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 Implementation of the Recommendations and Suggestions of the German Corporate Governance Code written by Axel V. Werder and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Berlin Center of Corporate Governance surveyed all companies listed on the Frankfurt Stock Exchange to systematically record the acceptance of the German Corporate Governance Code. Based on the current version of the Code, a questionnaire was developed in which companies were asked to indicate for each individual recommendation and suggestion whether they already comply with the relevant rule, intend to do so this year or do not apply the rule. The Code as amended on June 2, 2005 contains 82 recommendations and 19 suggestions. In total, 200 useable questionnaires were returned. The present article focuses on the DAX, MDAX and SDAX indices and is based on the answers of 84 companies (28 DAX, 36 MDAX and 20 SDAX companies).The study shows that the German Corporate Governance Code as a whole continues to enjoy high acceptance. As expected, acceptance varies between recommendations and suggestions. As in previous years, it is also clear that acceptance tends to increase with the size of the company. Thus the comparatively small number of recommendations identified by the survey which will not be followed by the majority of companies now or in the future related to the SDAX segment only.Before the end of the year a relatively pronounced increase is expected in the implementation of the Code's new recommendations concerning elections to the supervisory board. While at the time of the survey the majority of these new recommendations were classed as critical in all the indices surveyed, by the end of the year no more than two of these recommendations will be implemented by fewer than 90% of companies. Worthy of particular mention in this context is the finding that only in the DAX do around a quarter of companies not intend, now or in the future, to accept the recommendation that it should not be the rule for the former management board chairman or a management board member to become supervisory board chairman or the chairman of a supervisory board committee. In the MDAX and SDAX, on the other hand, over 90% of the companies will meet this recommendation.

Download or read book The German Corporate Governance Code Application of Standards by Corporate Management written by Jaby Felix Coronel and published by GRIN Verlag. This book was released on 2020-06-24 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Academic Paper from the year 2017 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, Munich Business School University of Applied Sciences, language: English, abstract: This Thesis examines the topic of the German Corporate Governance Code and its practical application of the Corporate Management body within DAX-listed companies. Taking as a basis a general understanding of the Code, its statutory provision and relevant content, it will be analyzed how Standards are applied by the corporate body and which recommendations are not being taken into account in practice. In order to provide a holistic evaluation, different literary material and scientific studies are being used to develop a picture of the fulfillment and to stress potentials of improvement. All aspects from the findings are being critically contrasted to characterize the actual situation in Germany. Moreover, it will be analyzed to what extend the different obligations of the Code are affecting the implementation. The German Corporate Governance Code may be generally used as a guideline document of the German General Commission to aim for good and sustainable governance within capital markets and to improve a company’s reputation towards shareholders. While various law legislations are underlying the Standards as well as mandatory obligations, the Code consists of different demands which also address potential commitments for German companies in the future. Some Standards exist on a voluntary basis and do not represent compulsive requirements. This Thesis will therefore assess and analyze the current application of Standards by a group’s Corporate Management. In regards to that, a comprehensive evaluation of implementation will be presented in this analysis.

Download or read book Does Compliance with the German Corporate Governance Code Have an Impact on Stock Valuation An Empirical Analysis written by Jochen Zimmermann and published by . This book was released on 2004 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2002, listed German corporations are legally obligated to declare annually their degree of conformity to the German Corporate Governance Code (GCGC). For a sample of (big) publicly traded German companies listed in DAX 30 and MDAX we examine whether there is a pricing effect connected to the degree of compliance with the GCGC. Adding an indicator variable measuring the degree of compliance into common value relevance regression models does not give a consistent answer to the question whether the declarations provide value relevant information. We trace this finding to an endogeneity problem as the degree of compliance itself can be explained by a set of firm characteristics. Considering this endogeneity bias reveals that, in fact, the degree of compliance with the Code is value relevant information. This is consistent with the hypothesis that there are capital market incentives (or pressure) that might lead to a broad adoption of the code's recommendations even though the enforcement mechanisms connected to the code are relatively weak.

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 2012-01-14 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance encompasses the free enterprise system, which is treated comprehensively in this book from a German perspective. This distinguishes the book from other books written in English in this subject area, not only because of the comprehensive way it covers German corporate law and corporate governance, but also because of the fact that it provides international and European perspectives on these important topics. This second edition is an extensively revised and updated version of the first edition, in particular with a view to the worldwide debt crisis. The authors provide readers with an overview of the unique features of German business and enterprise law and an in-depth analysis of the organs of governance of German public limited companies (general meeting, management board, supervisory board). In addition, approaches for reforms required at the international level are also suggested and discussed, including, among others, the unique interplay and dynamics of the German two-tier board model with the system of codetermination, referring to the arrangement of employees sitting on the supervisory boards of German public limited companies and private companies employing more than 500 employees; also covered are significant recent legal developments in Europe. The book highlights the core function of valuation and financial reporting at the international, European and German levels, with accounting as the documentary proof of good corporate governance. It also expands the scope of the first edition by a treatment of the German financial sector, global corporate finance and governance, and by including a new chapter on compliance of corporate governance laws, rules and standards in Germany. As far as comparative law is concerned, new developments in the area of corporate governance in the EU, the OECD Principles of Corporate Governance and corporate governance in the US, the UK and Australia are covered. The book is addressed to researchers, practitioners and basically anyone with an interest in the complex, but intriguing areas of corporate law and corporate governance.

Download or read book The German Corporate Governance Code written by Axel V. Werder and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The German Corporate Governance Code aims to enhance the transparency and the quality of corporate management in Germany. Strengthening the governance modalities depends on how the German companies comply with the provisions put forward in the code. In order to thoroughly assess the code's impact, the statement of code compliance, the compliance practice and its performance effects have to be distinguished. This arti-cle focuses on the statement of code compliance. Based on our analysis of disclosure consequences it seems reasonable to propose a tendency towards statements of full compliance in practice. Lower levels of compliance are only to be expected with respect to critical recommendations which demand quite specific governance arrangements that can be observed by outsiders and are contrary to the interests of the board members.

Download or read book German co determination and corporate governance written by Marc Oliver Cleiss and published by GRIN Verlag. This book was released on 2009-07-10 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2008 in the subject Law - Miscellaneous, grade: B+, The University of Hong Kong (Faculty of Law), course: Corporate Governance and Shareholder Remedies, language: English, abstract: In Germany, ‘co-determination’ has a long tradition. Beginning in the late 19th century, the German co-determination system has been developed over more than 100 years to become one of the most dominant co-determination systems in the world. Employees’ co-determination in Germany becomes visible in two different forms: employees’ participation in ‘works councils’ (‘Betriebsrat’) at establishment level (‘betriebliche Mitbestimmung’) and labour (employees and trade union representatives) participation in ‘supervisory boards’ on board level (‘Unternehmensmitbestimmung’). German corporate law distinguishes between the ‘management board’ (‘Vorstand/ Geschäftsführung‘) and the ‘supervisory board’ (‘Aufsichtsrat‘) (‘two-tier boards system’ as opposed to the Anglo-American ‘one-tier system’). Co-determination on board level refers to the representation of employees on the supervisory board. Depending on the industry, the corporation is operating in and the size of labour force, the supervisory board composes of one third (‘third part participation’) to half (‘parity participation’) of employees’ representatives. ‘Corporate governance’, the regulations for legal and actual distribution of management and supervision tasks between the supervisory board, the management board and the shareholders has lead in many countries to the development of codes since the 1990s. Germany also has drawn up a corporate governance code meanwhile – the ‘German Corporate Governance Code’. The code builds together with the ‘Stock Corporation Act’ and the different co-determination acts the legal framework for corporate governance principles in Germany. It aims to make Germany’s corporate governance rules transparent for both national and international investors, thus strengthening confidence in the management of German corporations. The code addresses with its ‘recommendation’ and ‘suggestions’ to all major criticisms from the international community against German corporate governance, for instance the inadequate focus on shareholder interests and the two-tier system of management board and supervisory board. In between time the ‘German Corporate Governance Code’ has achieved a high level of acceptance; in particular in the DAX companies, who set the trend in corporate governance in Germany.

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 114 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 German Corporate Governance Code written by Kristina Katharina Beisel and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Encyclopedia of Sustainable Management written by Samuel Idowu and published by Springer Nature. This book was released on 2023-11-21 with total page 4043 pages. Available in PDF, EPUB and Kindle. Book excerpt: This encyclopedia is the most comprehensive and up-to-date source of reference for sustainability in business and management. It covers both traditional and emerging concepts and terms and is fully international in its scope. More than 700 contributions of internationally renowned experts provide a definitive access to the knowledge in the area of sustainable and responsible management. All actors in the field will find reliable and up to date definitions and explanations of the key terms and concepts of management in this reference work. The Encyclopedia of Sustainable Management represents all aspects of management and business conduct. It takes sustainability as a management concept that gives due credit to the complexity and diverging constraints in which businesses and corporations act today, and it emphasizes and focuses approaches that help ensure that today's management decisions and actions will be the basis for tomorrow's prosperity.

Download or read book Kodexakzeptanz 2014 written by Christian R. G. Kohl and published by . This book was released on 2014 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: German Abstract: Die Studie analysiert und bewertet systematisch und umfassend die Akzeptanz der aktuellen, elften Fassung des Deutschen Corporate Governance Kodex (DCGK) durch DAX-und MDAX-Gesellschaften anhand der durch §161 AktG vorgeschriebenen Entsprechenserklärungen. Analysiert wird das grundsätzliche Niveau der Kodexakzeptanz, aber auch das Entsprechensverhalten der Gesellschaften auf Kapitel- und Ziffernebene, bis hin zur Analyse einzelner Empfehlungen. Darüber hinaus untersucht die Studie die Governance Qualität der Gesellschaften basierend auf vier eigens hierfür konstruierten Governance Indizes, welche die Kernbereiche Transparenz, Kontrolle/Überwachung, Anreizsysteme und Vielfalt abbilden. Ergänzt wird dies um Analysen hinsichtlich des Verhaltens bezüglich Kodexanregungen, des Zusammenhangs zwischen Complianceverhalten und Unternehmensgröße bzw. Eigentümerstruktur und einer Analyse der im Rahmen der Entsprechenserklärungen gegebenen Erläuterungen.Im Rahmen der Studie werden die bis 31. März 2014 veröffentlichten Entsprechenserklärungen (gemäß §161 AktG) der in DAX und MDAX notierten Gesellschaften analysiert. Die untersuchten Unternehmen repräsentieren zu Ende 2013 etwa 90 Prozent der Marktkapitalisierung des Prime Standard der Deutschen Börse, sodass die Studie einen umfassenden und gleichzeitig individuell- ifferenzierten Blick auf die marktrelevante Akzeptanz des DCGK in den größten deutschen Aktiengesellschaften vermittelt.English Abstract: The Code Compliance Study 2014 examines the acceptance level of the current version of the German Corporate Governance Code (GCGC) within DAX and MDAX firms. The study analyses overall compliance, as well as the firms' compliance behavior on the level of chapters, paragraphs and even single GCGC recommendations.In addition, the study examines the firms' governance quality based on four specially constructed governance indices that represent the the key areas of governance (transparency, onitoring/control, incentives and diversity). Moreover, compliance behavior with respect to GCGC's suggestions as well as the relationship between firm characteristics and compliance levels is analyzed. Overall, the study presents a broad and comprehensive view on code compliance behavior of German listed firms.

Download or read book The German Corporate Governance Code written by Axel V. Werder and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a survey of all companies listed at the Frankfurt Stock Exchange, this paper analyzes the extent of compliance with the German Corporate Governance Code. The investigation includes the recommendations as well as the suggestions of the Code. Overall, findings indicate a high level of Code conformity. Furthermore, the Code continues to contribute to changes of the governance modalities of German firms. Nonetheless, Code standards remain which gain comparably less acceptance. We identify those norms which are still rejected by the majority of the surveyed corporations and discuss why these compliance rates are currently low and whether they can be expected to increase in the future.

Download or read book Kodexakzeptanz 2011 written by Christian R. G. Kohl and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Die vorliegende Studie untersucht die Akzeptanz der aktuellen Version des Deutschen Corporate Governance Kodex (DCGK) durch die DAX- und MDAX-Gesellschaften. Tendenziell ergibt sich, dass der überwiegende Teil der "Soll-Empfehlungen“ des DCGK umgesetzt wird. Auf Ebene einzelner Kapitel oder Paragraphen besteht jedoch substantielle Heterogenität: Ausgewählte Empfehlungen werden von einem Teil der Unternehmen systematisch abgelehnt. Weitergehende Analysen zeigen, dass dies auf ökonomische Unternehmenscharakteristika zurückzuführen ist. Allerdings beabsichtigen die Gesellschaften eine weitere Annäherung an den DCGK. We analyze the compliance behavior of German listed firms with the German Corporate Governance Code in 2010. Our sample covers DAX and MDAX corporations which published their compliance statement until the end of February 2011. We generally find a high compliance level, however some individual Code recommendations show substantial heterogeneity. The results of the further analysis are twofold. First, we find that these deviations are closely related to firm characteristics. Second, we derive a likely increase of the compliance rates in 2011, according to firms' explanations for Code deviation.

Download or read book German Corporate Governance Code and Unaccepted Recommendations written by Ralf Bebenroth and published by . This book was released on 2005 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Kodexakzeptanz 2016 written by Johannes Beyenbach and published by . This book was released on 2017 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: German Abstract: Die Studie analysiert und bewertet systematisch und umfassend die Akzeptanz der aktuellen, dreizehnten Fassung des Deutschen Corporate Governance Kodex (DCGK) durch DAX-und MDAX-Gesellschaften anhand der durch §161 AktG vorgeschriebenen Entsprechenserklärungen. Analysiert wird das grundsätzliche Niveau der Kodexakzeptanz, aber auch das Entsprechensverhalten der Gesellschaften auf Kapitel- und Ziffernebene, bis hin zur Analyse einzelner Empfehlungen. Darüber hinaus untersucht die Studie die Governance Qualität der Gesellschaften basierend auf vier eigens hierfür konstruierten Governance Indizes, welche die Kernbereiche Transparenz, Kontrolle/Überwachung, Anreizsysteme und Vielfalt abbilden. Ergänzt wird dies um Analysen hinsichtlich des Verhaltens bezüglich Kodexanregungen, des Zusammenhangs zwischen Complianceverhalten und Unternehmensgröße bzw. Eigentümerstruktur und einer Analyse der im Rahmen der Entsprechenserklärungen gegebenen Erläuterungen.Im Rahmen der Studie werden die bis 31. März 2016 veröffentlichten Entsprechenserklärungen (gemäß §161 AktG) der in DAX und MDAX notierten Gesellschaften analysiert. Die untersuchten Unternehmen repräsentieren zu Ende 2015 etwa 85 Prozent der Marktkapitalisierung des Prime Standard der Deutschen Börse, sodass die Studie einen umfassenden und gleichzeitig individuell- differenzierten Blick auf die marktrelevante Akzeptanz des DCGK in den größten deutschen Aktiengesellschaften vermittelt.

Download or read book Behind Broad Corporate Governance Aggregates written by Alexander Bassen and published by . This book was released on 2008 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Manuscript Type: Empirical.Research Question / Issue: This study contributes to the emerging research that analyzes the relation between performance and single components of broad corporate governance aggregates, such as governance codes and ratings. Available research is confined to the U.S., Japan, and emerging markets. We enlarge the geographical scope to the German Corporate Governance Code (GCGC).Research Findings / Insights: For a sample of 100 large listed German stock corporations, compliance with the GCGC at large is significantly associated only with one of our performance measures (Tobin's q); this connection is negative. Individual analysis of eleven GCGC recommendations reveals that for three of them, association with all performance measures is insignificant. Four (four) components are significantly positively (negatively) connected with at least one performance measure.Theoretical / Academic Implications: Most remarkably are some significantly negative associations between components and performance. Their existence might explain why the majority of studies fail to find a significant connection between the GCGC at large and performance. As the group of single components found to be significant in the literature is quite inconsistent, further research questions emerge, such as whether there is some stability in the set of significant single components across performance measures, across countries, and through time.Practitioner / Policy Implications: This study provides new impulse to both commissions setting up governance codes and to commercial providers of governance scores. Given the significantly negative associations we found, an empirical quality inspection of the GCGC at large and of its components is recommended.

Download or read book A Survey of German Corporate Governance written by Stefan Prigge and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey provides a broad investigation of a major part of the German corporate governance structure, though not in its entirety. It is selective in its choice of the U.S. perspective of corporate governance, causing it to concentrate on the core agency relation between management and external owners. But this selected subject is treated encompassingly in the study's analysis of the core relation and the numerous other parties and mechanisms affecting it: supervisory board; management board; ownership structure, voting rights structure, and control structure; significance of share market and market for corporate control; auditing, accounting, and disclosure in view of corporate governance; employees; and lenders, with a summary of German banks. It is less an analytical study than a structured, very extensive guide through available evidence, and, as such, is intended to complement the parallel articles by Kanda and Wymeersch. The key feature of German corporate governance is the almost complete absence of open markets -- with the exception of competitive product markets -- as forces in corporate governance. This is even true for the small group of quoted companies: control is often stable and large shareholdings are mainly long-term; there is a strong capital (hinting at the special feature of Konzerne) and personal linkage among companies; funding is often internal, and in cases of external funding, open markets play a minor role. In general, it is a non-open-market or insider system, and abrupt breaches -- at least obvious ones -- are the great exception.