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Das Ende der Deutschland AG


  • Christian Andres

    (WHU - Otto Beisheim School of Management, Chair of Empirical Corporate Finance, Burgplatz 2, D-56179 Vallendar)

  • André Betzer

    (Universität Wuppertal, Lehrstuhl für Wirtschaftswissenschaft, insb. Finanzierung und Bankwirtschaft, Gaußstraße 20, D-42119 Wuppertal)

  • Inga van den Bongard

    (Universität Mannheim, Lehrstuhl für Allgemeine Betriebswirtschaftslehre und Finanzierung, D-68131 Mannheim)


This article looks into the development of cross-ownership of capital and of management networks in the capital market on the basis of the 150 biggest listed companies in the period 1998/2006. Owing to various institutional changes in the period under review (especially the adoption of the 2000 Tax Cut Act (Steuersenkungsgesetz), we have derived the conclusion that the traditional management structures of Germany Inc. have dissolved. This conclusion is based on the empirical results set out below: We have observed (1) a decline in capital investments inside of the network, (2) the dissolution of the complex capital ownership structures of financial services providers, (3) a thinning out of management networks based on supervisory council positions.

Suggested Citation

  • Christian Andres & André Betzer & Inga van den Bongard, 2011. "Das Ende der Deutschland AG," Credit and Capital Markets, Credit and Capital Markets, vol. 44(2), pages 185-216.
  • Handle: RePEc:kuk:journl:v:44:y:2011:i:2:p:185-216

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    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance


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