Download or read book Corporate Governance Regulation and Financial Markets Germany s Pathway to a Market Based System written by Alexander Behne and published by GRIN Verlag. This book was released on 2017-03-14 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2015 in the subject Economics - Finance, grade: 1,3, University of Leipzig (Wirtschaftspolitik), course: Development of Financial Markets and Institutions, language: English, abstract: Few areas of business economics are discussed in such a controversial manner as different corporate governance systems. In a globalized age in which the capital markets of industrialized countries have a large operating range and a growing degree of internationalization, the design and regulation activities in this field have become increasingly important. This has triggered a "competition of institutions". In the current academic discussion, different corporate governance paradigms are being examined, to figure out, which could be the most successful in a market economy in order to attract investors. It considers what system of management of a capitalled company is the most appropriate - in order to provide a location or rather a country - a competitive advantage in competition for global players. It is assumed that the type of the corporate governance system influences the company’s success or even more on the entire national economy. As reference points, the German and the US model are often being used. Since they are opposed to one another in their paradigmatic and thus embody the exemplary corporate governance system. In addition, since the Cold War and beyond, the US has been a hegemon and has always had a great influence on the economic and financial system worldwide. Germany is regarded as the political and economic core of the most important partner of the USA, the European Union. Both are regarded as a highly developed economic system; their further development will attract attention beyond their national borders. Although, the aim of corporate governance is identical, the institutional design and the underlying philosophies differ. As of a 1980 ́s it appears that the German bank-based system cannot meet the needs of the swift progress of financial markets. From the 1990s onwards, especially in the case of some serious legal measures in Germany, a move towards capital market orientation has been taking place. Since the prediction of a system convergence has been considered critical - because they are embedded in a corresponding cultural and socioeconomic system, which makes the transferability of the respective economic paradigms doubtful - this paper tries to examine if these legal regulations triggered a change in the German financial system.

Download or read book Global Pressure National System written by Alexander Börsch and published by Cornell University Press. This book was released on 2007 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Because the prevailing product market strategies of German firms are solidly based on the stakeholder model, change will be limited to those elements that do not destroy the firms' competive advantage."--BOOK JACKET.

Download or read book The German Code of Corporate Governance written by Alicja Krum and published by diplom.de. This book was released on 2002-11-15 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: The management and supervision of corporations, known as corporate governance in English and, frequently, in German-speaking countries as well, has been a topic of discussion since beginning of the 90's in the USA. After arriving in Great Britain the discussion subsequently spread to Continental Europe. In Germany, the effective supervision of corporations became a central topic of debate after several well-known corporations came under scrutiny for mismanagement. In such cases the corporations supervisory boards were criticised in particular, as their supervision of management was considered insufficient and ineffective. The relation between management and owners of a corporation represents the basic problem of the corporate governance discussion. The management of a corporation must take the interests of large-scale investors and, accordingly, the interests of smaller investors into consideration. Against this background, the influence of the stakeholders is repressed. The shareholder value system, thus, becomes increasingly important. Globalisation and the resulting integration of capital markets has caused more and more large institutional investors -especially, those from Anglo-Saxon countries- to put their financial assets to the test in order to check the efficiency of management and supervision. In Germany, in particular, effective regulations on corporate governance have been missing until now. In most of the other countries with a free market economy, a code of conduct with generally accepted principles is already in existence. These principles enable investors to check and to judge systematically a corporation in regard to its corporate governance. Corporations with transparent supervisory systems obtain clearly better stock quotations as corporations without those systems. Numerous surveys have found that institutional investors are willing to pay up to a 20 percent premium for shares of corporations with good corporate governance. Such investors maintain that transparency and efficient supervision reduce the risk of mismanagement. Due to both the internal pressure of mismanagement and the external change caused by the globalisation of capital markets, the corporate governance discussion in Germany has resulted in much effort to create a system of regulations to make Germany more attractive to international investors. In addition to this, the regulations are intended to stem the criticism of numerous [...]

Download or read book The Globalization of Corporate Governance written by Alan Dignam and published by Routledge. This book was released on 2016-03-09 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: The process of economic globalization, as product and capital markets have become increasingly integrated since WWII, has placed huge, and it is argued by some, irresistible pressures on the world's 'insider' stakeholder oriented corporate governance systems. Insider corporate governance systems in countries such as Germany, so the argument goes, should converge or be transformed by global product and capital market pressures to the 'superior' shareholder oriented 'outsider' corporate governance model prevalent in the UK and the US. What these pressures from globalization are, how they manifest themselves, whether they are likely to cause such a convergence/transformation and whether these pressures will continue, lie at the heart of the exploration in this volume. The Globalization of Corporate Governance provides a detailed analysis of the evolution of the key corporate governance systems in the UK, the US and Germany from the perspective of the development of economic globalization. As such it is a valuable resource for those interested in how economic and legal reforms interact to produce change within corporate governance systems.

Download or read book Corporate Governance and Expected Stock Returns written by Andreas Schillhofer and published by Springer-Verlag. This book was released on 2013-03-08 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on his Corporate Governance Rating (CGR) for German firms, Andreas Schillhofer documents a positive relationship between the CGR and firm value. In addition, there is strong evidence that expected returns are negatively correlated with the CGR if dividend yields and price-earnings ratios are used as proxies for the cost of capital.

Download or read book German Corporate Governance in International and European Context written by Jean J. du Plessis and published by Springer Science & Business Media. This book was released on 2007-06-30 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive overview of the German corporate governance model to English speaking readers. It provides an introduction to the unique features of German Business and Enterprise Law. The book deals with the most important company organs, namely the General Meeting, the Management Board and the Supervisory Board. It also covers the unique interplay among these organs and details the particular dynamics of the German two-tier board structure. It gives insight into Accounting as the Documentary Proof of Good Corporate Governance. In addition, coverage examines the dominant role of the German banks and new players in the German financial markets.

Download or read book The Geography of Finance written by Gordon L. Clark and published by Oxford University Press, USA. This book was released on 2007-05-03 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher description

Download or read book The German Corporate Governance Code Structure Aims and an Assessment of Its Implementation in DAX MDAX Companies written by André Euschen and published by . This book was released on 2018-03-05 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2016 in the subject Business economics - Business Management, Corporate Governance, grade: 1,0, University Witten/Herdecke, language: English, abstract: In the early days, the academic research in the field of corporate governance (hereafter: CG) developed largely in silos, depending on the areas of interest of the respective researchers. Since the last decade however, researchers pay more attention to the formation of a holistic approach that focusses on the effectiveness and efficiency of CG as a whole. From a practitioner's view, CG methods are essential in order to improve sustainable economic growth, economic efficiency and the trust of national and international investors. Due to the takeover wave during the 1980s, the advancing deregulation and globalisation of the capital markets as well as the Asian financial crisis in the end of the 1990s, CG has gained a greater profile. This was reinforced by several corporate scandals in the U.S. (e.g. Enron) but also in Europe in the early 2000s. Because of this, voices for a higher necessity of responsible management and CG have arisen. For Germany in particular, the Holzmann scandal during the turn of the millennium compelled the German legislator to step up its monitoring on CG of listed companies. As a consequence, the German Corporate Governance Code was established by its eponymous government commission in 2002. The objective of the establishment was not only to strengthen the confidence in the German CG and corporate control system, but also to provide suggestions for a modernisation of the legislation with respect to the ongoing globalisation and internationalisation of the capital markets and the accompanying transformation of corporate and market structures. After building a theoretical background on the basics of CG, the paper focusses on the German Corporate Governance Code: First, its development history will be mentioned and a brief definition will be given, followed by its

Download or read book A Primer on Corporate Governance written by Till Talaulicar and published by . This book was released on 2015-09-06 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book presents a thorough overview of corporate governance in Germany. Comprehending the German corporate governance system is challenging as it differs remarkably from the Anglo-American one and rests on rules and regulations from various sources. After introducing some macroeconomic fundamentals of the German economy and its stock markets, this book therefore provides an in-depth description of the regulatory framework of corporate governance in Germany, its basics and its peculiarities from a global perspective. Moreover, the structure and operation of governing the German stock corporation is explained both comprehensively and comprehensibly. The target audience includes executives, investors, scholars and rule-makers interested in deepening their understanding of the German system of corporate governance, its fundamentals, forms and distinctive features.

Download or read book A History of Corporate Governance around the World written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-11-01 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.

Download or read book The German Financial System written by Jan Pieter Krahmen (editor) and published by Oxford University Press on Demand. This book was released on 2004 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a team of scholars, predominantly from the Centre for Financial Studies in Frankfurt, this volume provides a descriptive survey of the present state of the German financial system and a new analytical framework to explain its workings.

Download or read book Public Law and Private Power written by John W. Cioffi and published by Cornell University Press. This book was released on 2010 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cioffi argues that highly politicized reform of corporate governance law has reshaped power relations within the public corporation in favor of financial interests, contributed to the profound crises of capitalism, and eroded its political foundations.

Download or read book German Corporate Governance in International and European Context written by J. J. Du Plessis and published by Springer Verlag. This book was released on 2007 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main aim with this book is to provide English speaking readers with a comprehensive overview of the German corporate governance model. The authors introduce the reader to the unique features of the German Business and Enterprise Law. The book deals with the most important company organs, namely the General Meeting, the Management Board and the Supervisory Board. The unique interplay among these organs are also covered and the reader is introduced to the particular dynamics of the German two-tier board structure. Further the authors deal with the dominant role of the "German banks" and new players in the German financial markets, focussing particularly on voting rights of these institutions at companies' general meetings and appointing members to companies' supervisory boards. Accounting is shown as the documentary proof of good corporate governance. The final chapter gives an overview of corporate governance in the European Union, the OECD Principles of Corporate Governance and corporate governance in the US, the UK and Australia.

Download or read book Corporate Governance and Globalization written by Stephen S. Cohen and published by Edward Elgar Publishing. This book was released on 2000-01-01 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The book links studies of corporate governance with surveys of efficiencies and failures in international financial markets, as well as examining aspects of corporate governance systems that have special significance for the management of economic policies as globalization continues. The contributors advocate increased international cooperation to promote more structural complementarities in the world economy."--BOOK JACKET.

Download or read book The Globalization of Corporate Governance written by Alan Dignam and published by Routledge. This book was released on 2016-03-09 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: The process of economic globalization, as product and capital markets have become increasingly integrated since WWII, has placed huge, and it is argued by some, irresistible pressures on the world's 'insider' stakeholder oriented corporate governance systems. Insider corporate governance systems in countries such as Germany, so the argument goes, should converge or be transformed by global product and capital market pressures to the 'superior' shareholder oriented 'outsider' corporate governance model prevalent in the UK and the US. What these pressures from globalization are, how they manifest themselves, whether they are likely to cause such a convergence/transformation and whether these pressures will continue, lie at the heart of the exploration in this volume. The Globalization of Corporate Governance provides a detailed analysis of the evolution of the key corporate governance systems in the UK, the US and Germany from the perspective of the development of economic globalization. As such it is a valuable resource for those interested in how economic and legal reforms interact to produce change within corporate governance systems.

Download or read book Explaining Financial Scandals written by Vincenzo Bavoso and published by Cambridge Scholars Publishing. This book was released on 2014-07-24 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: The explosion of the global financial crisis in 2007–08 reignited the urgency to reflect on the origins and causes of financial collapses. As the events in the above period triggered an economic meltdown that is still ongoing, comparisons with the Great Crash of 1929 started to abound. In particular, the externalities that a broad spectrum of societal groups had to bear as a consequence of various banking failures highlighted the necessity of a more inclusive and balanced regulation of firms whose activities impact on a wide range of stakeholders. The book is centred on the proposal of a paradigm, the “enlightened sovereign control”, that provides a theoretical, institutional and substantive framework as a response to the legal issues analysed in the book. These stem primarily from the analysis of two sequences of events (the 2001–03 wave of “accounting frauds” and the 2007–08 global crisis) which represent the background upon which modern financial scandals are explained. This is done by highlighting a number of common denominators emerging from the case studies (Enron and Parmalat, Northern Rock and Lehman Brothers) which all led to financial instability and scandals and illustrated the legal issues identified in the book. The research is grounded on the initial recognition of theoretical themes in the field of corporate and financial law, which eventually link with the more practical events examined. Through this multifaceted approach, the book contends that the occurrence of financial crises during the last decade is essentially rooted in two main problems: a corporate governance one, represented by the lack of effective control systems within large public firms; and a corporate finance one identified with the excesses of financial innovation and related abuses of capital market finance. Research conducted in this book ultimately seeks to contribute to current debates in the areas of corporate and financial law, through the proposals of the “enlightened sovereign control” paradigm.

Download or read book Corporate Governance in a Changing Economic and Political Environment written by M. Federowicz and published by Springer. This book was released on 2003-12-19 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection provides exceptional descriptive and analytical insights into changes in corporate governance settings in ten Eastern and Western European countries. It demonstrates that there exist different varieties of capitalisms and paths to transformation of economic institutions. In addition, it offers detailed discussions about national cases as well as the overall European Union effects. This book should be of great interest to scholars and students of comparative national systems, corporate governance and European studies.