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Compliance with the German Corporate Governance Code: an empirical analysis of the compliance statements by German listed companies

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Author Info

  • Axel v. Werder

    (Technical University of Berlin.)

  • Till Talaulicar

    (Department of Organization and General Management, Technical University of Berlin.)

  • Georg L. Kolat

    (Department of Organization and General Management, Technical University of Berlin.)

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    Abstract

    In 2002, the German Corporate Governance Code was adopted. This paper examines the overall acceptance of the Code recommendations and identifies its critical standards that receive comparably less agreement among German listed companies. The study is based on the compliance declarations of 408 firms listed at the Frankfurt Stock Exchange. The findings indicate a significantly high level of Code conformity which can be expected to increase in the future. Comparative analyses reveal that company size is positively associated with the extent of Code compliance. Neuralgic norms concern the personal liability and compensation of the board members, the staffing of the boards, the structure of the supervisory board and accounting requirements. Copyright Blackwell Publishing Ltd 2005.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-8683.2005.00416.x
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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Corporate Governance: An International Review.

    Volume (Year): 13 (2005)
    Issue (Month): 2 (03)
    Pages: 178-187

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    Handle: RePEc:bla:corgov:v:13:y:2005:i:2:p:178-187

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1

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    Web: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1

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    Cited by:
    1. Priya P. Lele & Mathias M. Siems, 2007. "Shareholder Protection: A Leximetric Approach," Money Macro and Finance (MMF) Research Group Conference 2006 170, Money Macro and Finance Research Group.
    2. Collins G. Ntim & Kwaku K. Opong & Jo Danbolt & Dennis A. Thomas, 2012. "Voluntary corporate governance disclosures by post-Apartheid South African corporations," Journal of Applied Accounting Research, Emerald Group Publishing, vol. 13(2), pages 122-144.
    3. Tariq, Yasir Bin & Abbas, Zaheer, 2013. "Compliance and multidimensional firm performance: Evaluating the efficacy of rule-based code of corporate governance," Economic Modelling, Elsevier, vol. 35(C), pages 565-575.
    4. Goergen, Marc & Manjon, Miguel C. & Renneboog, Luc, 2008. "Recent developments in German corporate governance," International Review of Law and Economics, Elsevier, vol. 28(3), pages 175-193, September.
    5. Martin Conyon & Simon Peck & Graham Sadler, 2011. "New perspectives on the governance of executive compensation: an examination of the role and effect of compensation consultants," Journal of Management and Governance, Springer, vol. 15(1), pages 29-58, February.

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