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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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Author Info
Weber, A.

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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. The description of German corporate governance as a bank-based system may hence no longer apply. However, contrary to what was expected by proponents of the reform, the corporate tax reform 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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Publisher Info
Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 0556.

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Length: 21
Date of creation: Nov 2005
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Handle: RePEc:cam:camdae:0556

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Related research
Keywords: Voting-block statistics; blockholders; corporate control;

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Find related papers by JEL classification:
G30 - Financial Economics - - Corporate Finance and Governance - - - General
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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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)
    Other versions:
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