Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/75608
Authors: 
Edwards, Jeremy
Weichenrieder, Alfons
Year of Publication: 
1999
Series/Report no.: 
CESifo Working Paper 193
Abstract: 
Concentrated ownership of large listed companies is widespread throughout the world, and Germany is typical in this respect. This paper proposes a method of distinguishing empirically between the beneficial and harmful effects of ownership concentration, and applies it to German data. The results show that, for most types of largest shareholder, the beneficial effects on minority shareholders of increased ownership (greater monitoring of management, and reduced incentives to exploit minority shareholders due to greater cash-flow rights) outweigh the harmful effect (greater private benefits of control due to greater control rights).
Subjects: 
Ownership structure
firm performance
Document Type: 
Working Paper

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