Financial Organisation and Industrial Efficiency : The Case of West German Banks (revised)
Internal capital markets may help solve or reduce the informational problems that impair the provision of industrial finance and the control of managerial behaviour via external capital markets. The paper argues that the participation of banks in the running of German companies may confer advantages of an internal capital markets kind, which will be reflected in firms' financial performance. Empirical results for a sample of 48 leading companies show a significant positive relationship between profitability and the nature and degree of bank involvement. Policy implications must be drawn with care, however, if some part of this could alternatively be attributable to anticompetitive effects/
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|Date of creation:||1982|
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