The effects of convergence: Internationalisation and the changing distribution of net value added in large German firms

Arbeitspapier

The paper examines whether and how the increasing internationalisation of firms impacts on the operation of a co-ordinated market economy. Following the tenets of agency theory it assumes that an emerging market for corporate control changes the monitoring mechanisms that oversee management. Since Anglo-American forms of monitoring are usually associated with a higher return for investors compared with Continental European firms, a change in the distribution of the net value added of firms is expected. Using financial data on 59 large German companies, the paper shows that the emerging convergence of German corporate governance practices to Anglo-American standards has had a weak, but significant, impact on the distribution of net value added. This is in contrast to the impact of the internationalisation of firms on product markets, which does not have an effect. Since the market for corporate control is, however, still underdeveloped in Germany, the main effects remain to be seen.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: MPIfG Discussion Paper ; No. 01/7

Klassifikation und Themen

• Klassifikation: Sozialwissenschaften, Soziologie, Anthropologie
• Thema: Corporate Governance ; Dividende ; Übernahme ; Multinationales Unternehmen ; Institutioneller Wandel ; Prinzipal-Agent-Theorie ; Deutschland

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Hassel, Anke ; Beyer, Jürgen
• Ereignis: Veröffentlichung
• (wer): Max-Planck-Institut für Gesellschaftsforschung
• (wo): Köln
• (wann): 2001

Weitere Informationen

• Handle: http://hdl.handle.net/10419/43748
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ