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Recent developments in German corporate governance

  • Goergen, Marc
  • Manjon, Miguel C.
  • Renneboog, Luc

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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Article provided by Elsevier in its journal International Review of Law and Economics.

Volume (Year): 28 (2008)
Issue (Month): 3 (September)
Pages: 175-193

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