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Varieties of Corporate Saving – die politische Ökonomie aggregierter Unternehmensersparnisse

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  • Kläffling, David

Abstract

Dieser Artikel untersucht politökonomische Einflussfaktoren auf die aggregierten Ersparnisse des Unternehmenssektors. Der Fokus liegt dabei auf dem Verteilungskonflikt zwischen dem Management und den Kapitalgebern über die Höhe der Gewinnausschüttungen. Im Zentrum steht die Frage, inwiefern Heterogenität in politökonomischen Institutionen, wie etwa im Hinblick auf den Grad des Anlegerschutzes oder auf die Relevanz von Bankkrediten zur Unternehmensfinanzierung, Unterschiede in der aggregierten Sparquote von Nichtfinanzunternehmen erklären kann. Dafür wird ein Modell mit Paneldaten aus 20 Industrieländern über einen Zeitraum von 30 Jahren geschätzt. Die Ergebnisse zeigen, dass stärkere Eingriffsmöglichkeiten der Anteilseigner im Aggregat mit weniger Ersparnissen und höheren Ausschüttungen einhergehen.

Suggested Citation

  • Kläffling, David, 2022. "Varieties of Corporate Saving – die politische Ökonomie aggregierter Unternehmensersparnisse," WISTA – Wirtschaft und Statistik, Statistisches Bundesamt (Destatis), Wiesbaden, vol. 74(2), pages 42-52.
    • Handle: RePEc:zbw:wistat:253430
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    References listed on IDEAS

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    1. Tan, Zhibo & Yao, Yang & Wei, Shang-Jin, 2015. "Financial structure, corporate savings and current account imbalances," Journal of International Money and Finance, Elsevier, vol. 54(C), pages 142-167.
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