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Corporate Governance und Unternehmungsbewertung in der Schweiz

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  • Stefan Beiner
  • Wolfgang Drobetz
  • Markus M. Schmid
  • Heinz Zimmermann

    ()
    (University of Basel)

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    Abstract

    Die Diskussion über die Qualität guter Corporate Governance und deren Auswirkung auf den Unternehmenswert beschäftigt Wissenschaft und Praxis seit mehreren Jahren. Allerdings existiert noch keine umfassende empirische Studie zum Einfluss der Corporate Governance auf den Unternehmenswert schweizerischer Firmen. Diese Lücke soll durch die vorliegende Arbeit geschlossen werden. Neben einem breiten Corporate Governance Index umfasst die Studie fünf weitere Governance Mechanismen, von welchen sowohl theoretische als auch empirische Arbeiten vermuten lassen, dass sie das Potential haben, die aus der Prinzipal-Agenten Beziehung resultierenden Kosten zwischen dem Management und den Aktionären zu reduzieren. Die Resultate multivariater OLS Regressionen zeigen, dass eine gute Corporate Governance vom Kapitalmarkt durch eine höhere Bewertung entschädigt wird.1

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    Bibliographic Info

    Paper provided by Faculty of Business and Economics - University of Basel in its series Working papers with number 2004/03.

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    Date of creation: 2004
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    Handle: RePEc:bsl:wpaper:2004/03

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    Postal: Peter-Merian-Weg 6, Postfach, CH-4002 Basel
    Web page: http://wwz.unibas.ch
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    Related research

    Keywords: Interessenkonflikte; Corporate Governance; Unternehmensbewertung; Multivariate Regressionen; Endogenität;

    References

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    1. Agrawal, Anup & Knoeber, Charles R., 1996. "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(03), pages 377-397, September.
    2. Hellwig, Martin, 1997. "Unternehmensfinanzierung, Unternehmenskontrolle und Ressourcenallokation: Was leistet das Finanzsystem?," Sonderforschungsbereich 504 Publications 97-02, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
    3. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
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    9. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
    10. Reinhard H. Schmidt, 2004. "Corporate Governance in Germany: An Economic Perspective," Working Paper Series: Finance and Accounting 118, Department of Finance, Goethe University Frankfurt am Main.
    11. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    12. Coase, R H, 1988. "The Nature of the Firm: Meaning," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 19-32, Spring.
    13. Bernard S. Black & Hasung Jang & Woochan Kim, 2006. "Does Corporate Governance Predict Firms' Market Values? Evidence from Korea," Journal of Law, Economics and Organization, Oxford University Press, vol. 22(2), pages 366-413, October.
    14. Axel Börsch-Supan & Jens Köke, 2002. "An Applied Econometricians' View of Empirical Corporate Governance Studies," German Economic Review, Verein für Socialpolitik, vol. 3(3), pages 295-326, 08.
    15. Hausman, Jerry A., 1983. "Specification and estimation of simultaneous equation models," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 1, chapter 7, pages 391-448 Elsevier.
    16. Anup Agrawal & Charles R. Knoeber, . "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders (Revision of 29-94)," Rodney L. White Center for Financial Research Working Papers 08-96, Wharton School Rodney L. White Center for Financial Research.
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