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Banks and Securities Markets: Corporate Financing in Germany and the UK

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Author Info

  • Alexander, Ian
  • Mayer, Colin

Abstract

This paper compares corporate financing in the German bank-based and UK market-based systems. Large German firms pay out a lower proportion of their profits as dividends and finance a larger proportion of their investments from retentions. German banks extend more long-term finance to medium-sized firms but UK firms raise more new equity. The paper tests alternative theories of corporate finance. It finds no relation between finance and taxation, and information theories only receive limited support. Instead, it concludes that control models of corporate finance are consistent with observed patterns of finan.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 433.

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Date of creation: Jun 1990
Date of revision:
Handle: RePEc:cpr:ceprdp:433

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Keywords: Business Finance; Corporate Finance; Dividends; Investment;

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Cited by:
  1. Wendy Carlin & Peter Richthofen, 1995. "Finance, economic development and the transition: the East German case," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 3(2), pages 169-195, 06.
  2. Buch, Claudia M., 1995. "The emerging financial systems of the Eastern European economics: A progress report," Kiel Working Papers 716, Kiel Institute for the World Economy.
  3. Jean-Paul Pollin & Anne-Gaël Vaubourg, 2006. "Environnement juridique et systèmes de gouvernance. Quelles conséquences pour l'intégration financière européenne ?," Revue économique, Presses de Sciences-Po, vol. 57(4), pages 919-940.
  4. Soskice, David, 1996. "German technology policy, innovation, and national institutional frameworks," Discussion Papers, Research Unit: Economic Change and Employment FS I 96-319, Social Science Research Center Berlin (WZB).
  5. Buch, Claudia M., 1993. "An institutional approach to banking reform in Eastern Europe," Kiel Working Papers 560, Kiel Institute for the World Economy.
  6. Irena Grosfeld, 1994. "Comparing Financial Systems. Problems of Information and Control in Economies in Transition," CASE Network Studies and Analyses 0026, CASE-Center for Social and Economic Research.
  7. Bronwyn H. Hall & Jacques Mairesse & Benoit Mulkay, 1998. "Does cash flow cause investment and R&D: an exploration using panel data for French, Japanes and United States scientific firms," IFS Working Papers W98/11, Institute for Fiscal Studies.
  8. Vitols, Sigurt, 1995. "Corporate governance versus economic governance: banks and industrial restructuring in the US and Germany," Discussion Papers, Research Unit: Economic Change and Employment FS I 95-310, Social Science Research Center Berlin (WZB).
  9. Bronwyn Hall & Jacques Mairesse, 1998. "Does Cash Flow cause Investment and R and D: An Exploration Using Panel Data for French, Japanese, and United States Scientific Firms," Economics Series Working Papers 1998-W08, University of Oxford, Department of Economics.
  10. Short, Helen & Zhang, Hao & Keasey, Kevin, 2002. "The link between dividend policy and institutional ownership," Journal of Corporate Finance, Elsevier, vol. 8(2), pages 105-122, March.
  11. Vitols, Sigurt, 1995. "Financial systems and industrial policy in Germany and Great Britain: the limits of convergence," Discussion Papers, Research Unit: Economic Change and Employment FS I 95-311, Social Science Research Center Berlin (WZB).

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