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Welche Unternehmen berufen Vorstandsvorsitzende und andere Vorstände als externe Kontrolleure? Eine empirische Analyse der Präsenz von externen Vorständen in den Aufsichtsräten deutscher Großunternehmen

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  • Buchwald, Achim
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    Abstract

    Die Berufung externer Vorstände in das interne Kontrollgremium stellt eine gängige Praxis zwischen Großunternehmen dar. Insbesondere die deutsche Unternehmenslandschaft war über Jahrzehnte durch ein komplexes Netz personeller Verflechtungen über Vorstands- und Auf-sichtsratsgremien gekennzeichnet. In dem vorliegenden Beitrag werden erstmals systematisch unternehmensspezifische Faktoren für die Präsenz externer Vorstände in deutschen Aufsichtsräten und zeitliche Entwicklungstendenzen anhand eines aktuellen Datensatzes für den Zeitraum 1997 bis 2008 empirisch analysiert. Unter anderem nimmt die Präsenz externer Vorstände im Aufsichtsrat mit der Unternehmensgröße und dem Stimmrechtsanteil der Unternehmen aus dem untersuchten Datensatz zu. Die getrennte Auswertung unterschiedlicher Gruppen von externen Vorständen im Aufsichtsrat zeigt, dass externe Vorstandsvorsitzende im Vergleich zu anderen externen Vorstandsmitgliedern signifikant häufiger Mandate in erfolgreicheren, stärker diversifizierten sowie gelisteten Unternehmen ausüben. Schließlich wird der Einfluss der Kontrollvariablen auf die Präsenz externer Vorstände vor und nach der Reform des Steuerrechts im Jahr 2002 untersucht. -- The appointment of external managers to the supervisory board is common practice between large companies. During the past decades, German companies were linked by a dense network of personal linkages via executive and supervisory boards. Based on panel data for the period from 1997 to 2008 this paper empirically analyses trends and firm-specific factors that explain the presence of outside executives on the supervisory boards of large German companies. The results of the econometric estimations reveal a positive relation between company size and stock ownership of the companies in the sample and the presence of outside executives on the supervisory board. Separate estimations for the group of chairmen and regular executives on the executive committee show that chairmen are more likely to join the supervisory boards of more successful, diversified and listed companies. Finally, the analysis controls for the effect of the coefficients during the period before and the period following the tax reform in 2002 that enabled companies to sell large shareholdings without paying taxes for capital gains.

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    Bibliographic Info

    Paper provided by University of Münster, Institute for Organisational Economics in its series Discussion Papers of the Institute for Organisational Economics with number 3/2011.

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    Date of creation: 2011
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    Handle: RePEc:zbw:umiodp:32011

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