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Recent Developments in German Corporate Governance

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  • Goergen, M.
  • Manjon, M.C.
  • Renneboog, L.D.R.

    (Tilburg University, Center for Economic Research)

Abstract

We contrast the features of the German corporate governance system with those of other systems and discuss the recent regulatory initiatives.For example, the rules on insider trading and anti-trust have been strengthened.The Restructuring Act has been revised to prevent minority shareholders from stalling corporate restructuring via legal actions.The Takeover Act now prescribes a tender offer as soon as an investor acquires at least 30% of a firm's equity.However, the Act also allows anti-takeover devices.Despite the recent, substantial changes, we conclude that the main characteristics of the German system are still in place.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2004-123.

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Date of creation: 2004
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Handle: RePEc:dgr:kubcen:2004123

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  3. Christian Bayer & Carsten Burhop, 2008. "Corporate Governance and Incentive Contracts: Historical Evidence from a Legal Reform," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2008_11, Max Planck Institute for Research on Collective Goods.
  4. Goergen, M. & Renneboog, L.D.R., 2002. "Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids," Discussion Paper 2002-50, Tilburg University, Center for Economic Research.
  5. Sudi Sudarsanam & Tim Broadhurst, 2012. "Corporate governance convergence in Germany through shareholder activism: Impact of the Deutsche Boerse bid for London Stock Exchange," Journal of Management and Governance, Springer, vol. 16(2), pages 235-268, May.
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  7. Jürgen Odenius, 2008. "Germany's Corporate Governance Reforms: Has the System Become Flexible Enough?," IMF Working Papers 08/179, International Monetary Fund.
  8. Weber, Anke, 2009. "An empirical analysis of the 2000 corporate tax reform in Germany: Effects on ownership and control in listed companies," International Review of Law and Economics, Elsevier, vol. 29(1), pages 57-66, March.
  9. Lukáš Marek, 2012. "Institutional Differences Between The British And German Economic Models: Corporate Sector And Labour Market," Acta Oeconomica Pragensia, University of Economics, Prague, vol. 2012(1), pages 25-38.
  10. Chisari, Omar O. & Ferro, Gustavo, 2009. "Gobierno Corporativo: los problemas, estado actual de la discusión y un ejercicio de medición para Argentina
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  12. Achleitner, Ann-Kristin & Kaserer, Christoph & Ampenberger, Markus & Bitsch, Florian, 2009. "The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany," CEFS Working Paper Series 2009-13, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.

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