Corporate Governance Regulation And Financial Markets Germany S Pathway To A Market Based System

Author : Alexander Behne
Publisher : GRIN Verlag
Page : 46 pages
File Size : 43,6 Mb
Release : 2017-03-14
Category : Business & Economics
ISBN : 9783668415843

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Corporate Governance, Regulation and Financial Markets. Germany's Pathway to a Market-Based System? by Alexander Behne Pdf

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

Author : Alan Dignam,Michael Galanis
Publisher : Routledge
Page : 458 pages
File Size : 41,9 Mb
Release : 2016-03-09
Category : Law
ISBN : 9781317030072

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The Globalization of Corporate Governance by Alan Dignam,Michael Galanis Pdf

The process of economic globalization, as product and capital markets have become increasingly integrated since WWII, has placed huge, and it is argued by some, irresistible pressures on the world's 'insider' stakeholder oriented corporate governance systems. Insider corporate governance systems in countries such as Germany, so the argument goes, should converge or be transformed by global product and capital market pressures to the 'superior' shareholder oriented 'outsider' corporate governance model prevalent in the UK and the US. What these pressures from globalization are, how they manifest themselves, whether they are likely to cause such a convergence/transformation and whether these pressures will continue, lie at the heart of the exploration in this volume. The Globalization of Corporate Governance provides a detailed analysis of the evolution of the key corporate governance systems in the UK, the US and Germany from the perspective of the development of economic globalization. As such it is a valuable resource for those interested in how economic and legal reforms interact to produce change within corporate governance systems.

Author : Alexander Börsch
Publisher : Cornell University Press
Page : 228 pages
File Size : 48,7 Mb
Release : 2007
Category : Business & Economics
ISBN : 0801445361

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Global Pressure, National System by Alexander Börsch Pdf

"Because the prevailing product market strategies of German firms are solidly based on the stakeholder model, change will be limited to those elements that do not destroy the firms' competive advantage."--BOOK JACKET.

Author : Alicja Krum
Publisher : diplom.de
Page : 110 pages
File Size : 43,8 Mb
Release : 2002-11-15
Category : Business & Economics
ISBN : 9783832460822

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The "German Code of Corporate Governance" by Alicja Krum Pdf

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 [...]

Author : Andreas Schillhofer
Publisher : Springer-Verlag
Page : 210 pages
File Size : 52,9 Mb
Release : 2013-03-08
Category : Business & Economics
ISBN : 9783322815606

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Corporate Governance and Expected Stock Returns by Andreas Schillhofer Pdf

Based on his Corporate Governance Rating (CGR) for German firms, Andreas Schillhofer documents a positive relationship between the CGR and firm value. In addition, there is strong evidence that expected returns are negatively correlated with the CGR if dividend yields and price-earnings ratios are used as proxies for the cost of capital.

Author : Jean J. du Plessis,Bernhard Großfeld,Claus Luttermann,Ingo Saenger,Otto Sandrock
Publisher : Springer Science & Business Media
Page : 286 pages
File Size : 54,6 Mb
Release : 2007-06-30
Category : Law
ISBN : 9783540711872

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German Corporate Governance in International and European Context by Jean J. du Plessis,Bernhard Großfeld,Claus Luttermann,Ingo Saenger,Otto Sandrock Pdf

This book provides a comprehensive overview of the German corporate governance model to English speaking readers. It provides an introduction to the unique features of German Business and Enterprise Law. The book deals with the most important company organs, namely the General Meeting, the Management Board and the Supervisory Board. It also covers the unique interplay among these organs and details the particular dynamics of the German two-tier board structure. It gives insight into Accounting as the Documentary Proof of Good Corporate Governance. In addition, coverage examines the dominant role of the German banks and new players in the German financial markets.

Author : Jan Pieter Krahmen (editor),Reinhard H. Schmidt
Publisher : Oxford University Press on Demand
Page : 550 pages
File Size : 40,6 Mb
Release : 2004
Category : Business & Economics
ISBN : 9780199253166

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The German Financial System by Jan Pieter Krahmen (editor),Reinhard H. Schmidt Pdf

Written by a team of scholars, predominantly from the Centre for Financial Studies in Frankfurt, this volume provides a descriptive survey of the present state of the German financial system and a new analytical framework to explain its workings.

Author : André Euschen
Publisher : Unknown
Page : 28 pages
File Size : 51,8 Mb
Release : 2018-03-05
Category : Electronic
ISBN : 3668650772

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The German Corporate Governance Code. Structure, Aims and an Assessment of Its Implementation in DAX & MDAX-Companies by André Euschen Pdf

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

Author : J. J. Du Plessis
Publisher : Springer Verlag
Page : 276 pages
File Size : 53,8 Mb
Release : 2007
Category : Law
ISBN : 3540711864

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German Corporate Governance in International and European Context by J. J. Du Plessis Pdf

The main aim with this book is to provide English speaking readers with a comprehensive overview of the German corporate governance model. The authors introduce the reader to the unique features of the German Business and Enterprise Law. The book deals with the most important company organs, namely the General Meeting, the Management Board and the Supervisory Board. The unique interplay among these organs are also covered and the reader is introduced to the particular dynamics of the German two-tier board structure. Further the authors deal with the dominant role of the "German banks" and new players in the German financial markets, focussing particularly on voting rights of these institutions at companies' general meetings and appointing members to companies' supervisory boards. Accounting is shown as the documentary proof of good corporate governance. The final chapter gives an overview of corporate governance in the European Union, the OECD Principles of Corporate Governance and corporate governance in the US, the UK and Australia.

Author : Erik Berglöf,Stijn Claessens
Publisher : World Bank Publications
Page : 49 pages
File Size : 55,9 Mb
Release : 2004
Category : Corporate governance
ISBN : 9784100615210

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Enforcement and Corporate Governance by Erik Berglöf,Stijn Claessens Pdf

Abstract: "Enforcement more than regulations, laws-on-the-books, or voluntary codes is key to effective corporate governance, at least in transition and developing countries. Corporate governance and enforcement mechanisms are intimately linked as they affect firms' ability to commit to their stakeholders, in particular to external investors. Berglof and Claessens provide a framework for understanding these links and how they are shaped by countries' institutional contexts. When the general enforcement environment is weak and specific enforcement mechanisms function poorly, as in many developing and transition countries, few of the traditional corporate governance mechanisms are effective. The principal consequence in these countries is a large blockholder, but there are important potential costs to this mechanism. A range of private and public enforcement 'tools' can help reduce these costs and reinforce other supplementary corporate governance mechanisms. The limited empirical evidence suggests that private tools are more effective than public forms of enforcement in the typical environment of most developing and transition countries. However, public enforcement is necessary regardless, and private enforcement mechanisms often require public laws to function. Furthermore, in some countries at least, bottom-up, private-led tools preceded and even shaped public laws. Political economy constraints resulting from the intermingling of business and politics, however, often prevent improvements in the general enforcement environment, and adoption and implementation of public laws in these countries. This paper a product of the Global Corporate Governance Forum, Corporate Governance Department is part of a larger effort in the department to help improve the understanding of corporate governance reform in developing countries"--World Bank web site.

Author : John W. Cioffi
Publisher : Cornell University Press
Page : 312 pages
File Size : 45,7 Mb
Release : 2010
Category : Corporate governance
ISBN : 0801449049

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Public Law and Private Power by John W. Cioffi Pdf

Cioffi argues that highly politicized reform of corporate governance law has reshaped power relations within the public corporation in favor of financial interests, contributed to the profound crises of capitalism, and eroded its political foundations.

Author : Stephen S. Cohen,Gavin Boyd
Publisher : Edward Elgar Publishing
Page : 396 pages
File Size : 46,5 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 1781959579

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Corporate Governance and Globalization by Stephen S. Cohen,Gavin Boyd Pdf

"The book links studies of corporate governance with surveys of efficiencies and failures in international financial markets, as well as examining aspects of corporate governance systems that have special significance for the management of economic policies as globalization continues. The contributors advocate increased international cooperation to promote more structural complementarities in the world economy."--BOOK JACKET.

Author : M. Federowicz,R. Aguilera
Publisher : Springer
Page : 299 pages
File Size : 54,5 Mb
Release : 2003-12-19
Category : Business & Economics
ISBN : 9780230286191

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Corporate Governance in a Changing Economic and Political Environment by M. Federowicz,R. Aguilera Pdf

This collection provides exceptional descriptive and analytical insights into changes in corporate governance settings in ten Eastern and Western European countries. It demonstrates that there exist different varieties of capitalisms and paths to transformation of economic institutions. In addition, it offers detailed discussions about national cases as well as the overall European Union effects. This book should be of great interest to scholars and students of comparative national systems, corporate governance and European studies.

Author : Stephen David Prowse
Publisher : Unknown
Page : 94 pages
File Size : 55,6 Mb
Release : 1994
Category : Business planning
ISBN : STANFORD:36105016017183

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Corporate Governance in an International Perspective by Stephen David Prowse Pdf

Author : Wolfgang Streeck,Kathleen Thelen
Publisher : Oxford University Press
Page : 290 pages
File Size : 49,7 Mb
Release : 2005-03-10
Category : Political Science
ISBN : 9780191566776

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Beyond Continuity by Wolfgang Streeck,Kathleen Thelen Pdf

Debates surrounding institutional change have become increasingly central to Political Science, Management Studies, and Sociology, opposing the role of globalization in bringing about a convergence of national economies and institutions on one model to theories about 'Varieties of Capitalism'. This book brings together a distinguished set of contributors from a variety of disciplines to examine current theories of institutional change. The chapters highlight the limitations of these theories, finding them lacking in the analytic tools necessary to identify the changes occurring at a national level, and therefore tend to explain many changes and innovation as simply another version of previous situations. Instead a model emerges of contemporary political economies developing in incremental but cumulatively transformative processes. The contributors show that a wide, but not infinite, variety of models of institutional change exist which can meaningfully distinguished and analytically compared. They offer an empirically grounded typology of modes of institutional change that offer important insights on mechanisms of social and political stability, and evolution generally. Beyond Continuity provides a more complex and fundamental understanding of institutional change, and will be important reading for academics, researchers, and advanced students of Political Science, Management Studies, Sociology, and Economics.