Corporate Governance in Germany: An Empirical Investigation by Jens Köke

By Jens Köke

Corporate governance is a vital factor at the examine time table of monetary economists. utilizing a brand new and targeted information set of German agencies this publication examines 3 themes which are an important to a greater realizing of company governance: (a) the frequency, motives, and results of keep watch over transfers, (b) the determinants of acquisition and failure, and (c) the function of company governance and industry self-discipline for productiveness progress. This booklet issues out methodological drawbacks of earlier empirical experiences and gives feedback on find out how to keep away from those difficulties in study practice.

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Hence, the result of Demsetz and Lehn (1985) who show that managerial ownership has no significant impact on performance might be due to an incomplete model. Another difficulty is how a non-linear influence of right-hand side variables is detected. The way chosen by Morck et al. (1988) is to assume a priori that 5% and 25% represent the break-off points for the piecewise regression model. Since theory does not provide us with this specific kind of information, an econometrically better approach would be to estimate the break-off points themselves.

Below 5% the slope coefficient is positive, between 5% and 25% negative, and over 25% again positive. McConnell and Servaes (1990) confirm this result using a polynomial specification for managerial ownership. Hence, the result of Demsetz and Lehn (1985) who show that managerial ownership has no significant impact on performance might be due to an incomplete model. Another difficulty is how a non-linear influence of right-hand side variables is detected. The way chosen by Morck et al. (1988) is to assume a priori that 5% and 25% represent the break-off points for the piecewise regression model.

First, for reasons of data availability typical in the entire industrial organization research, this literature features a more than normal number of estimated equations in which key explanatory variables are not available for inclusion. 3 Missing Variables 27 imply, if counterfactual, missing higher order terms in the equation that has been estimated. An interesting example of a frequently missing variable is the intensity of product market competition (Baily and Gersbach, 1995). , 1997). Hence, the interaction between competition and corporate governance mechanisms becomes important.

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