The Influence of Blockholders on Agency Costs and Firm Value - An Empirical Examination of Blockholder Characteristics and Interrelationships for German Listed Firms

Markus P. Urban investigates the influence of large shareholders (the so-called blockholders) on agency costs and firm value, thereby accounting for blockholder characteristics and blockholder interrelationships. The work provides a profound theoretical and empirical analysis on the nature and effect of shareholder engagement with due regard to the specifics of the German institutional environment. Its empirical results illustrate that the effect of shareholder engagement depends on the characteristics of the specific blockholder as well as on interrelationships with additional blockholders.

List of contents

Agency Theory.- Institutional Environment in Germany.- Monitoring by a Blockholder.- Determinants and Empirical Analysis of Blockholder Monitoring.

About the author

Dr. Markus P. Urban completed his doctoral studies under the guidance of Prof. Dr. Annette G. Köhler at the Chair of Accounting and Auditing at the Mercator School of Management, University of Duisburg-Essen.

Summary

Markus P. Urban investigates the influence of large shareholders (the so-called blockholders) on agency costs and firm value, thereby accounting for blockholder characteristics and blockholder interrelationships. The work provides a profound theoretical and empirical analysis on the nature and effect of shareholder engagement with due regard to the specifics of the German institutional environment. Its empirical results illustrate that the effect of shareholder engagement depends on the characteristics of the specific blockholder as well as on interrelationships with additional blockholders.

Product details

• Authors: Markus P Urban, Markus P. Urban, Markus Urban, Markus P. Urban
• Publisher: Springer, Berlin
• Languages: English
• Product format: Paperback / Softback
• Released: 01.01.2015
• EAN: 9783658114015
• ISBN: 978-3-658-11401-5
• No. of pages: 462
• Dimensions: 149 mm x 28 mm x 213 mm
• Weight: 666 g
• Illustrations: XXXVI, 462 p.
• Series: Auditing and Accounting Studies; Springer Gabler; Agents and Actions Supplements; Auditing and Accounting Studies; Agents and Actions Supplements
• Subjects: Social sciences, law, business > Business > Business administration; Management, B, Leadership, Business and Management, Business Strategy/Leadership, Finance, Corporate Governance, Finance, general, business strategy, Management science, Finanzenwesen und Finanzindustrie