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Corporate Governance als Erfolgsfaktor? (Corporate Governance as a Factor of Success?)


  • Andreas Wald


Die Annahme der positiven Wirkung einer „guten“ Corporate Governance auf den Unternehmenserfolg ist ein Grund für die grosse Aufmerksamkeit für dieses Themengebiet. In diesem Beitrag wird der Stand der Forschung zur Erfolgswirkung der Corporate Governance aufgearbeitet. Als Ergebnis laesst sich weder ein eindeutig positiver noch ein eindeutig negativer Effekt feststellen. Als Gruende für die Uneinheitlichkeit der Befunde werden methodische Probleme, eine unangemessene theoretische Basis, die Vernachlaessigung institutioneller Komplementaritaeten sowie persoenlicher Merkmale und Entscheidungsprozesse diskutiert. Eine weitere Ursache wird in der Ueberschaetzung der Bedeutung struktureller Merkmale der Corporate Governance vermutet. In ausdifferenzierten und entwickelten Systemen sind die Unterschiede zu gering, um sich deutlich auf den Unternehmenserfolg auszuwirken.

Suggested Citation

  • Andreas Wald, 2009. "Corporate Governance als Erfolgsfaktor? (Corporate Governance as a Factor of Success?)," Industrielle Beziehungen - Zeitschrift fuer Arbeit, Organisation und Management - The German Journal of Industrial Relations, Rainer Hampp Verlag, vol. 16(1), pages 67-86.
  • Handle: RePEc:rai:indbez:doi_10.1688/1862-0035_indb_2009_01_wald

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    corporate governance; factors of success; agency theory; stewardship theory; varieties of capitalism;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General


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