Wolfgang Eggert () (University of Paderborn & CESifo) Maximilian von Ehrlich (Ifo institute for economic research) Robert Fenge (Ifo institute for economic research) Günther König (University of Paderborn & Ifo institute for economic research)
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This paper uses German evidence to address two questions about corporate governance. The effects of ownership on corporate governance have received much recent attention, but very little of this has been devoted to the appropriate way to measure firm ownership. The results of this paper show that the conclusions reached about the effects of ownership on corporate governance can depend critically on the particular ownership measure used, and that the widely-used weakest-link principle is wholly unsatisfactory as a means of dealing with the issues raised by pyramid ownership structures. The paper also shows that greater ownership concentration typically weakens the link between managerial pay and firm profitability. This is inconsistent with the hypothesis, emphasised in the recent literature on the USA, that large owners are a complement to, rather than a substitute for, such a link.
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Paper provided by University of Paderborn, CIE Center for International Economics in its series Working Papers with number
3.
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