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| Author: | Heinze, T. |
| Title: | Dynamics in the German system of corporate governance? Empirical findings regarding interlocking directorates |
| Journal: | Economy and Society
2004 : MAY, VOL. 33:2, p. 218-238 |
| Index terms: | Company control Corporate governance Germany |
| Freeterms: | Interlocking directorates |
| Language: | eng |
| Abstract: | Recent discussion on German corporate governance is empirically inconclusive as to whether institutional change has been strong enough to speak of convergence tendencies towards the Anglo-Saxon outsider system. This article adds to this debate in two ways. First, structural changes in the network of interlocking directorates of large German corporations are examined from a longitudinal perspective. There is considerable continuity of structural network features on the meso- and macro-level 1989-2001. Quantitative dilution of the network has not been translated into a process of structural erosion. Second, the German market for corporate control is found underdeveloped over time, because three-quarters of public take-over bids are tendered to consolidate already existing controlling stockholdings, and no critical mass of companies exists for trade in this market. |
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