Empirical analysis of the statements of compliance and acceptance of the German Corporate Governance Codices of German listed companies from 2005 to 2015
Anna Rottke
Sozialwissenschaften, Recht, Wirtschaft / Management
Beschreibung
Master's Thesis from the year 2017 in the subject Business economics - Business Management, Corporate Governance, grade: 1,0, University of Wuppertal (Schumpeter School of Business and Economics), course: Masterarbeit am Lehrstuhl Finanzwirtschaft und Corporate Governance, language: English, abstract: This empirical master’s thesis examines firms' deviation behavior from the German Corporate Governance Code (GCGC) between 2005 and 2015. It analyzes whether companies listed in the DAX comply with the GCGC to a greater extent than those in other indices and whether larger companies, measured by market capitalization, deviate less from the GCGC than smaller companies. Furthermore, the study explores whether ownership concentration is positively correlated with the number of deviations and whether family firms deviate more than non-family firms. It also investigates whether companies led by family members show greater deviations than those led by non-family members and whether company performance is negatively correlated with deviations from the GCGC. Additionally, the thesis examines whether companies of certain industry affiliations deviate more than others, whether stock corporations (“AG”) exhibit a higher compliance rate than companies of other legal forms, and whether corporate complexity is negatively correlated with deviations from the GCGC. The empirical analysis also presents specific standards of the GCGC, which showed the highest deviations by the listed companies. After each standard, a possible explanation for the companies' deviations is presented by the author. Before the empirical analysis is conducted, the development of corporate governance in Germany is presented in general.
Kundenbewertungen
Statements of compliance and acceptance, Corporate Governance codices, GCGC, DCGK, Deutscher Corporate Governance Kodex, German Corporate Governance Code