Control transfers in corporate Germany: their frequency, causes and consequences
AbstractThis study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely for firms with high leverage, while they are less likely for larger firms and firms with high ownership concentration. Only for listed firms poor performance is related to more frequent control transfers. Control transfers are followed by increased management turnover, and for listed firms also by asset divestitures and employee layoffs. --
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Bibliographic InfoPaper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 00-67.
Date of creation: 2000
Date of revision:
Corporate governance; ownership structure; management turnover; restructuring;
Find related papers by JEL classification:
- J63 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Turnover; Vacancies; Layoffs
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
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