Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/24484
Authors: 
Heiss, Florian
Köke, Jens
Year of Publication: 
2001
Series/Report no.: 
ZEW Discussion Papers 01-63
Abstract: 
This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor, financial pressure is high, and firm size is small. Cross ownership deters control changes, and ownership concentration has a non-linear impact on the likelihood of control transfer. In contrast to corporate shareholders, private shareholders tend to sell control blocks when financial pressure increases.
Subjects: 
Corporate governance
ownership structure
bankruptcy
takeover
JEL: 
G34
G33
G32
Document Type: 
Working Paper

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