Dissertations / Theses: 'German Corporate Governance'

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Fernandes, João Pedro Lourenço. "Corporate governance and the impact on German companies' performance." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7671.

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Mestrado em Finanças
Qual a relação existente entre corporate governance e a performance? Este estudo ajuda a esclarecer esta questão e deslindar este tema dentro do mercado Alemão. Os resultados obtidos a partir de uma análise empírica com uma amostra de 61 empresas Alemãs cotadas em bolsa, durante o espaço temporal de 2005-2008 proporcionam suporte para uma característica específica na Alemanha, a representação dos empregados na Administração da empresa, relacionando-a com uma boa performance. Este estudo obtém evidência de um impacto positivo na performance, ao nível medidas de operacionalidade, de CEOs com mais idade e da componente de remuneração variável dos directores de supervisão. A concentração acionista apresenta um efeito positivo nas medidas de performance de mercado. As empresas detidas pelo Estado apresentam, em média, melhor performance do que as restantes.
What is the relationship between corporate governance and performance? This study helps to understand this question and examine this issue on the German market. Results drawn from an analysis of a sample of 61 German quoted companies over the period 2005?2008 provide support for the Germany specific characteristic of the employee representation on the board of directors and its positive relation with performance. The research provides evidence of positive impact on performance of older CEOs and Supervisory Board variable remuneration, on the level of operating performance measures. Shareholder concentration has a positive effect on the market based performance measure studied. Evidence regarding the type of owner, shows companies held by the State have better performance on average.

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Höppner, Martina. "Advisory boards in German family companies at different life cycle stages /." [S.l. : s.n.], 2006. http://www.gbv.de/dms/zbw/520527542.pdf.

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Nix, Petra. "The role of institutional investors in corporate governance : evidence from German corporations : how corporate managers in German listed companies experience the role of institutional investors in corporate governance : an empirical study." Thesis, University of Surrey, 2012. http://epubs.surrey.ac.uk/792199/.

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Corporate governance has emerged as a decisive business issue. Less corporate governance research is undertaken in civil law countries like Germany. In this thesis, the role of institutional investors in Germany is studied with the aim of providing an answer to the following research question: What role do independent institutional investors play in the corporate governance of listed German companies? This study follows an inductive qualitative research approach. The research model is based on six variables - board oversight, board nomination, identifying weaknesses, making recommendations, introducing changes in corporate strategy and exercising institutional power - to determine the role of institutional investors and to provide answers. Overall, the results show that the participants of the research study experience the role and responsibilities of institutional investors in the German two-tier corporate governance system as weak to medium across all six variables. The handling of recommendations from institutional investors to companies is not structured or executed in a systematic way by the study participants. The results indicate that the interviewees are convinced that institutional investors could be valuable partners in strengthening and improving corporate governance. They can play a role in corporate governance and can add value because they have a good understanding about the strategy and business model of the companies, expertise in research & analysis as well as a good sector expertise. However, the type of institutional investor matters in corporate governance. The strongest players are private equity and hedge funds. The weakest players are endowments and insurances. The most common company situations when institutional investors prompt change are underperformance, special companysituationsicrisis, corporate finance issues and management remuneration. The majority of the study participants expect a higher shareholder engagement in the future. Most of them have a positive point of view about the future role of institutional investors in corporate governance. III R The managerial implications of this study are that the investor relations function is well established and the programmes are sufficiently executed in German companies. Communication is the most appropriate measure. However, other typical and presumably more powerful measures like use of voting rights, engagement in the AGM, regular contact to the members of the supervisory board, taking a seat in the supervisory board, owning a meaningful company stake and collaboration with other shareholders seem to play a minor role. There is still potential for institutional investors to improve their role in corporate governance in German companies. In order to improve their influence in corporate governance institutional investors need to be prepared to pursue an escalation strategy. This encompasses for example to increase their stake to a meaningful and powerful level and/or they need to collaborate effectively and systematically with other shareholders to increase their acceptance vis-a-vis the company and to .ask for a seat in the supervisory board. However, such an approach also needs a strong long-term commitment and investment perspective as well as an attitude that also considers the long-term interests of the company. It can be concluded that institutional investors with a high level of expertise can contribute to the widely discussed improvement of the competence and independence of German supervisory boards. Important prerequisites of institutional investors to play a role in corporate governance are no conflict of interest and a sufficient sector expertise. Therefore, disadvantages like conflict of interest and lack of expertise have to be addressed properly. The results from this research can be used to draw lessons for (1) members of supervisory boards, members of the management board (in particular CEOs, and CFOs), as well as investor relations officers of listed companies, who want to improve governance and the relationship with their institutional shareholders; (2) institutional investors who want to enhance their engagement in their portfolio companies; and (3) standard setters like institutions and commissions that want to improve corporate governance.

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Rott, Roland. "The acceptance of corporate governance principles by listed companies and their relevance for shareholders : empirical evidence from the German corporate governance code /." [S.l. : s.n.], 2006. http://www.gbv.de/dms/zbw/537911618.pdf.

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Simek, Patrick Oliver. "A stakeholder view on the restructuring process and corporate governance of German railways." Thesis, University of Cambridge, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.614297.

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Fiedler, Bernhard. "The German """"special representative"""" and Corporate Governance for crisis situations in financial institutions." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/4609.

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Schwarz, Sebastian Henner. "Regulierung durch Corporate Governance Kodizes." Doctoral thesis, [S.l. : s.n.], 2005. http://deposit.ddb.de/cgi-bin/dokserv?idn=976510898.

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Goutas, Lazaros. "The corporate governance of small and medium-sized enterprises : an enquiry into the mechanisms of corporate control among German Mittelstand firms." Thesis, University of Cambridge, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.609762.

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Riediger, Monika [Verfasser]. "Corporate Governance and Financial Reporting Quality of German Firms : Three Empirical Studies / Monika Riediger." Berlin : Freie Universität Berlin, 2018. http://d-nb.info/1160235740/34.

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Riediger, Monika A. [Verfasser]. "Corporate Governance and Financial Reporting Quality of German Firms : Three Empirical Studies / Monika Riediger." Berlin : Freie Universität Berlin, 2018. http://nbn-resolving.de/urn:nbn:de:kobv:188-fudissthesis000000107256-3.

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Smith, David A. "The end of history for corporate governance : path dependency and convergence in the German model." Thesis, University of Nottingham, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.479344.

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Horn, Michael. "Relevance of 'American' versus 'German' corporate governance for innovation and firm performance : a resource-based theory analysis." Thesis, University of Cambridge, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.440640.

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Suppan, Susanne. "Entrepreneurial spirit versus bureaucratic control : differences and tendencies of convergence between the American and German systems of corporate governance." Thesis, McGill University, 2002. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=78230.

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The question of how to best organize the governance structure of corporations in order to reconcile the various interests involved in a corporation has a long history. Legal and economic scholars from around the world have debated the issue since 1937, the year economists Adolf A. Berle and Gardener C. Means identified the agency cost problem inherent in the structure of the modern corporation (i.e. the separation of control from ownership rights).
Nowadays this debate has gained an added dimension. The consequences of the increasing globalization of economies raise the question as to whether this will also lead to the harmonization of national systems of corporate governance.
More particularly, this thesis analyses the possibility and consequently the direction of convergence between the German and the American system of corporate governance, despite significant differences in their structure, mechanisms and more generally, in the micro and macroeconomic environment.

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Goyer, Michel 1964. "Corporate governance under stress : an institutional perspective on the transformation of corporate governance in France and Germany." Thesis, Massachusetts Institute of Technology, 2004. http://hdl.handle.net/1721.1/29435.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Political Science, 2004.
Includes bibliographical references (p. 367-402).
This work contributes to the study of comparative political economy by examining the impact of financial deregulation on corporate governance in the two main continental European economies, France and Germany. It investigates the process of transformation of the systems of corporate governance of these two countries toward a greater shareholder value orientation. It analyses the divergent responses of large companies in these two countries to the same set of changes in the international economy. Despite similarities in terms of ownership concentration, inactive securities markets, financial opacity, and closed market for hostile takeovers, large firms reacted differently to the new external environment - with dramatically diverging consequences for employees. In France, the majority of large companies have substantially changed their business strategy through a focus on a single business activity. German firms, in contrast, have responded to the new environment with greater financial transparency. The evolution of corporate governance in the two countries does not entail convergence - but different patterns of change with substantial differentiation in some areas, less in others. The argument presented deals with the dynamics of economic adjustment. Why do changes in the structure of corporate governance move in different directions in France and Germany? The power of management, especially relative to labor, given by existing industrial structures, accounts to a substantial extent for the different patterns by which shareholder value practices have been introduced in the two countries.
(cont.) The institutional framework conditions both what managers are likely to want to do (some forms of reorganization will be more attractive where workplace organization and worker power takes the form it does in France and others more attractive where the workforce has continuing power as in Germany) and what they can do. The power of German workers induces management to compromise on measures on which both can agree (greater transparency, continuing cross-subsidies). The power of French management allows them to pursue strategies strongly in their interest. In short, all capitalist economies are adjusting to pressures for change in corporate governance but the dynamic of adjustment is deeply affected by the relative power of management and labor.
by Michel Goyer.
Ph.D.

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Kohlmann, Patrick. "The implementation of corporate governance in Germany and Brazil: a comparative case study." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/12066.

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The recent promotion of best corporate governance standards by several different government institutions and non-for profit organizations resulted in the implementation of more sophisticated governance mechanisms. As consequence to the separation of ownership and control the concept of agency theory arose. Agency theory argues that without out proper control mechanism managers would behave exploit owners due to information asymmetry. Regulators have promoted corporate governance mechanisms in order to address this issue. This paper aims to contrast the implementation of best corporate governance practices in Germany and Brazil on the example of two practical examples. With this purpose in mind, this paper analyzed two companies listed in the main stock exchange in Germany and Brazil throughout a period of 5 years. In order to measure the degree of corporate governance practices implemented 3 different parameters have been chosen. In line with great part of the literature the parameters considered to be relevant are; composition, procedures and deviation from the local corporate governance code. The comparison of the data revealed that board composition in the two analyzed companies is similar regarding the proportion of independent representatives but does distinguish in size. While committees are related to the same topics it can be implied that Natura’s board is more involved in the actual management of the company. Lastly, Beiersdorf has been able to comply to a larger extend with the recommendations of the local German code than Natura to the recommendations published by Brazilian code of the IBGC.
A recente promoção de melhores práticas de governança corporativa por diversas instituições governamentais diferentes e organizações sem fins lucrativos resultou na implementação de mecanismos de governança mais sofisticados. Como consequência da separação entre propriedade e controle surgiu o conceito de “Agency Theory”. A teoria argumenta que, sem um mecanismo de controle adequado, gestores explorarão proprietários, devido à assimetria de informação. Vários reguladores têm promovido mecanismos de governança corporativa, com o objetivo de resolver esta questão. Este trabalho tem como propósito comparar a implementação das melhores práticas de governança corporativa na Alemanha e no Brasil incluindo dois exemplos práticos. Com esta meta em mente, este trabalho analisou duas empresas cotadas na principal bolsa de valores da Alemanha e do Brasil ao longo de um período de 5 anos. Para medir o grau de práticas de governança corporativa implementado, três parâmetros diferentes foram escolhidos. Em sintonia com grande parte da literatura sobre este tema, os parâmetros considerados relevantes são: composição do conselho de administração, procedimentos do conselho e desvio do código de governança corporativa local. A comparação dos dados analisados revelou que a composição do conselho nas duas empresas analisadas da Alemanha e do Brasil são semelhante em relação à proporção de representantes independentes, mas fazem uma distinção no tamanho do conselho. Embora os conselhos das duas empresas estejam envolvidos nos mesmos temas, fica implícito, e que o conselho da Natura está mais envolvido com a efetiva gestão da empresa. Por último, a Beiersdorf foi capaz de cumprir a maior parte das recomendações do código local Alemão em comparação com a Natura que cumpre uma parte menor das recomendações publicadas pelo código Brasileiro do IBGC.

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Panqueva-Bernal, Blanca-Monica. "International competition between corporate governance systems : outcomes in the USA, Germany and Columbia /." Göttingen : Cuvillier, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=014881395&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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Prondetchi, Emilia. "Corporate governance and financial performance." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20861.

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Mestrado em Finanças
Este estudo tem como objetivo medir o impacto da Governança Corporativa no Desempenho Financeiro das Empresas em França, Alemanha e Reino Unido. A amostra do estudo é composta por 214 empresas no período de 2010-2019. As variáveis explicativas do estudo são representadas por algumas medidas de governança corporativa: tamanho do conselho, dualidade CEO / presidente, independência do conselho, percentagem de ações do conselho e os cinco maiores acionistas. As variáveis dependentes são: LogROE, LogROIC e LogTobin's Q, que representam o desempenho da empresa. O estudo também considerou duas variáveis de controlo, rendimentos e alavancagem, com o objetivo de ajudar a medir a relação entre governança corporativa e desempenho da empresa. A teoria da agência sugere que as empresas que cumprem todas as medidas de governança corporativa têm um desempenho melhor. Concluímos que as medidas de governança corporativa têm um resultado positivo e significante relacionadas ao desempenho do mercado.
This study aimed to measure the impact of Corporate Governance on Firm Financial Performance of listed companies in France, Germany and UK. The study sample is composed of 214 listed companies between 2010 to 2019. The explanatory variables of the study are represented by some measures of corporate governance: board size, CEO/Chairman duality, board independence, board ownership and the largest five shareholders. The dependent variables are: LogROE, LogROIC and LogTobin´s Q, which represent Firm Performance. The study also considered two control variables, revenue and leverage, in order to help measuring the relationship between corporate governance and firm performance. Agency theory suggests that companies that comply with all measures of corporate governance perform better. We find that our measures of corporate governance are positively and significantly related with market performance.
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Ullah, S., S. Ahmad, Saeed Akbar, D. Kodwani, and J. Frecknall-Hughes. "Governance disclosure quality and market valuation of firms in UK and Germany." Wiley, 2020. http://hdl.handle.net/10454/17933.

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Yes
This study develops a 'comply or explain' index which captures compliance and quality of explanations given for non-compliance with the corporate governance codes in UK and Germany. In particular, we explain, how compliance and quality of explanations provided in non-compliance disclosures, and various other internal corporate governance mechanisms, affect the market valuation of firms in the two countries. A dynamic generalised method of moments (GMM) estimator is employed as the research technique for our analysis, which enabled us to control for the potential effects of endogeneity in our models. The findings of our content analysis suggest that firms exhibit significant differences in compliance, board independence and ownership structure in both countries. The 'comply or explain' index is positively associated with the market valuation of UK firms suggesting that compliance and quality governance disclosure is value relevant in the UK. Institutional blockholders' ownership is however, negatively associated with the market value of firms, which raises questions about the monitoring role of institutional shareholders in both countries. We argue that both compliance and explanations given for non-compliance are equally important, as long as valid reasons and justifications for non-compliance are provided by the reporting companies. These findings thus imply that the 'comply or explain' principle is working well and that UK and German companies could benefit from the flexibility offered by this principle. With respect to the role of board size, board independence, ownership structure, and institutional ownership of firms, this study offers policy implications.

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Köke, F. Jens. "Corporate governance in Germany : an empirical investigation; with 7 figures and 50 tables /." Heidelberg [u.a.] : Physica-Verl, 2002. http://swbplus.bsz-bw.de/bsz100290795cov.htm.

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Erzigkeit, Fenya, and Alina Petrescu. "The Influence of Corruption on the Corporate Governance Development in Germany : A Multiple Case Study." Thesis, Karlstads universitet, Handelshögskolan, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-28490.

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Binder, Anette. "Corporate governance in Germany : are there lessons to be learned from the United States?" Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape11/PQDD_0025/MQ50923.pdf.

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Griffen, John Richard. "The politics of ownership and the transformation of corporate governance in Germany, 1973-1995." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/10776.

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RAUTERKUS, ANDREAS H. "BANKS AS SHAREHOLDERS: CONFLICT OF INTEREST OR EFFICIENT CORPORATE GOVERNANCE? THE CASE OF GERMANY." University of Cincinnati / OhioLINK, 2002. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1019735961.

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Andres, Christian. ""Corporate governance in Germany - an empirical examination of ownership structures, payout policy and disclosure regulation" /." Berlin : Dissertation.de, 2007. http://www.dissertation.de/buch.php3?buch=5288.

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Juschus, Alexander. "Shareholder engagement in a new environment and its positive impact on corporate governance in Germany." Thesis, Durham University, 2007. http://etheses.dur.ac.uk/1838/.

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Zindler, Karin. "Essays on corporate social responsibility in Germany and Spain." Doctoral thesis, Universite Libre de Bruxelles, 2012. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209767.

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Since the mid 1990s, the momentum behind Corporate Social Responsibility (CSR) has increased. CSR has become an important issue at political, academic and business level. Already since the beginning of the last decade, commentators have suggested that CSR seems to differ between European countries and that said differences appear to be shaped by the country context. Nevertheless, in general, so far, only few empirical cross-country studies have been conducted. In addition, said studies focused mainly on the comparison between Europe as a region and the US. The latter are biased by the selection of only few specific European countries, which are regarded as a proxy for Europe as a whole. Hence, said studies deliver partially contradictory results, since they do not consider that CRS is supposed to be Non-Pan-European. Moreover, cross-country studies of international character, going beyond that regional comparison, have been rather superficial in view of CSR issues to be investigated. And finally, only recently, cross-country research in CSR has started to establish a systematic link between CSR patterns and the country specific institutional context. Also in view of the latter, the focus has been set on the comparison between countries of Anglo American/Saxon tradition and Europe, considering again some specific European countries as a proxy for the region as a whole.

Given that lack in the literature, the following explicit calls for empirical cross-country research of CSR in Europe have been formulated: First, to explore differences in view of CSR; and second, to find out if country specific institutional mechanisms are influential in shaping said differences.

Hence, the dissertation aims at filling this gap and to answer said calls for research by presenting a cross-country research involving two European countries, Germany and Spain. The research aims at exploring differences in view of a variety of CSR issues and at finding out if the national institutional contexts are influential in shaping said differences.

The dissertation consists of five main parts. In part one, the introductory part, the following is pointed out: motivation, main theoretical frameworks of CSR and main CSR issues in CSR literature. Moreover, a detailed overview on the research design of the three papers, which form part two, three and four, is provided.

In part two, which is composed of one paper, differences in view of CSR concepts and CSR drivers (analytical framework) between Germany and Spain are explored. The methodology applied was a questionnaire-based postal survey among the 500 largest companies in both, Germany and Spain.

The results of the study suggest important differences between the two countries over the analytical framework. In comparison to Spanish companies, the German ones seem to be more attached to the "sustainability" concept of CSR, whereas the Spanish companies favour to a major extent the CSR concept, formulated by the EC and the "Triple Bottom Line" concept. In view of CSR drivers, the results imply that German corporations are to a major extent than their Spanish counterparts driven by secondary stakeholders, whereas corporations in both countries seem to be equally pressured by primary stakeholders to become engaged in CSR. In addition, the findings suggest that CSR in Spain seems to be more "voluntary", whereas, in Germany, it seems to be more "regulated". The analysis of the results with regard to "expectations on positive internal" and "positive external effects" as drivers to CSR suggests a "more competitive advantage centred" approach to CSR among Spanish companies than among German ones, where the corresponding approach is "less competitive advantage centred". And finally, the findungs further suggest, that the country context seems to be influential in shaping most of said differences.

Part three, which consists of one paper, deals with CSR reporting, which is assumed to deliver insights into the institutionalization of the leading reporting guidelines in CSR, the Global Reporting Initiative (GRI) guidelines, CSR agendas and the communicated rationale behind CSR. The methodology applied was quantitative contents analysis of CSR reports. As sample served companies of the utility industry, listed in the main stock indexes in Germany and Spain.

The findings of the study suggest that the institutionalisation of the GRI indicators is low in the corporations investigated in both countries. But, it is especially low in German firms. With regard to CSR agendas, the focus of corporate activities appears to lie among German corporations on those attached to environmental responsibilities, whereas Spanish corporations appear to have in this regard a mixed approach, related to their economic, environmental and social responsibilities. But, in contrast to their German counterparts the economic responsibilities are more emphasized. With regard to the communicated rationale behind CSR, German corporations seem to be driven by normative reasons, the Spanish to a major extent by instrumental ones. And finally, the findings imply that the country context seems to be influential in shaping most of said differences.

In part four, which contains one paper, differences in the understanding of CG in view of its links to CSR are explored. Currently, scholars discuss the link between CG and CSR and their relational models in the theoretical literature. Hence, to explore the understanding of CG and its links to CSR ,an analytical framework was elaborated, based upon said current theoretical debate. The methodology applied was qualitative contents analysis, conducted in the framework of a web site research. The sample consisted of corporations listed in the main stock indexes in both countries.

The findings suggest differences between the two countries with regard to the understanding of CG and its links to CSR and the corresponding relational models. In Spain the understanding of CG seems to be to a major extent linked to the "narrow view" of CG, implied by a major focus on shareholders only in view of corporate responsibilities. In contrast, among German corporations the view appears to be "broad", including other stakeholders than exclusively shareholders in this regard. In addition, the results suggest, that the relational model favoured by German corporations consists of CSR being considered as a part of CG, whereas the Spanish companies seem to relate CG to CSR or at least consider both, CG and CSR, as complementary constituents. And finally, the findings suggest that most of the exposed differences seem to be shaped by mechanisms of the traditional national CG systems.

In the final main part, part five, the overall conclusions of the dissertation have been formulated. These can be summarized as follows. From an overall perspective the three essays contribute to fill the lack in the literature as already pointed out. They constitute an original answer to the calls for research expressed in this regard. Moreover, they contribute to increase the knowledge on differences in CSR between European countries. And furthermore, through paying attention to country specific institutional mechanisms, they enhance the understanding of said differences induced by the country context or country specificity of CSR. In addition, the three essays have raised important implications for managerial practice, public policies, international and (supra) national institutions and for further research. In view of the implications for managerial practice, the findings suggest to sensitize practitioners with regard to the country specificity of CSR and to undertake corresponding measures in e.g. corporate communication, product and market strategies, employer marketing and organizational and management development terms. With regard to the implications for public policies, international and (supra) national organizations, those with regulatory power should increasingly bear in mind to handle more carefully the outsourcing of said power to private institutions, including NGOs, which play an important role in the "oluntary" regulation of CSR. In addition, those institutions, without regulatory power, which issue e.g. voluntary guidelines, should consider the country specificity of CSR and the "one size does not fit all" problem. Concerning the implications of the findings for further research these are the following: 1) to expand the CSR issues to be investigated in cross-country studies; 2) to intensify cross-country research in Europe in view of the number of countries involved; 3) to consider longitudinal approaches in cross-country research in Europe; 4) to expand said research (1-3) also to SMEs; 5) to increase the scope of institutional mechanisms to be investigated; and 6) to intensify cross-country linguistics research in view of CG and CSR. And finally, the findings of the three essays have delivered substantial contributions to enliven the debate, at academic and practitioner level, in view of the international management of CSR in terms of complexity vs. simplicity.

Doctorat en Sciences économiques et de gestion
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Wedl, Isabella [Verfasser], and Harald [Akademischer Betreuer] Heinrichs. "Governance for Corporate Sustainability: National and global governance influencing TNCs sustainability management in Germany, the US and India / Isabella Wedl ; Betreuer: Harald Heinrichs." Lüneburg : Universitätsbibliothek der Leuphana Universität Lüneburg, 2017. http://d-nb.info/1140222074/34.

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Lenz, Richard K. "Post-LBO development : analysis of changes in strategy, operations and performance after the exit from leveraged buyouts in Germany /." Wiesbaden : Gabler, 2010. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=018923593&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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Lenz, Richard K. "Post-LBO development analysis of changes in strategy, operations and performace after the exit from leveraged buyouts in Germany." Wiesbaden Gabler, 2009. http://d-nb.info/99854440X/04.

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Juanda, Juanda [Verfasser], Thomas [Akademischer Betreuer] Steger, and Michael [Akademischer Betreuer] Dowling. "Corporate Governance and Firm Performance in Germany, the United Kingdom and Indonesia / Juanda Juanda ; Thomas Steger, Michael Dowling." Regensburg : Universitätsbibliothek Regensburg, 2016. http://d-nb.info/1128902982/34.

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Waddington, Nigel. "The regulation of corporate governance in Europe : The emerging EU regime and Europeanisation in Germany and the UK." Thesis, University of Manchester, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.505487.

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Chałaczkiewicz-Ładna, Katarzyna. "Relevance of long-term interests in the decision-making processes of company directors in the UK, Delaware and Germany : a critical evaluation." Thesis, University of Edinburgh, 2016. http://hdl.handle.net/1842/23503.

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This thesis explores the extent to which the law in the UK, Delaware and Germany imposes an obligation on directors of solvent public companies to take into account the long-term consequences of their decisions while establishing the content and scope of long-termism in these three legal systems. It adopts a comparative methodology with the aim of determining whether the approaches taken in the chosen jurisdictions regarding both the parameters of long-termism and its legal sources and forms are radically different or very similar. It is also scrutinised here if it can be stated with any certainty that the approach taken in any particular jurisdiction regarding long-termism is ‘better’ for the protection of a company’s interests. This thesis makes four original contributions. Firstly, it conducts a comprehensive, comparative study on the relevance of long-term considerations. The concept of long-termism is analysed in the contexts of current legislation, case law, soft law, academic literature, and incentives that encourage long-termism decision-making. Secondly, hard law in the UK, Delaware and Germany does not currently offer much guidance regarding the content and scope of long-termism. A key original contribution made by this research draws on the academic literature and performs a gap-filling exercise by identifying examples of long-term decision-making in these jurisdictions, as well as examples of decision-making and conduct that is not long-term in nature. In the gap-filling exercise, case studies are presented in the context of (i) the contemporary shareholder v. stakeholder debate in corporate governance scholarship and (ii) the relevance of the share ownership structure of the company. These two important debates are used as variables to cast light on the ambit of the notion of long-termism, and the structural differences and similarities between the corporate governance systems and concepts of long-termism in the UK, Delaware and Germany. Thirdly, this thesis identifies specific and concrete factual examples of the incentives that the legal systems in the UK, Delaware and Germany do or could provide to encourage long-term managerial decision-making. Finally, it will make a positive contribution to the ongoing ‘convergence v. divergence’ debate, as the thesis has the scope to offer insights into whether the law on the duties of directors is converging in different legal systems particularly in the specific context of what is meant by long-term decision-making by such directors.

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Böhm, Thomas [Verfasser]. "Reassessing the convergence thesis. An analysis of the 2018/2019 Corporate Governance Codes of the United Kingdom and Germany / Thomas Böhm." München : GRIN Verlag, 2019. http://d-nb.info/1199192457/34.

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Bygate, Siobhan Carolyn. "Inherited networks, economic embeddedness and developments in corporate governance : post-communist Czech and Slovak Republics with supporting evidence from Eastern Germany." Thesis, Loughborough University, 1998. https://dspace.lboro.ac.uk/2134/33131.

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Laranjeira, Rodrigo de Almeida. "Le gouvernement d’entreprise en droit européen et brésilien comparé." Doctoral thesis, Humboldt-Universität zu Berlin, Juristische Fakultät, 2016. http://dx.doi.org/10.18452/17596.

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Corporate Governance hat einen radikalen Wandel in Europa seit den 1990er Jahren durchgemacht. Der Wandel ist konsolidiert und ist nun Teil des Rechts der modernen Aktiengesellschaften. Brasilianisches Recht wird immer durch die europäische Gesetzgebung inspiriert. Unsere Studie fragt, aus einer vergleichenden Sicht, ob sich das brasilianische Unternehmensrecht auf die europäische Corporate Governance bezieht. Wir konzentrieren uns in Europa auf das deutsche Recht, das englische Recht, das französische Recht und das europäische Recht. Unsere Analyse geht über die Herzen der Unternehmensführung und umfasst Teile, die dem Kapitalmarkt- und dem Umweltrecht angehören, da sie selbstverständlich auch eine Verbindung mit der Corporate Governance und dem Aktienrecht haben. Das Verständnis des Kerns der Unternehmensführung, welcher die Organisation der Verwaltungsorgane der börsennotierten Aktiengesellschaft ist, hängt von der Analyse der rechtlichen Behandlung von Neben-Themen, die aber verwandt sind, ab, wie die Regeln über die Haftung.
Corporate governance has undergone a radical change in Europe since the 1990s. Change has now consolidated and is part of the company law. Brazilian law has always been inspired by European legislation. Our study asks, from a comparative perspective, if the Brazilian corporate law relates to the European corporate governance. In Europe, we focus on German law, English law, French law and Community law. Our analysis goes beyond the heart of corporate governance and includes parts of capital markets law and environmental law, because they obviously also have a connection with corporate governance and company law. The understanding of the core of corporate governance, which is the organization of administrative bodies of the listed company on a regulated market, depends on the analysis of the legal treatment of incidental subjects, but related, as the regime of liability.

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Dragendorf, Julian [Verfasser]. "Partial stock acquisitions by new institutional investors in public corporations and their valuation consequences : an empirical study on corporate governance in Germany / Julian Dragendorf." Berlin : Freie Universität Berlin, 2012. http://d-nb.info/1027308325/34.

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De, Almeida Laranjeira Rodrigo. "Le gouvernement d'entreprise en droit européen et brésilien comparé." Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010258.

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Le gouvernement d’entreprise a subi une modification radicale en Europe à partir des années 1990. Le changement est aujourd’hui consolidé et il fait partie du droit des sociétés modernes. Le droit brésilien s’est toujours inspiré des législations européennes. Notre étude pose la question de savoir, à partir d’une vue comparative, si le droit brésilien des sociétés se rattache au gouvernement d’entreprise européen. On se centre en Europe sur le droit allemand, le droit anglais, le droit français et le droit communautaire. Notre analyse dépasse le cœur du gouvernement d’entreprise et inclut des parties qui relèvent du droit des marchés de capitaux et du droit de l’environnement, qui ont évidemment aussi un lien avec le gouvernement d’entreprise et le droit des sociétés. Pour comprendre le cœur du gouvernement d’entreprise, à savoir l’organisation des organes d’administration de la société anonyme cotée sur un marché réglementé, il faut s’appuyer sur l’analyse du traitement juridique de sujets à la fois accessoires et rattachés, comme le régime de la responsabilité des administrateurs. Le gouvernement d’entreprise se partage principalement en gouvernements d’entreprise interne et externe. Le gouvernement d’entreprise interne est celui qui traite l’organisation des organes d’administration, les relations entre les administrateurs et les actionnaires. Il se préoccupe surtout des affaires internes des sociétés anonymes. Le gouvernement d’entreprise externe a plutôt à voir avec la société anonyme et ses relations externes, dans le cadre du droit des marchés de capitaux et du droit de l’environnement. La réglementation brésilienne n’a pas accompagné les évolutions du gouvernement d’entreprise interne, sauf par rapport à certains mécanismes de base, comme la publicité. Il y a une plus grande synchronicité dans le gouvernement d’entreprise externe, qui relève de sujets majoritairement poussés en priorité par un consensus international. Le Brésil devra, en fonction de l’évolution de la déconcentration de la structure de l’actionnariat, s’appuyer sur le droit européen et introduire davantage de concepts du gouvernement d’entreprise moderne
Corporate governance has undergone a radical change in Europe since the 1990s. Change has now consolidated and is part of the company law. Brazilian law has always been inspired by European legislation. Our study asks, from a comparative perspective, if the Brazilian corporate law relates to the European corporate governance. In Europe, we focus on German law, English law, French law and Community law. Our analysis goes beyond the heart of corporate governance and includes parts of capital markets law and environmental law, because they obviously also have a connection with corporate governance and company law. The understanding of the core of corporate governance, which is the organization of administrative bodies of the listed company on a regulated market, depends on the analysis of the legal treatment of incidental subjects, but related, as the regime of liability.Corporate governance is divided into internal corporate governance and external corporate governance. Internal corporate governance deals with the organization of administrative bodies, the relationship between directors and shareholders. It is primarily concerned with the internal affairs of corporations. External corporate governance has rather to do with the corporation and its external relations, under capital markets law and environmental law. Brazilian law did not follow changes in the internal corporate governance, except with respect to certain basic mechanisms such as disclosure. There is a greater synchrony in the external corporate governance, whose main topics are first driven by an international consensus. Brazil will have to measure the evolution of shareholding structure. If the shareholding turns less concentrated, Brazil will have to rely on European law and introduce more modern concepts of corporate governance
Corporate Governance hat einen radikalen Wandel in Europa seit den 1990er Jahren durchgemacht. Der Wandel ist konsolidiert und ist nun Teil des Rechts der modernen Aktiengesellschaften. Brasilianisches Recht wird immer durch die europäische Gesetzgebung inspiriert. Unsere Studie fragt, aus einer vergleichenden Sicht, ob sich das brasilianische Unternehmensrecht auf die europäische Corporate Governance bezieht. Wir konzentrieren uns in Europa auf das deutsche Recht, das englische Recht, das französische Recht und das europäische Recht. Unsere Analyse geht über die Herzen der Unternehmensführung und umfasst Teile, die dem Kapitalmarkt- und dem Umweltrecht angehören, da sie selbstverständlich auch eine Verbindung mit der Corporate Governance und dem Aktienrecht haben. Das Verständnis des Kerns der Unternehmensführung, welcher die Organisation der Verwaltungsorgane der börsennotierten Aktiengesellschaft ist, hängt von der Analyse der rechtlichen Behandlung von Neben-Themen, die aber verwandt sind, ab, wie die Regeln über die Haftung. Corporate Governance ist vor allem in interne und externe Corporate Governance unterteilt. Interne Unternehmensführung beinhaltet die Organisation der Verwaltungsorgane und die Beziehung zwischen Direktoren und Aktionäre. Sie ist in erster Linie die innere Angelegenheit der Konzerne. Die externe Unternehmensführung umfasst eher das Unternehmen und seine externen Beziehungen nach dem Recht der Kapitalmärkte und des Umweltrechts

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Kern, Alexander. "Perspectives on employee stock ownership in France, Germany, and The United States of America." Thesis, Aix-Marseille, 2014. http://www.theses.fr/2014AIXM1105.

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Tout d'abord, cette recherche examine le capitalisme partagé, le développement théorique et historique de la participation des salariés, et les droits de propriété. Deuxièmement, la thèse analyse empirique sur les perspectives de l'actionnariat salarié. Premièrement, la période du 19ème siècle jusqu'au début du 21ème siècle en Allemagne est recherchée. Nous essayons de répondre à la question : "Est-ce que les décideurs politiques en Allemagne veulent créer une société de propriétaires ?" Au cours de la recherche, nous montrons l'hypothèse "L'actionnariat salarié est un critère des pères fondateurs de l'Allemagne afin de stabiliser Allemagne socio-économique après la Seconde guerre mondiale. Supporté bien évidemment par une étude qualitative de recherches d'archives historiques. En Allemagne, il est évident que les pères fondateurs ont poursuivis "Wohlstand für Alle" à travers les actions des citoyens. Deuxièmement, cette recherche examine la relation entre l'actionnariat salarié et le WACC. La thèse analyse le conflit entre les parties prenantes internes et externes, qui est représenté par le cours des actions d'une entreprise en supposant un marché efficace. Nous émettons l'hypothèse : «Un pourcentage plus élevé d'actions détenues par les salariés provoque un WACC inférieur" Ceci est confirmé par un modèle de régression quantitative fixe de panneau d'effet dans le cas de l'indice Société des Bourses Françaises 120 et l'indice 500 de Standard & Poor
Firstly, this research examines shared capitalism, the theoretical and historical development of employee participation, and ownership rights. Secondly, the thesis analyzes empirically perspectives on employee stock ownership. First, the period from the 19th century until the beginning of the 21st century in Germany is researched. We attempt to answer the question: "Did policy makers in Germany want to create a society of owners?" During the research we prove the hypothesis "Employee ownership was a criterion of Germany's founding fathers in order to stabilize Germany socio-economically after the Second World War." We confirm it through a qualitative study of historical archive researches. In Germany, there is clear evidence that founding fathers pursued "Wohlstand für Alle" through citizen's shares. Second, this research examines the relationship between employee stock ownership and the weighted average cost of capital. The thesis analyzes the conflict between internal and external stakeholders, which is represented through a company's stock price assuming an efficient market. We hypothesize: "A higher percentage of shares held by employees causes a lower WACC." This is confirmed through a quantitative fixed effect panel regression model in the case of the Société des Bourses Françaises 120 index and Standard & Poor's 500 index

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Hosseini-Görge, Florian [Verfasser], Jörn Hendrich [Gutachter] Block, and André [Gutachter] Betzer. "Foundation-owned firms in Germany: The impact of foundation-ownership on firm performance and corporate governance challenges / Florian Hosseini-Görge ; Gutachter: Jörn Hendrich Block, André Betzer." Trier : Universität Trier, 2018. http://d-nb.info/1197808213/34.

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Younas, Zahid Irshad [Verfasser]. "Impact of ownership concentration and corporate governance on sustainability and stakeholder risk: An empirical Analysis of listed firms from USA, UK and Germany / Zahid Irshad Younas." Kassel : Universitätsbibliothek Kassel, 2017. http://d-nb.info/1154973026/34.

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Musa, Mohamed. "The impact of corporate governance mechanism : audit committee financial experts on firm value from the perspective of the financial reporting process : evidence from US, UK and Germany." Thesis, University of Hull, 2016. http://hydra.hull.ac.uk/resources/hull:15202.

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This PhD thesis contains four main essays on financial health and firm value, with a focus on the term board structure – unitary and dual. With the exception of Chapter 1 and Chapter 6, which set out the general introduction and conclusion, each of the chapters can be considered as a standalone piece of work. In Chapter 2, we model and predict, using FTSE100 and Nasdaq100 sample data, the impact of audit committee financial experts on firm value. Model dimensions and parameters were conducted over a period of five years and allowed to change to four years, so as to ascertain lag effects. The proposed financial expert decision - making model (Throughput Model) allows us to estimate these influences. Hence, we find mixed results. Chapter 3 investigates ethical consideration influences on the role of United States, United Kingdom and German audit committees. Simultaneously, we empirically test whether financial experts may influence firm value in German Dax100 firms using the preference –based pathway. Our empirical results suggest that accounting experts exerts significant influence on firm value. Chapter 4 examines the impact of regulations on the performance of Nasdaq100 firms in the US. Our result suggest that the Sarbanes – Oxley Act has indeed changed the dynamics of business structure and improved monitoring. We find evidence of a positive significant influence of supervisory financial expert on financial health but accounting experts, negative.

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Günther, Jens. "Three accounting research essays in a historical setting." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2015. http://dx.doi.org/10.18452/17246.

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Die vorliegende kumulative Dissertation analysiert Determinanten und Konsequenzen der Berichterstattung von Unternehmen im deutschen Kaiserreich. Das erste Papier analysiert den Zusammenhang zwischen der freiwilligen Publizität und dem Produktmarktwettbewerb. Auf der Grundlage einer Stichprobe von 570 Unternehmensjahren lässt sich ein negativer Zusammenhang zwischen der freiwilligen Publizität und dem potentiellen Wettbewerb zeigen. Darüber hinaus finde ich einen negativen Zusammenhang zwischen der freiwilligen Publizität und der Branchenprofitabilität. Schließlich finde ich einen positiven Zusammenhang zwischen der freiwilligen Publizität und dem existierenden Wettbewerb. Dieser Zusammenhang ist jedoch nur für Branchenfolger statistisch signifikant. Im zweiten Papier analysiere ich den Einfluss von (überraschenden) Dividendenankündigungen auf die Berliner Börse im Jahr 1895. Auf der Grundlage einer Stichprobe von 166 Unternehmen finde ich positive (negative) kumulierte abnormale Renditen als Reaktion auf eine positive (negative) Dividendenüberraschung. Querschnittsanalysen zeigen, dass diese Effekte mit der Signaling Theorie vereinbar sind. Darüber hinaus lässt sich zeigen, dass der Handel auf dem Kapitalmarkt um die Dividendenankündigungen herum erhöht ist. Dies ist vereinbar mit der differentiellen Erwartungsrevision. Das dritte Papier analysiert schließlich den Zusammenhang zwischen der Zusammensetzung des Aufsichtsrats und dem bilanzpolitischen Verhalten von Unternehmen zu Beginn des 20. Jahrhunderts. Bei diesen Unternehmen lässt sich der von Burgstahler/Dichev (1997) dargestellte „earnings kink“ nachweisen. Darüber hinaus lässt sich zeigen, dass dieser „earnings kink“ nicht mehr präsent ist, sobald die Gewinne um Abschreibungen korrigiert werden. Es lässt sich allerdings nicht zeigen, dass die Präsenz von Bankdirektoren im Aufsichtsrat mit dem „earnings kink“ oder der Höhe der abnormalen Abschreibungen verbunden ist.
This cumulative Ph.D. thesis analyzes determinants and consequences of financial accounting practices in Imperial Germany. The first paper analyzes the relationship between product market competition and voluntary disclosure. Based on a balanced panel of 570 firm-years, I find a negative association between voluntary disclosure and potential competition. I also find a negative association between industry profitability and voluntary disclosure. Finally, I find a positive association between existing competition and voluntary disclosure for industry followers. The second paper analyzes share price and trading effects around dividend announcements of firms listed on the Berlin Stock Exchange in 1895. Based on a sample of 166 firms, I find a statistically and economically significant positive (negative) cumulative average abnormal return following a positive (negative) dividend surprise. Cross-sectional analyses show that these effects are consistent with the dividend signaling hypothesis. I furthermore find that trading is increased around the announcements. This is consistent with a differential belief revision among individual investors. The third paper analyzes the earnings of 50 public and 50 private German firms for the fiscal years 1903-1907. I find the earnings kinks reported by Burgstahler and Dichev (1997). I also find that these kinks disappear once I adjust earnings for depreciations. However, my analyses do not support a divergent probability to avoid small losses and earnings decreases when firms are monitored by bank directors. Based on a propensity score matching I do also not find systematic differences in discretionary depreciations between firms monitored by bank directors and firms without such bank attachments in general.

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Bornscheid, Jens. "Corporate governance issues in Canadian-German Dual Listed Companies." 2004. http://link.library.utoronto.ca/eir/EIRdetail.cfm?Resources__ID=95091&T=F.

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Thesis (LL. M.)--University of Toronto, 2004.
"A thesis submitted in conformity with the requirements for the degree of Master of Laws, Graduate Department of Law, University of Toronto." Adviser: Ian Lee.

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Silva, José Miguel Salgado da. "Investors activism: The case of Cevian Capital hedge fund campaigns in German companies." Master's thesis, 2019. http://hdl.handle.net/10071/19381.

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The number of deals involving activist investors has been increasing over time. They buy a small portion of the companies' capital and seek from the executive and supervisory boards, through a more or less aggressive campaign, to get them to implement some change(s). There is, however, an intense debate between those who think that the action of these investors has a positive impact on companies and those who think that they only generate short-term gains at the expense of the companies' long-term performance. In this work, we try to contribute to the debate by analysing the campaigns made in Germany by the largest European hedge fund activist, Cevian Capital. These campaigns targeted Munich Re, Bilfinger, ThyssenKrupp, and Demag Cranes. The work focuses mainly on two points: 1) whether or not the activist had a positive impact on the company, and 2) what has changed in the company during the period the activist was there. To answer the first point, an event study is performed, while for the second one an analysis of the evolution of the company's main indicators and financial ratios is made. The results show a positive impact at the time of the announcement but are less conclusive about the long-term. Regarding the changes, there is no evidence of any significant improvement in the indicators and financial ratios of the companies.
O número de casos envolvendo investidores activistas tem aumentado de ano para ano. Eles compram uma pequena porção do capital das empresas e procuram junto dos conselhos executivo e de supervisão, através de uma campanha que pode ser mais ou menos aggressiva, conseguir com que elas implementem alguma(s) mudança(s). Há todavia, um debate intenso entre os que acham que a acção destes investidores tem um impacto positivo nas empresas e os que acham que eles apenas geram ganhos de curto-prazo em detrimento da performance de longo-prazo das empresas. Neste trabalho tentamos contribuir para este debate ao analisar as campanhas feitas na Alemanha pelo maior hedge fund activista europeu, Cevian Capital. Essas campanhas tiveram como alvo as empresas Munich Re, Bilfinger, ThyssenKrupp e Demag Cranes. O trabalho centra-se sobretudo em dois pontos: 1) se o activista teve ou não um impacto positivo na empresa, e 2) o que mudou na empresa durante o período em que ele lá esteve. Para responder ao primeiro ponto é feito um estudo de evento, enquanto que para o segundo é feita uma análise da evolução dos pricipais indicadores e rácios financeiros da empresa. Os resultados revelam um impacto positivo aquando do anúncio, mas menos conclusivo relativo ao longo-prazo. Em relação às mudanças verificadas nas empresas, não há em nenhum dos casos evidências de uma melhoria significativa dos indicadores e rácios financeiros.

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Santos, Ana Rita da Silva Portugal dos. "Ownership structure and firm performance: Evidence from German companies during and after the financial crisis of 2008-2011." Master's thesis, 2019. http://hdl.handle.net/10071/19556.

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While the world is still recovering from the effects of the latest financial crisis, the threat of another one wanders again over economies. Many have attributed the causes of the financial crisis of 2008 to wrong corporate governance practices, especially excessive risk taking and bad monitoring. One of the corporate governance mechanisms which should prevent such events is ownership structure, as shareholders’ duty is to protect the company’s activity in order for it to prevail and satisfy their interests. Germany’s peculiar corporate governance model has been long studied in an attempt to understand whether its characteristics ensure better corporate performance or not. Using a sample of 250 firms from 2007 to 2016, the present study aims to understand the impact that different shareholder types (i.e. insiders, institutional and family) had on firm performance during and after the financial crisis. Through an econometric analysis, one can conclude that family shareholders present a positive impact on performance during both periods, aligned with their long-term view of the business. Institutional shareholders have a negative impact on performance during the periods in analysis, given their focus on return maximization and not in assisting the company on sustaining market downturns. Contrarily, insiders have impacted performance positively during the crisis, but negatively after it. These non-linear results confirm the inherent effect of entrenchment as, in times of crisis, insiders attempt to improve company’s performance, however afterwards they seek rewards for their efforts, leading to agency problems.
Enquanto o mundo recupera dos efeitos da crise financeira mais recente, a ameaça eminente de uma nova crise paira sobre as economias. Muitos atribuiram a causa da crise financeira de 2008 a práticas erradas de governação corporativa, em particular a tomada de risco excessivo e má monitorização. Um dos mecanismos que deveria prevenir tais acontecimentos é a estrutura accionista, uma vez que é o dever dos accionistas proteger a empresa, por forma a que esta continue a existir para satisfazer os seus interesses. O modelo peculiar de governação corporativa alemão tem sido amplamente estudado para tentar entender se as suas caracteristicas melhoram o desempenho das empresas ou não. Através de uma amostra de 250 empresas para os anos de 2007 a 2016, o presente estudo procura o entender o impacto que diferentes tipos de accionistas (sejam membros internos, institucionais ou famílias) tiveram na empresa durante e depois da crise financeira. Usando um modelo econométrico, concluiu-se que famílias como accionistas tiveram um impacto positivo na empresa durante os dois periodos, característico da sua visão orientada para o longo prazo. Por outro lado, accionistas institucionais tiveram um impacto negativo, uma vez que o seu objectivo é a maximização de lucros e não assistência durante períodos conturbados. Os membros internos impactaram o desempenho positivamente durante a crise, mas negativamente depois dela. Estes resultados confirmam o conceito de enraização pois, em tempo de crise, tentam melhorar o desempenho da empresa, mas depois procuram recompensas pelos seus esforços, dando origem a problemas de agência.

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Jackson, Gregory. "Organizing the firm corporate governance in Germany and Japan, 1870-2000 /." 2002. http://catalog.hathitrust.org/api/volumes/oclc/53707494.html.

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Gonçalves, Glauber Rogerio Barbieri. "Governança corporativa: Estudo de caso da Gerdau." Master's thesis, 2009. http://hdl.handle.net/10071/1989.

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Cada vez mais é necessário que as empresas tenham princípios de governança, capazes de auxiliá-las nas decisões do dia-a-dia. Esses princípios vão nortear os investimentos, a transparência e a manutenção do poder dentro da organização. Este trabalho trata do tema governança corporativa, com seus conceitos e implicações nas empresas familiares, e busca mostrar evidências das práticas no contexto da administração empresarial e se essas práticas não sentidas pelos colaboradores da empresa e pelos demais stakeholders.
Increasingly, companies need to have principles of governance, able to assist them in decisions of the day by day. These principles will guide the investment, transparency and maintenance of power into the organization. This work deals with the corporate governance issue, with its concepts and implications for family businesses, and search show evidence of practices in the administration and business practices are not experienced by those employees of the company and the other stakeholders

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黃敬怡. "Corporate Governance and Choices of ADRs: Evidence from Germany and France." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/54853466023266120249.

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碩士
國立交通大學
財務金融研究所
100
This paper examines the relation and motivation of listing choices by comparing company and internal corporate governance characteristics for German and French American Depositary Receipt (ADR) firms from 1983 to 2010. We test the relationship between ADR listing type choices and internal corporate governance, which includes board structure, CEO related characteristics and ownership structure. We find that companies with CEO chair duality (when CEO is also the chairman of the board), one-tier board structure, established audit committee and more committees are more likely to issue Level II and Level III American Depositary Receipts (ADRs). We also find that firms with higher ownership concentration and higher insider ownership are more likely to choose Level I and 144A ADRs. In addition, we find that firms with one-tier board structure and controlling shareholder tend to choose Level I and 144A ADRs.

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Höhn, Balthasar. "Voluntary Interim Auditor Reviews and the Enforcement System in Germany." Doctoral thesis, 2014. https://nbn-resolving.org/urn:nbn:de:bvb:20-opus-98957.

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Diese Dissertation behandelt das Thema der Finanzberichterstattung und Wirtschaftsprüfung. In einer allgemeinen Einleitung werden die gesetzlichen Grundlagen zur kapitalmarktorientierten Rechnungslegung und deren Kontrollen beschrieben. Als Folge des Bilanzkontrollgesetzes (BilKoG) wurde die Deutsche Prüfstelle für Rechnungslegung (DPR) gegründet. Diese privatrechtlich organisierte Kontrollinstanz prüft seit dem Jahr 2005 die Rechnungslegung von Unternehmen in Deutschland, die am regulierten Kapitalmarkt gelistet sind (Enforcement). Ziel ist es, eine wahrhafte und transparente Rechnungslegung im Interesse des Kapitalmarkts zu gewährleisten. Neben dem BilKoG wurde durch das am 20.01.2007 in Kraft getretene Transparenzrichtlinie-Umsetzungsgesetz (TUG) die Richtlinie 2004/109/EG in deutsches Recht transformiert. Ziel der EU-Transparenzrichtlinie war ‘die Schaffung effizienter, integrierter und transparenter Wertpapiermärkte, die Anleger und Kapitalgeber besser über die Finanzlage kapitalmarktorientierter Unternehmen informieren’ (Henkel et al. (2008), S. 36). In der vorliegenden Arbeit werden in drei Studien spezielle Fragestellungen ausgehend von der gesetzlichen Entwicklung in Deutschland analysiert. Es werden die Zusammenhänge zwischen freiwilligen Kontrollen eines Wirtschaftsprüfers, staatlichem Enforcement, Prüfungskosten und Bilanzpolitik untersucht. Die erste Studie befasst sich mit der freiwilligen Kontrolle der Zwischenberichterstattung kapitalmarktorientierter Unternehmen. Die unterjährige Veröffentlichung von Zwischenberichten bietet entscheidungsrelevante und zeitnahe Informationen für Kapitalmarktakteure. Eine prüferische Durchsicht durch einen Wirtschaftsprüfer kann zusätzliches Vertrauen in die Berichterstattung liefern. Bei der Implementierung des TUG wurde eine pflichtmäßige prüferische Durchsicht von Zwischenberichten in Deutschland diskutiert. Der Gesetzgeber entschied sich gegen eine gesetzliche Verpflichtung und übertrug die Entscheidung einer freiwilligen unterjährigen Kontrolle an Unternehmen und Wirtschaftsprüfer. Dieser Marktlösung in Deutschland steht eine gesetzlich verpflichtete prüferische Durchsicht z.B. in den USA, Frankreich oder Australien gegenüber. Es stellt sich folglich die Frage nach Kosten und Nutzen einer solchen Kontrollleistung, um die Vorteilhaftigkeit der gesetzlichen Pflicht oder der Marktlösung zu bewerten. Diese erste Studie nutzt ausgehend vom TUG einen neu entstandenen, beobachtbaren Markt für prüferische Durchsichten in Deutschland. Die Kategorisierung der Prüfungskosten in ‚Abschlussprüfungskosten‘ und ‚Prüfungsnahen Dienstleistungen‘ ermöglicht eine detaillierte Untersuchung der Kosten für das Unternehmen. Weiter wird der Nutzen in Bezug auf die Qualität der unterjährigen Berichterstattung analysiert. In der zweiten Studie wird das Angebot und die Nachfrage von prüferischen Durchsichten beleuchtet. In der Literatur werden die Agency-Kosten, die Corporate Governance Struktur und verschiedene Kostentreiber dieser Prüfungsleistung als Einflussfaktoren identifiziert. Der positive Nachfrageschock bei prüferischen Durchsichten im Jahr 2007 lässt sich durch diese Faktoren jedoch nicht erklären. Ausgehend von der neu beobachtbaren Nachfrage stellt die Studie einen Zusammenhang zwischen dem erstmaligen Enforcement von Zwischenberichten durch die DPR und dem Inkrafttretens des TUG im Jahr 2007 her. Die gesetzlichen Änderungen werden dem theoretischen Rahmen von Angebot und Nachfrage freiwilliger externer Kontrollen zugeordnet. Im nächsten Schritt wird der Einfluss von Fehlerentdeckungsrisiken durch die DPR für Management und Aufsichtsrat auf die Nachfrage von externen Kontrollen untersucht. Die dritte Studie befasst sich mit der Effektivität des deutschen Enforcement-Systems, dem Einfluss von Bilanzpolitik und dessen Antizipation in den Prüfungskosten. Die Untersuchung analysiert den zeitlichen Aspekt von Bilanzpolitik auf Fehlerveröffentlichungen in späteren Perioden. Es besteht die Möglichkeit die Verschlechterung der wirtschaftlichen Situation eines Unternehmens durch Bilanzpolitik zu verdecken. Ohne Verbesserung der wirtschaftlichen Lage des Unternehmens führt dieses Verhalten zu einem Bilanzpolitikausmaß außerhalb des gesetzlichen Rahmens und folglich zu einer hohen Wahrscheinlichkeit der Fehlerentdeckung bei DPR Untersuchungen. Die Entwicklung der Bilanzpolitik eines solchen Unternehmens müsste im zweiten Schritt mit der Risikokomponente in den Prüfungskosten des Wirtschaftsprüfers in Verbindung stehen. Der risikoorientierte Prüfungsansatz und die Antizipation von Bilanzpolitik in den Prüfungskosten sollte demnach vor Fehlerbekanntmachung zu einem Anstieg der Prüfungskosten führen. Zusätzlich ist nach offizieller Fehlerveröffentlichung und somit durch eine objektiv beobachtbare Schwäche im Rechnungslegungssystem oder einem hohen Ausmaß an Bilanzpolitik ein Risikoaufschlag zu vermuten. Der letzte Abschnitt fasst die wichtigsten Aussagen der Dissertation zusammen und erläutert die Zusammenhänge der Ergebnisse
The interim reporting process provides decision-useful information to investors and market participants. However the legal circumstances of external interim auditor reviews differ worldwide. A mandatory review rule in the US as opposed to a contrary decision of the German legislator raises the question of the cost-benefit-relation of auditor reviews. Using a German sample of 1,023 firm-year observations from 2007 to 2010, I extract the costs and the benefits of voluntary semi-annual reviews. The unique German legal environment makes it possible to split the cost effect of a review in the price effect (included in audit-related fees) and a possible reduction of audit fees resulting from an improved year-around audit process. I observe a significant increase of audit and audit-related fees of around 14.5% (total fee effect). Additionally, the study provides evidence on declining audit fees for reviewed firms as compared to a matched sample of non-reviewed firms. The effect of an interim review on quarterly earnings quality – using discretionary accruals as an earning management proxy – shows no significant influence. This study investigates the effect of the error announcement risk on the demand for voluntary interim auditor reviews. Material changes in the German legal environment in 2007 introduced an enforcement system for semi-annual financial reports. The demand for voluntary semi-annual reviews increased significantly from 0.8% in 2006 to 14.6% in 2007 and increased further to 19.5% until 2010 for a sample of 1,278 firm-year observations. This study addresses the question whether the enforcement structure and the resulting error announcement risk exposure have an influence on voluntary external monitoring. After controlling for agency costs, the corporate governance structure, and selected review cost factors, results of a logistic regression analysis show a positive influence of error announcement risk on the likelihood of engaging an auditor to review the semi-annual interim report. The findings contribute to the literature by demonstrating that the quality of the enforcement system and the risk of error findings influence the review decision of the board of directors positively. In 2004 German legislation established the Financial Reporting Enforcement Panel. In 147 cases since then, the panel has ordered the announcement of errors in previously disclosed and audited financial statements of German firms. We use this unique dataset to evaluate the consequences of increasing earnings management over time on enforcement releases and their recognition in audit fees. Ettredge et al. (2010) provide evidence on a phenomenon called ‘balance sheet bloat’ that is due to income increasing earnings management and later influences the disclosure of misstated financial statements. Thus, the evidence of earnings management recognition in audit fees (Abbott et al. 2006) and the hypothesis of future information content in fees by Stanley (2011) leads us to hypothesize that auditors recognize increasing audit risk in audit fees before the enforcement process starts. We extend related earnings management and audit fee literature by modeling the development of earnings management within the misstatement firms and systematically link it to auditor reactions. We find significant predictive power of different commonly used accrual measures for enforcement releases in the period prior and up to the misstatement period. In this period of time, we also observe an audit fee increase, e.g. the recognition of increased audit risk. We investigate an audit fee effect after the misstatement period but find no significant relation

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Weiden, Nina. "Venture capitalist governance in Germany : an exploratory analysis of its extent and financial performance /." 2007. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=016094938&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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Dissertations / Theses on the topic 'German Corporate Governance'

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