Acquisitions, Mergers and Cancellations in Germany – in the white water of shareholder value

Bernhardt, Wolfgang

doi:10.1111/1467-8683.00211

Cited by 3 publications

(4 citation statements)

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“…Hostile takeovers have been rare, and there has been none but a voluntary takeover code (Baumann, 1998;Bernhardt, 2000;Walter and Smith, 1997). The weakness of the stock market is further compounded by lax disclosure requirements and auditing standards which serve the needs of tax authorities better than those of shareholders (Fox, 1998;Nobes and Parker, 2000;Schmidt, 1998).…”

Section: The German Model Of Corporate Governancementioning

confidence: 99%

“…If large amounts of shares change hands, they do so as a result of trade in blocks of shares among large holders outside the stock exchange, and this trade permits price discrimination against minority holders (Franks and Mayer, 2001;Jenkinson and Ljungqvist, 2001;Ko« ke, 2001). Hostile takeovers have been rare, and there has been only a voluntary takeover code (Baumann, 1998;Bernhardt, 2000;Walter and Smith, 2000). The weakness of the stock market is further compounded by lax disclosure requirements and auditing standards that serve the needs of tax authorities better than those of shareholders (Fox, 1998;Nobes and Parker, 2000;Schmidt, 1998).…”

Section: The German Model Of Corporate Governancementioning

confidence: 99%

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Change in the German Model of Corporate Governance: Evidence from Blockholdings 1997–2001

Wójcik

2003

Environ Plan A

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In order to research the dynamics of the German model of corporate governance, data pertaining to major holdings of voting rights in listed companies between 1997 and 2001 were examined. The change that took place in this short period of time is striking, with falling level of ownership concentration, dissolving cross-holdings, and financial sector institutions losing their position as blockholders. The concentration of voting rights is lowest in companies included in the DAX30 stock market index. Factors affecting the types of holders of voting rights in a company include company's size, age, economic sector, and location. The analysis shows that Germany made a quick step towards some aspects of the Anglo-American system of corporate governance. However, there are also areas of strong persistence. In addition, I show that the German model is far from uniform, with different types of companies and different regions demonstrating a variety of corporate governance arrangements, as well as distinctive development trajectories.

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Section: The German Model Of Corporate Governancementioning

confidence: 99%

Section: The German Model Of Corporate Governancementioning

confidence: 99%

Change in the German Model of Corporate Governance: Evidence from Blockholdings 1997–2001

Wójcik

2003

Environ Plan A

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Section: The German Model Of Corporate Governancementioning

confidence: 99%

Change in the German Model of Corporate Governance: Evidence from Blockholdings 1997-2001

Wójcik

2001

SSRN Journal

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“…In the 1990s prominent German companies such as Daimler Benz, Deutsche Bank and Siemens increasingly entered foreign markets through subsidiaries, takeovers or international corporate mergers (Bernhardt, 2000). These expansions reinforced the previous emergence of multidivisional structures at the national level during the second half of the twentieth century.…”

Section: Antithesis: Integrating the Separated Databasesmentioning

confidence: 99%

Separation – integration – and now …? A historical perspective on the relationship between German management accounting and financial accounting

et al. 2016

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German accounting has traditionally followed a dual ledger approach with strictly separated internal cost accounting, as the basis for management information, and external financial accounting focusing on creditor protection and based on the commercial law. However, the increased adoption of integrated accounting systems implies a significant change in the relationship between financial and management accounting systems. We use Hegelian dialectic to trace the historical development of German accounting from separated systems and antithetical propositions of full integration, to the emergence of partial integration as the synthesis of this transformation process. The foundation of our paper is a comprehensive analysis of the literature on the relationship between financial and management accounting in Germany. On this basis, we elaborate how financial accounting in Germany has been shaped by its economic context and legislation, and how financial accounting – accompanied by institutional pressures – in turn influenced management accounting. We argue that the changing relationship between management and financial accounting in the German context illustrates how current accounting practice is shaped not only by its environment, but also by its historical path. Based on this reasoning, we discuss several avenues for future research.

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Acquisitions, Mergers and Cancellations in Germany – in the white water of shareholder value

Cited by 3 publications

References 0 publications

Change in the German Model of Corporate Governance: Evidence from Blockholdings 1997–2001

Change in the German Model of Corporate Governance: Evidence from Blockholdings 1997–2001

Change in the German Model of Corporate Governance: Evidence from Blockholdings 1997-2001

Separation – integration – and now …? A historical perspective on the relationship between German management accounting and financial accounting

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