Presence of blockholders on the board: evidence from Germany / Samed Krüger, CFA. Wuppertal, April 11, 2022
Content
- Introduction
- Theoretical framework
- Corporate governance framework
- Legal framework and primary source of law in Germany
- The transition of the German governance system
- Governing bodies of German stock corporations
- Critical assessment
- Blockholder framework
- Defining blockholders
- Defining blockholder-directors
- Channels of blockholder intervention
- Blockholder types
- Blockholder motivation
- Critical assessment
- Literature review and hypothesis specification
- Data and methodology
- Summary statistics
- Descriptive statistics on control variables
- Block ownership and blockholder rank
- Entry and exit of blockholder-directors
- Investment horizon and blockholder exit
- Blockholder portfolio concentration
- Blockholder heterogeneity
- Board and committee structure
- Board member attributes
- Critical assessment
- Results
- Determinants of board representation
- Stock price reaction
- Blockholder heterogeneity
- Blockholder exit
- Board role and blockholder-director attributes
- Board and committee meetings
- Tobin's Q
- Critical assessment
- Robustness
- Hypothesis review and conclusion
- Supplementary tables
- Variable definitions
- References