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Increasing ownership dispersion in the German system of governance and finance: The role of German MNCs

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abstract The German system of corporate governance and finance has recently been undergoing a shift away from formerly "patient capital" in terms of large blockholdings towards more stock market-driven relationships between shareholders, i.e. higher levels of ownership dispersion. Drawing on institutional theory, this paper examines a
sample of 75 of the largest German multinational corporation (MNCs) for the year 2000 and shows that ownership dispersion in a company?s voting rights increases with both the need to finance internationalisation strategies as well as the increase in institutional pressures that arise from the internationalisation process of German MNCs. Positive relationships between firm internationalisation, the internationalisation of management and supervisory boards and the level of ownership dispersion are found. The findings are consistent with institutional theory?s assertion of the firm?s embeddedness in institutional contexts and their influence on organisational characteristics and contribute to the understanding of the determinants of corporate ownership structures.
   
type conference paper (Deutsch)
   
keywords Governing international and multinational corporations; International
corporate governance; Ownership dispersion; Top management teams and boards
   
name of conference EURAM 2005 - The European Academy of Management Annual Conference 2005 (Munich)
date of conference 4-5-2005
review double-blind review
   
citation Owtscharov, A., & Ruigrok, W. (2005). Increasing ownership dispersion in the German system of governance and finance: The role of German MNCs. In .