Gesetzliche Mitbestimmung und Kapitalrendite Co-Determination and Return on Equity / Co-Determination and Return on Equity
-
Kornelius Kraft
und
Marija Ugarkovič
Summary
Many observers regard the German system of codetermination as a very strong intervention into the working of the capital market. With the introduction of the codetermination law in 1976, employee representatives in limited liability companies with more than 2000 employees are entitled to occupy half of the number of seats and are granted nearly 50% of the voting rights on the supervisory board. We investigate the impact of the introduction of the German codetermination law in 1976 which implied an extension of co-determination from third parity to almost parity on return on equity. Our estimations are based on panel data for 179 companies from 1971 to 1976 and from 1981 to 1986, thus allowing for adjustment to the 1976 law. In contrast to frequently raised fears, no negative impact is found. Our empirical results suggest a positive influence from the 1976 strengthening of co-determination law on return on equity.
© 2006 by Lucius & Lucius, Stuttgart
Artikel in diesem Heft
- Titelei
- Inhalt / Contents
- Editorial
- Abhandlungen / Original Papers
- Verbreitung von Betriebsräten und ihr Einfluss auf die betriebliche Weiterbildung / Works Council Presence and Impact on Training of the Workforce
- Works Councils, Labor Productivity and Plant Heterogeneity: First Evidence from Quantile Regressions
- Mikroökonometrische Evaluation der ökonomischen Wirkungen betrieblicher Mitbestimmung - Möglichkeiten und Grenzen des Matching-Ansatzes / Microeconometric Evaluation of Economic Effects of Workers Participation - Options und Limits of the Matching Approach
- Betriebsräte und Arbeitszufriedenheit / Works Councils and Job Satisfaction
- Kooperation zwischen Betriebsrat und Management / Cooperation between Works Council and Management
- Gesetzliche Mitbestimmung und Kapitalrendite Co-Determination and Return on Equity / Co-Determination and Return on Equity
- Buchbesprechungen / Book Reviews
Artikel in diesem Heft
- Titelei
- Inhalt / Contents
- Editorial
- Abhandlungen / Original Papers
- Verbreitung von Betriebsräten und ihr Einfluss auf die betriebliche Weiterbildung / Works Council Presence and Impact on Training of the Workforce
- Works Councils, Labor Productivity and Plant Heterogeneity: First Evidence from Quantile Regressions
- Mikroökonometrische Evaluation der ökonomischen Wirkungen betrieblicher Mitbestimmung - Möglichkeiten und Grenzen des Matching-Ansatzes / Microeconometric Evaluation of Economic Effects of Workers Participation - Options und Limits of the Matching Approach
- Betriebsräte und Arbeitszufriedenheit / Works Councils and Job Satisfaction
- Kooperation zwischen Betriebsrat und Management / Cooperation between Works Council and Management
- Gesetzliche Mitbestimmung und Kapitalrendite Co-Determination and Return on Equity / Co-Determination and Return on Equity
- Buchbesprechungen / Book Reviews
