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Corporate Governance and Financial Performance

A Study of German and UK Initial Public Offerings Marc Goergen, Professor of Finance, Cardiff Business School, Cardiff University, UK
This important book presents a new original study of the German and UK financial markets. It addresses the relationship between corporate governance, ownership and financial performance in German and UK firms floated during the 1980s.
Extent: 200 pp
Hardback Price: $127.00 Web: $114.30
Publication Date: 1999
ISBN: 978 1 85898 978 5
Availability: In Stock
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  • Business and Management
  • Corporate Governance
  • Economics and Finance
  • Corporate Governance
  • Financial Economics and Regulation
  • Industrial Organisation
This important book presents a new original study of the German and UK financial markets. It addresses the relationship between corporate governance, ownership and financial performance in German and UK firms floated during the 1980s.

Marc Goergen uses detailed company micro-data to examine the ownership and performance of each firm from the time of its flotation to six years later. He finds that the evolution of ownership depends on certain corporate characteristics and that differences in financial performance cannot be explained simply by differences in the concentration of ownership. The book sheds new light on the important issue of whether corporate ownership influences or is influenced by financial performance.

The main findings of the book have important implications for public policy and the current public debate on corporate governance and the globalisation of financial markets. They are important for established financial markets and the transitional economies of Eastern and Central Europe as well as for international scholars interested in issues of corporate governance and the performance of firms.
‘. . . the overall contribution of the volume is considerable. It deserves to be read by anyone interested in comparative aspects of the corporate governance debate.’
– Steve Thompson, The Economic Journal

‘Using two sharply contrasting markets, Marc Goergen draws valuable lessons about the dynamics of company ownership and financial performance. This deeply researched book is an important contribution to the growing debate about the role of financial markets as Europe moves towards the single currency.’
– David Lascelles, Centre for the Study of Financial Innovation

‘An excellent study of both ownership and new issue markets in Germany. A text that will inform both scholars and students interested in how European capital markets work.’
– Julian Franks, London Business School, UK
Contents: Preface 1. Introduction 2. Theory and Empirical Research 3. The German and UK Capital Markets 4. The Evolution of Ownership and Control in German IPO’s 5. British and German IPO’s – A Comparison 6. Explaining the Evolution of Ownership 7. Do German Firms have a Better Performance? 8. Conclusion and Policy Implications Bibliography Index