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The La�nder are the Building Blocks of the German Capital Market

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  • Dariusz Wojcik
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    Abstract

    Data on major voting blocks in the German officially listed companies for the end of 1997 and May 2001 are used in order to explore the spatial dimensions of the system of corporate control. Listed companies are very unevenly distributed, and their institutional and geographical concentration has not decreased. Holdings of voting blocks in companies are, in turn, getting more and more dispersed, but the majority of corporate control is still intraregional, with the holders of voting rights coming from the same Lander as the controlled corporations. Gravity equations show that distance is a very strong determinant of corporate control links, and its role applies to all types of companies and holders, though to a varying degree. From the perspective of corporate control, the German capital market is very regionalized. Considering that the study spans a short period of time, however, the pace of integration is pronounced. A partir des donnees sur les principaux regroupements de votes dans les societes allemandes officiellement cotees en Bourse fin 1997 et au mois de mai 2001, on examine les dimensions geographiques du systeme de controle des societes. Les societes cotees en Bourse sont distribuees de facon irreguliere, et leur concentration institutionnelle et geographique n'a pas diminue. Les actions detenues par les regroupements de votes deviennent, a leur tour, de plus en plus dispersees alors que, dans une large mesure, le controle des societes reste intraregional, dont les porteurs avec droit de vote viennent des memes Landers ou se trouvent les societes controlees. Des equations de gravite laissent voir que la variable distance constitue un facteur cle des liens de controle des societes, et son role s'applique de facon variable a toute sorte de societe et a toute categorie de porteur. Du point de vue du controle des societes, le marche financier allemand est tres regionalise. Etant donne que l'etude porte sur une periode de temps assez breve, il n'en est moins vrai que le taux d'integration s'avere marque. Daten fur die Hauptstimmblocke in den offiziell notierten deutschen Handelsgesellschaften fur Ende 1997 und Mai 2001 werden dazu benutzt, die raumlichen Dimensionen des Systems gemeinsamer Aufsichtsfuhrung zu untersuchen. Im Firmenregister aufgefuhrte Gesellschaften sind sehr ungleich verteilt, und ihre institutionalle und geographische Konzentration hat nicht abgenommen. Anteile der Stimmblocke in Gesellschaften wiederum unterliegen immer weitreichenderer Zersplitterung, doch der Grossteil der gemeinsamen Aufsicht befindet sich weiterhin innerhalb einer Region, wobei die Aktionare der Stimmrechte in den gleichen Landern ansassig sind wie die von ihnen beaufsichtigte Korporation. Schwerpunktsgleichungen zeigen, dass Entfernung ein ausserst starker Bestimmungsfaktor gemeinsamer Aufsichtsratverbindungen ist, und seine Rolle gilt fur alle Unternehmenstypen und Aktionare, obschon Unterschiede vorkommen. Aus der Perspektive gemeinsamer Aufsicht prasentiert der deutsche Kapitalmarkt sich als ein stark regional bestimmter. In Anbetracht der hier behandelten kurzen Zeitspanne, lasst sich jedoch ein ausgesprochen rasches Tempo der Integration beobachten.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Regional Studies.

    Volume (Year): 36 (2002)
    Issue (Month): 8 ()
    Pages: 877-895

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    Handle: RePEc:taf:regstd:v:36:y:2002:i:8:p:877-895

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    Related research

    Keywords: Capital; Market; Integration; Corporate; Control; German; Lander;

    References

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    1. Rajan, Raghuram G & Zingales, Luigi, 2001. "The Great Reversals: The Politics of Financial Development in the 20th Century," CEPR Discussion Papers 2783, C.E.P.R. Discussion Papers.
    2. 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.
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    4. Dariusz WÛjcik, 2002. "Cross-border corporate ownership and capital market integration in Europe: evidence from portfolio and industrial holdings," Journal of Economic Geography, Oxford University Press, vol. 2(4), pages 455-491, October.
    5. Marco Becht & Fabrizio Barca, 2001. "The control of corporate Europe," ULB Institutional Repository 2013/13302, ULB -- Universite Libre de Bruxelles.
    6. Jonathan Story & Ingo Walter, 1997. "Political Economy of Financial Integration in Europe: The Battle of the Systems," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262692031, December.
    7. Rolf Sternberg & Christine Tamasy, 1999. "Munich as Germany's No. 1 High Technology Region: Empirical Evidence, Theoretical Explanations and the Role of Small Firm/Large Firm Relationships," Regional Studies, Taylor & Francis Journals, vol. 33(4), pages 367-377.
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