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Universal banking, control rights, and corporate finance in Germany

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Author Info

  • William R. Emmons
  • Frank A. Schmid

Abstract

This article describes the most important corporate governance practices in contemporary Germany. These practices include a prominent role for universal banks, other large financial and non-financial firms, and employees through a system known as codetermination. While some similarities exist, many features of corporate governance in Germany differ greatly from those found in the United States. This article provides historical background and a review of the existing empirical evidence on these topics.

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Bibliographic Info

Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (1998)
Issue (Month): Jul ()
Pages: 19-42

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Handle: RePEc:fip:fedlrv:y:1998:i:jul:p:19-42:n:v.80no.4

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Related research

Keywords: Corporations - Finance ; Germany;

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Citations

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Cited by:
  1. Hans Degryse & Steven Ongena, 2001. "Bank Relationships and Firm Profitability," Financial Management, Financial Management Association, vol. 30(1), Spring.
  2. Frank A. Schmid & Mark Wahrenburg, 2002. "Mergers and acquisitions in Germany," Working Papers 2002-027, Federal Reserve Bank of St. Louis.
  3. Elston, Julie Ann & Goldberg, Lawrence G., 2003. "Executive compensation and agency costs in Germany," Journal of Banking & Finance, Elsevier, vol. 27(7), pages 1391-1410, July.
  4. Franks, Julian R & Mayer, Colin, 2001. "Ownership and Control of German Corporations," CEPR Discussion Papers 2898, C.E.P.R. Discussion Papers.
  5. Gorton, Gary & Schmid, Frank A., 2000. "Universal banking and the performance of German firms," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 29-80.
  6. Gary Gorton & Frank Schmid, 2002. "Class struggle inside the firm: a study of German codetermination," Working Papers 2000-025, Federal Reserve Bank of St. Louis.
  7. Becht, Marco & Boehmer, Ekkehart, 2003. "Voting control in German corporations," International Review of Law and Economics, Elsevier, vol. 23(1), pages 1-29, March.
  8. Robert S. Chirinko & Hans van Ees & Harry Garretsen & Elmer Sterken, 1999. "Firm Performance, Financial Institutions and Corporate Governance in the Netherlands," CESifo Working Paper Series 210, CESifo Group Munich.
  9. Schmidt, Reinhard H., 2003. "Corporate Governance in Germany: An Economic Perspective," CFS Working Paper Series 2003/36, Center for Financial Studies (CFS).
  10. Edwards, Jeremy S S & Weichenrieder, Alfons J, 2009. "Control Rights, Pyramids, and the Measurement of Ownership Concentration," MPRA Paper 13830, University Library of Munich, Germany.
  11. Din, Shahab-u- & Javid, Attiya Yasmin, 2011. "Impact of managerial ownership on financial policies and the firm’s performance: evidence Pakistani manufacturing firms," MPRA Paper 37560, University Library of Munich, Germany.
  12. Andreani, Ettore, 2003. "Corporate Control and the Financial System in Germany: Recent Changes in the Role of Banks," Thuenen-Series of Applied Economic Theory 37, University of Rostock, Institute of Economics.

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