Recent Developments in German Corporate Governance

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

Research output: Working paperDiscussion paperOther research output

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Abstract

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
PublisherFinance
Number of pages45
Volume2004-123
Publication statusPublished - 2004

Publication series

NameCentER Discussion Paper
Volume2004-123

Fingerprint

corporate governance
act
restructuring
shareholder
investor
equity
minority
firm

Keywords

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

Cite this

Goergen, M., Manjon, M. C., & Renneboog, L. D. R. (2004). Recent Developments in German Corporate Governance. (CentER Discussion Paper; Vol. 2004-123). Tilburg: Finance.
Goergen, M. ; Manjon, M.C. ; Renneboog, L.D.R. / Recent Developments in German Corporate Governance. Tilburg : Finance, 2004. (CentER Discussion Paper).
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Goergen, M, Manjon, MC & Renneboog, LDR 2004 'Recent Developments in German Corporate Governance' CentER Discussion Paper, vol. 2004-123, Finance, Tilburg.

Recent Developments in German Corporate Governance. / Goergen, M.; Manjon, M.C.; Renneboog, L.D.R.

Tilburg : Finance, 2004. (CentER Discussion Paper; Vol. 2004-123).

Research output: Working paperDiscussion paperOther research output

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T1 - Recent Developments in German Corporate Governance

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N2 - 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.

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KW - ownership structure

KW - co-determination

KW - mergers and acquisitions

KW - board of directors

M3 - Discussion paper

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T3 - CentER Discussion Paper

BT - Recent Developments in German Corporate Governance

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CY - Tilburg

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Goergen M, Manjon MC, Renneboog LDR. Recent Developments in German Corporate Governance. Tilburg: Finance. 2004. (CentER Discussion Paper).