We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult...

The report provides an overview of environmentally harmful subsidies in Germany and makes proposals for their reform or reduction. It focuses on subsidies that have a negative impact on the environmental goods climate, air, soil, water, biodiversity and landscape, as well as on health and the...