Capital Markets and Corporate Governance in Japan, Germany, and the United States: Organizational Response to Market Inefficiencies

By Helmut M. Dietl | Go to book overview

2

EMPIRICAL EVIDENCE FROM GERMANY, JAPAN AND THE UNITED STATES
This chapter reports empirical evidence from Germany, Japan and the United States. For each country in turn there are subsections dealing with
1 comprehensive analysis of the regulatory environment
2 comparative capital market data
3 analysis of the structure and concentration of corporate ownership
4 prediction of the organizational response to capital market inefficiencies on the basis of the theoretical framework developed in Chapter 1
5 the statistical method which is applied to test these predictions
6 the statistical results.

GERMANY

Regulatory environment

Corporate law In order to qualify for stock exchange listing, German companies have to be incorporated as Aktiengesellschaft (AG) or Kommanditgesellschaft auf Aktien (KGaA). The legal provisions which regulate AGs and KGaAs are contained in the Aktiengesetz— the AktG or “Stock Act” of 1965—in the currently valid version of 1985.

A KGaA 1 is a partly limited partnership which combines the characteristics of a partnership with those of a stock corporation. It consists of shareholders whose liability is limited to the nominal value of their shares and at least one partner who is a major executive of the company and has unlimited liability. Compared to AGs,

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