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.
Inhaltsverzeichnis (Table of Contents)
- 1 Introduction
- 1.1 Relevance of corporate governance for the economic system
- 1.2 Objective and elaboration of the hypotheses to be tested
- 2 Literature review
- 2.1 Development of corporate governance in Germany
- 2.2 State of research
- 2.2.1 Acceptance of the GCGC during the years 2005-2015
- 2.2.2 Reasons for deviations from the GCGC
- 3 Empirical analysis of the statements of compliance
- 3.1 Dataset
- 3.2 Results and evaluation
- 3.2.1 Deviation behaviour in general
- 3.2.2 Index membership
- 3.2.3 Company size
- 3.2.4 Ownership structure
- 3.2.4.1 Ownership concentration
- 3.2.4.2 Family firms
- 3.2.4.3 Founder holds the leading position of a board
- 3.2.5 Company performance
- 3.2.6 Industry affiliation
- 3.2.7 Legal form
- 3.2.8 Company complexity
- 4 Conclusion and critical appraisal
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This master's thesis empirically analyzes the compliance of German listed companies with the German Corporate Governance Code (GCGC) from 2005 to 2015. The primary objective is to evaluate the deviation behavior of these companies, considering various company characteristics. The study aims to identify factors influencing compliance and non-compliance with the code's recommendations. * Analysis of compliance with the German Corporate Governance Code (GCGC). * Examination of deviation behavior amongst German listed companies. * Correlation between company characteristics and compliance with the GCGC. * Identification of factors influencing compliance and non-compliance. * Contribution to the existing literature on corporate governance in Germany.Zusammenfassung der Kapitel (Chapter Summaries)
1 Introduction: This introductory chapter establishes the relevance of corporate governance for the economic system, setting the stage for the thesis's investigation into compliance with the German Corporate Governance Code (GCGC). It highlights the significance of robust corporate governance structures in ensuring economic stability and investor confidence. The chapter also outlines the research objectives and hypotheses to be tested throughout the study, providing a clear roadmap for the subsequent analysis. The introduction lays the groundwork by demonstrating the importance of the topic and articulates the specific research questions that will be addressed in the thesis. 2 Literature review: This chapter provides a thorough review of existing literature on corporate governance, focusing particularly on its development in Germany and the current state of research. It examines previous studies on the acceptance of the GCGC between 2005 and 2015 and explores the various reasons behind deviations from the code's recommendations. This section synthesizes existing knowledge to provide a robust theoretical foundation for the empirical analysis conducted later in the thesis. It also highlights gaps in the existing literature that the current study aims to address. 3 Empirical analysis of the statements of compliance: This chapter presents the core empirical analysis of the thesis. It details the dataset used, comprising statements of compliance from German listed companies over the ten-year period. The chapter systematically examines deviation behavior across various company characteristics, including index membership, company size, ownership structure (concentration, family firms, founder influence), company performance (Tobin's Q, ROA), industry affiliation, legal form, and company complexity. Each characteristic is analyzed for its impact on the level of compliance with the GCGC's recommendations, providing a granular view of the relationship between corporate features and governance practices. The chapter presents the results and their evaluation, providing detailed findings and statistical analysis.Schlüsselwörter (Keywords)
Corporate Governance, German Corporate Governance Code (GCGC), Compliance, Deviation, Listed Companies, Company Characteristics, Ownership Structure, Company Performance, Empirical Analysis, Germany.
Frequently asked questions
What is the main topic of this document?
This document is a language preview of a master's thesis focusing on the compliance of German listed companies with the German Corporate Governance Code (GCGC) from 2005 to 2015.
What are the main objectives of the thesis?
The primary objective is to empirically analyze the compliance of German listed companies with the GCGC and to evaluate the deviation behavior of these companies, considering various company characteristics. The study aims to identify factors influencing compliance and non-compliance with the code's recommendations.
What are the key themes explored in the thesis?
Key themes include the analysis of compliance with the GCGC, examination of deviation behavior, correlation between company characteristics and compliance, identification of factors influencing compliance, and contribution to the literature on corporate governance in Germany.
What does Chapter 1 cover?
Chapter 1 introduces the topic by establishing the relevance of corporate governance for the economic system. It outlines the research objectives and hypotheses to be tested in the thesis.
What does Chapter 2 cover?
Chapter 2 provides a literature review on corporate governance, focusing on its development in Germany and the current state of research, including acceptance of the GCGC and reasons for deviations.
What does Chapter 3 cover?
Chapter 3 presents the empirical analysis of compliance statements. It analyzes deviation behavior based on company characteristics such as index membership, size, ownership structure, performance, industry, legal form, and complexity.
What are the key words associated with this research?
The key words include: Corporate Governance, German Corporate Governance Code (GCGC), Compliance, Deviation, Listed Companies, Company Characteristics, Ownership Structure, Company Performance, Empirical Analysis, and Germany.
What period of time does the research cover?
The research covers the period from 2005 to 2015.
What types of companies are being studied?
The study focuses on German listed companies.
What kind of ownership structures are examined?
The research examines ownership concentration, family firms, and founder influence.
What company performance indicators are analyzed?
The document mentions Tobin's Q and ROA are analyzed in the study.
- Citation du texte
- Anna Rottke (Auteur), 2017, Empirical analysis of the statements of compliance and acceptance of the German Corporate Governance Codices of German listed companies from 2005 to 2015, Munich, GRIN Verlag, https://www.grin.com/document/1565306
