revolutionise German corporate governance. Ownership concentration in 2005 is still high compared to the Anglo-American economies and an active market for corporate control is not observed.

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File URL: http://www.sciencedirect.com/science/article/B6V7M-4T72WW2-1/2/f3196bfba70806bc69d9da0297748174
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Publisher Info
Article provided by Elsevier in its journal International Review of Law and Economics.

Volume (Year): 29 (2009)
Issue (Month): 1 (March)
Pages: 57-66
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Handle: RePEc:eee:irlaec:v:29:y:2009:i:1:p:57-66

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Web page: http://www.elsevier.com/locate/irle

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Keywords: Voting-block statistics Blockholders Corporate control;

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  1. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers 1788, Harvard - Institute of Economic Research.
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  2. Julian Franks & Colin Mayer, 2001. "Ownership and Control of German Corporations," OFRC Working Papers Series 2001fe11, Oxford Financial Research Centre. [Downloadable!]
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  3. Becht, Marco & Boehmer, Ekkehart, 2003. "Voting control in German corporations," International Review of Law and Economics, Elsevier, vol. 23(1), pages 1-29, March. [Downloadable!] (restricted)
  4. Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent developments in German corporate governance," Discussion Paper 014, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
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  5. Andreas Hackethal & Reinhard H. Schmidt & Marcel Tyrell, 2005. "Banks and German Corporate Governance: on the way to a capital market-based system?," Corporate Governance: An International Review, Blackwell Publishing, vol. 13(3), pages 397-407, 05. [Downloadable!] (restricted)
  6. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June. [Downloadable!] (restricted)
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  7. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December. [Downloadable!] (restricted)
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  8. Becht, Marco, 1999. "European corporate governance: Trading off liquidity against control," European Economic Review, Elsevier, vol. 43(4-6), pages 1071-1083, April. [Downloadable!] (restricted)
  9. Andreas Hackethal & Reinhard H. Schmidt & Marcel Tyrell, 2005. "Banks and German Corporate Governance: On the Way to a Capital Market-Based System?," Working Paper Series: Finance and Accounting 146, Department of Finance, Goethe University Frankfurt am Main. [Downloadable!]
  10. Jeremy Edwards & Marcus Nibler, 2000. "Corporate governance in Germany: the role of banks and ownership concentration," Economic Policy, CEPR, CES, MSH, vol. 15(31), pages 237-267, October. [Downloadable!] (restricted)
  11. Reinhard H. Schmidt, 2004. "Corporate Governance in Germany: An Economic Perspective," Working Paper Series: Finance and Accounting 118, Department of Finance, Goethe University Frankfurt am Main. [Downloadable!]
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  12. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04. [Downloadable!] (restricted)
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