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Die Qualität von Corporate-Compliance-Systemen

Author

Listed:
  • Annette Köhler
  • Lars Junc

Abstract

Infolge von Normenverstößen nimmt die freiwillige Berichterstattung über die Ausgestaltung von Corporate-Compliance-Systemen, d.h. von Maßnahmen zur Sicherstellung normenkonformen Verhaltens in Unternehmen, stark zu. Aus agencytheoretischer Sicht soll damit die Unsicherheit der Investoren bezüglich möglicher Schäden aus Normenverstößen – und damit letztlich die Höhe der Eigenkapitalkosten – verringert werden. Auf Basis publizierter Informationen kapitalmarktorientierter Unternehmen in Deutschland wird im vorliegenden Beitrag erstmalig ein adressatenorientierter Index der Corporate-Compliance-Berichterstattungsqualität (CCBQ) entwickelt und zusammen mit üblichen Eigenkapitalkostensurrogaten in ein Strukturgleichungsmodell eingebettet. Dabei werden beide latenten Konstrukte in ein Kausalmodell integriert, das den direkten und indirekten Einfluss von CCBQ auf die Eigenkapitalkosten unter simultaner Berücksichtigung der Berichterstattung über Corporate-Compliance-Verstöße, der Unternehmensgröße und des Verschuldungsgrades abbildet. Die Ergebnisse weisen eindeutig auf eine Wirkung der CCBQ in der erwarteten Weise hin. Copyright Springer-Verlag 2010

Suggested Citation

  • Annette Köhler & Lars Junc, 2010. "Die Qualität von Corporate-Compliance-Systemen," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 21(3), pages 299-322, November.
    • Handle: RePEc:spr:metrik:v:21:y:2010:i:3:p:299-322
    DOI: 10.1007/s00187-010-0104-5
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    References listed on IDEAS

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