The Changing German Corporate Governance System: Normative Implications and empirical evidence
Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung › begutachtet
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in: International Journal of Corporate Governance , Jahrgang 2, Nr. 1, 2010, S. 42-57.
Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung › begutachtet
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TY - JOUR
T1 - The Changing German Corporate Governance System
T2 - Normative Implications and empirical evidence
AU - Freidank, Carl-Christian
AU - Velte, Patrick
AU - Weber, Stefan
PY - 2010
Y1 - 2010
N2 - The objective of this article is to examine the extent to which the traditional insider-oriented German corporate government system is approaching the outsider system of the USA. In this context, the economic and legal systems, the capital market, the ownership structure, the board system as well as the executive compensation are considered determinants. Our study results verify on the one hand that the German corporate governance system is taking on Anglo-American features due to the increase in significance of external mechanisms (particularly the market for corporate control). On the other hand, the elements that have been characteristic of the insider system until now (above all strong supervisory board) are being retained. As a result, it must be emphasised that a sustained approach of the German corporate governance system to the Anglo-American outsider system with pronounced internal mechanisms is taking place. This process can be characterised as a partial formal convergence.
AB - The objective of this article is to examine the extent to which the traditional insider-oriented German corporate government system is approaching the outsider system of the USA. In this context, the economic and legal systems, the capital market, the ownership structure, the board system as well as the executive compensation are considered determinants. Our study results verify on the one hand that the German corporate governance system is taking on Anglo-American features due to the increase in significance of external mechanisms (particularly the market for corporate control). On the other hand, the elements that have been characteristic of the insider system until now (above all strong supervisory board) are being retained. As a result, it must be emphasised that a sustained approach of the German corporate governance system to the Anglo-American outsider system with pronounced internal mechanisms is taking place. This process can be characterised as a partial formal convergence.
KW - Management studies
KW - corporate goverannce systems
KW - German corporate governance Code
KW - corporate control
KW - ownership structure
KW - Germany
KW - USA
KW - United States
KW - supervisory boards
KW - economic system
KW - legal systems
KW - capital markets
KW - board systems
KW - executive compensation
U2 - 10.1504/IJCG.2010.035234
DO - 10.1504/IJCG.2010.035234
M3 - Journal articles
VL - 2
SP - 42
EP - 57
JO - International Journal of Corporate Governance
JF - International Journal of Corporate Governance
SN - 1754-3045
IS - 1
ER -