Zeitschrift für Management

, Volume 5, Issue 4, pp 359–384 | Cite as

Corporate Governance Berichterstattung als Instrument wertorientierter Unternehmensführung: Empirische Erkenntnisse für den deutschen Kapitalmarkt

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Zusammenfassung

Der vorliegende Beitrag untersucht die Erfolgsrelevanz der Corporate Governance (CG) Berichterstattung bei 113 Gesellschaften im Prime Standard der Frankfurter Wertpapierbörse, welche den höchsten Transparenzstandards und der höchsten Analysten-Coverage unterliegen. Die Ergebnisse der simultanen Schätzung eines Mehrgleichungssystems, das Endogenität und reversible Kausalität berücksichtigt, weisen einen signifikant positiven Einfluss transparenter, freiwilliger CG Berichterstattung auf das Markt-Buchwert Verhältnis und die Aktienrentabilität nach. Ein theoretisch möglicher, reversibel kausaler Einfluss von Erfolgsindikatoren auf die CG Berichterstattung ist nicht festzustellen. Erstaunlicherweise kann für die deklarierte Umsetzung des Deutschen Corporate Governance Kodex (DCGK) keine signifikante Erfolgsrelevanz mehr nachgewiesen werden.

Schlüsselwörter

Corporate Governance Berichterstattung Transparenz Wertorientierte Unternehmensführung Unternehmenserfolg 

Corporate governance reporting and value-based management: empirical findings for the German capital market

Abstract

This paper tests a simultaneous equation system on the relationship between corporate governance disclosure and firm performance for 113 German listed firms underlying the highest standards of transparency & disclosure of the Frankfurt Stock Exchange and receiving strongest analyst coverage. Capturing both mechanisms endogeneity and reverse causation, we provide evidence that there is a significantly positive relationship between voluntary corporate governance disclosure and market-to-book value and total shareholder return. Against theoretical assumptions, we couldn’t find evidence for reverse causation between firm performance and corporate governance disclosure. Surprisingly, we could not longer find evidence on a positive impact of declared compliance with the German Code of Corporate Governance on firm performance.

Keywords

Corporate governance Reporting Transparency & disclosure Value-based management Firm performance 

JEL Classification

M10 G34 
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Copyright information

© Gabler Verlag 2010

Authors and Affiliations

  1. 1.Lehrstuhl für Betriebswirtschaftslehre insb. Führung und OrganisationUniversität RegensburgRegensburgDeutschland

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