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Cited by 403

The DOI matches its Crossref record; 72 of the 72 references it cites were found in a registry or an index.

Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany

Lehmann, Erik, Weigand, Jürgen·2000·Review of Finance
DOI 10.1023/a:1009896709767
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Abstract

Although there has been an intensive debate on the relative merits of different systems of corporate governance, empirical evidence on the link between corporate governance and firm performance almost exclusively refers to the market-oriented Anglo-Saxon system. This paper therefore investigates the more network- or bank-oriented German system. In panel regressions for 361 German corporations over the time period 1991 to 1996, we find ownership concentration to affect profitability significantly negatively. However, this effect depends intricately on stock market exposure, the location of control rights, and the time horizon (short-run vs. long-run). We conclude from our results that (1) the presence of large shareholders does not necessarily enhance profitability,(2) ownership concentration seems to be sub-optimal for many German corporations, and, finally, (3) having financial institutions as largest shareholders of traded corporations improves corporate performance. JEL classification: G3, L1

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Metadata

Authors
Lehmann, E., & Weigand, J.
Venue
Review of Finance
Publisher
Oxford University Press (OUP)
Published
2000-08-01
Volume
4
Issue
2
Pages
157-195
ISSN
  • 1382-6662 (ISSN-L)
  • 1572-3097
  • 1573-692X
DOI
10.1023/a:1009896709767
OpenAlex
W2123897018
Cited by
403
References
72
FWCI
44.54
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany. https://app.cochat.ai/papers/10.1023/a:1009896709767
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Lehmann, E., & Weigand, J. (2000). Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany. Review of Finance. https://doi.org/10.1023/a%3A1009896709767

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

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