Recent Developments in German Corporate Governance

M. Goergen, M.C. Manjon, L.D.R. Renneboog

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We contrast the features of the German corporate governance system with those of other systems and discuss the recent regulatory initiatives.For example, the rules on insider trading and anti-trust have been strengthened.The Restructuring Act has been revised to prevent minority shareholders from stalling corporate restructuring via legal actions.The Takeover Act now prescribes a tender offer as soon as an investor acquires at least 30% of a firm's equity.However, the Act also allows anti-takeover devices.Despite the recent, substantial changes, we conclude that the main characteristics of the German system are still in place.
Original languageEnglish
Place of PublicationTilburg
Number of pages45
Publication statusPublished - 2004

Publication series

NameCentER Discussion Paper


  • Corporate governance
  • ownership structure
  • co-determination
  • mergers and acquisitions
  • board of directors


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