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Corporate Restructuring and Firm Performance of British and German Non-Financial Firms

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  • Thomas Kirchmaier

Abstract

This paper examines the ongoing changes in strategy, structure, and performance of the largest 250 non-financial firms in both Britain and Germany. To this end, publicly available firm-level data is presented at first and supplemented by the results of a questionnaire survey that was sent to the chief executives of those companies. What came through from the survey was that many firms in both countries are driven by the desire to specialise and internationalise and are primarily achieving this via ¿horizontal¿ mergers and acquisitions. While seeing a definite convergence in certain areas, clear and distinctive differences remain between the two countries.

Suggested Citation

  • Thomas Kirchmaier, 2003. "Corporate Restructuring and Firm Performance of British and German Non-Financial Firms," CEP Discussion Papers dp0582, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepdps:dp0582
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    File URL: https://cep.lse.ac.uk/pubs/download/dp0582.pdf
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    References listed on IDEAS

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    1. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    2. Colin Mayer, 1996. "Corporate Governance, Competition and Performance," OECD Economics Department Working Papers 164, OECD Publishing.
    3. Ansgar Richter, 1997. "Restructuring Or Restrukturierung? Corporate Restructuring In Britain And Germany," CEP Reports 07, Centre for Economic Performance, LSE.
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    Cited by:

    1. Mari Sako & Gregory Jackson, 2006. "Strategy Meets Institutions: The Transformation of Management-Labor Relations at Deutsche Telekom and Ntt," ILR Review, Cornell University, ILR School, vol. 59(3), pages 347-366, April.
    2. Miriam Flickinger & Miriam Zschoche, 2018. "Corporate divestiture and performance: an institutional view," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(1), pages 111-131, March.

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