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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

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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Bibliographic 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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Cited by:
  1. Rünger, Silke, 2011. "The effect of Germany's Tax Reform Act 2001 on corporate ownership: Insights from disposals of minority blocks," arqus Discussion Papers in Quantitative Tax Research 114, arqus - Arbeitskreis Quantitative Steuerlehre.

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