This study investigates the determinants of changes in corporate ownership and firm tailure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when perfomance is poor, financial pressure is high , and firm size is small. Cross-ownership deters control changes, and ownership concentration has a non-linear impact on the likelihood of control transfer. In contrast to corporate shareholders, private shareholders tend to sell control blocks when financial pressure increases.
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