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