search query: @author Schmid, F. A. / total: 5
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| Author: | Schmid, F. A. Seger, F. |
| Title: | Arbeitnehmermitbestimmung, Allokation von Entscheidungsrechten und Shareholder Value |
| Journal: | Zeitschrift für Betriebswirtschaft
1998 : VOL. 68:5, p. 453-473 |
| Index terms: | SHAREHOLDER VALUE DECISION MAKING COMPARATIVE RESEARCH SHAREHOLDERS COMPANIES GERMANY |
| Language: | ger |
| Abstract: | It has been widely held that residual income rights and residual control rights should be bundled together. This principle allows internalization of the consequences of decision-making. In Germany, codetermination (i.e., representation of workers on supervisory boards) transfers some of the shareholders' control rights to workers. We compare firms with equal representation to firms with which worker representatives hold only a third of the board seats. We estimate the market value of the difference in shareholder control rights between these two groups of firms. Our results show that in terms of the shareholders' willingness to pay, the value of these rights amounts to about 21-24 percent of shareholder wealth. |
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