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Corporate Control in Germany

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  • Schneider-Lenne, Ellen R

Abstract

The article presents the German system of corporate control. Compared with the UK, the number of listed joint-stock companies in Germany is relatively low. The most important shareholders are companies, whereas institutional investors play a minor role. An essential feature of German corporate culture is the concept of the interest of the company as a whole and the long-term approach in pursuing company goals. Joint-stock companies operate under a two-tier structure with a managing board controlled by the supervisory board, the body which plays the central role in corporate governance in Germany. In contrast to what is widely believed, German banks do not dominate companies even though they exert considerable influence through industrial holdings, supervisory board mandates and proxy voting rights in addition to their regular banking business. Control via the market is less pronounced here than in the UK but is growing in importance. Copyright 1992 by Oxford University Press.

Suggested Citation

  • Schneider-Lenne, Ellen R, 1992. "Corporate Control in Germany," Oxford Review of Economic Policy, Oxford University Press, vol. 8(3), pages 11-23, Autumn.
  • Handle: RePEc:oup:oxford:v:8:y:1992:i:3:p:11-23
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    Cited by:

    1. Aleksandra Jovanovic, 2001. "Legal rules, governance structures and financial systems," ICER Working Papers 19-2001, ICER - International Centre for Economic Research.
    2. Branston, J. Robert & Cowling, Keith & Sugden, Roger, 2002. "Corporate Governance And The Public Interest," The Warwick Economics Research Paper Series (TWERPS) 626, University of Warwick, Department of Economics.
    3. William R. Emmons & Frank A. Schmid, 1998. "Universal banking, allocation of control rights, and corporate finance in Germany," Working Papers 1998-001, Federal Reserve Bank of St. Louis.

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