Arbeitspapier
The Determinants of the German Corporate Governance Rating
This paper analyzes the determinants of the German corporate governance rating recently developed by Drobetz, Schillhofer, and Zimmermann (2004). We find a non- linear relationship between ownership concentration and the quality of firmlevel corporate governance as measured by the rating. Firms with larger boards of directors have lower governance ratings, but firms that apply US-GAAP or IAS rules and/or use an option-based remuneration plan have higher corporate governance ratings. Our results question the comply-or-explain principle embedded in recent corporate governance codes and call for a more rules-based approach in improving corporate governance in Europe.
- Sprache
-
Englisch
- Erschienen in
-
Series: WWZ Discussion Paper ; No. 2004/06
- Klassifikation
-
Wirtschaft
Asset Pricing; Trading Volume; Bond Interest Rates
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Corporate Finance and Governance: Government Policy and Regulation
- Thema
-
Corporate governance
endogeneity
ownership structure
board size
accounting principles
executive compensation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Drobetz, Wolfgang
Gugler, Klaus
Hirschvogl, Simone
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Basel, Center of Business and Economics (WWZ)
- (wo)
-
Basel
- (wann)
-
2004
- DOI
-
doi:10.5451/unibas-ep61267
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Drobetz, Wolfgang
- Gugler, Klaus
- Hirschvogl, Simone
- University of Basel, Center of Business and Economics (WWZ)
Entstanden
- 2004
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