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| Author: | Ehrhardt, O. Nowak, E. |
| Title: | Private Kontrollrenten in deutschen Familienunternehmen |
| Journal: | Betriebswirtschaft
2003 : JUL/AUG, VOL 63:4, p. 363-377 |
| Index terms: | Small business Family firms Company control Germany |
| Freeterms: | SME |
| Language: | ger |
| Abstract: | This paper empirically tests several hypotheses from the analytical literature on private benefits of control in family-owned firms. There is strong indirect evidence of private benefits in German family-owned firms based on high vote ownership concentration and negotiated sales of voting blocks. The protection of private benefits can be more often observed in firms where the controlling shareholder is a family. Indeed, these firms are more likely to implement dual-class equity and are more reluctant to the recent trend toward reclassification back into single-class stock (original in German). |
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