Für den wirtschaftlichen Aufholprozeß der neuen Bundesländer nach der Vereinigung Deutschlands spielt die Finanzierung kleiner und mittelständischer Unternehmen (KMU) eine Schlüsselrolle. Die deutschen Banken sehen sich oft dem Vorwurf ausgesetzt, bei der Kreditvergabe an diese Unternehmen...

We study the implications of ownership and its induced incentives on firm survival on the stock market for young and high-tech firms. Using a unique data set of all 341 firms listed on the Neuer Markt, the German counterpart of the NASDAQ, our results differ from studies on more traditional...

The benefits of family ownership and control of firms are at the center of the family firm debate. Previous studies have used either family ownership or management as proxies for control. Both indicators are off the mark, as they do not measure "decision control" as intended by the theory of the...