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Corporate governance is a recent concept that encompasses the costs caused by managerial misbehavior. Corporate governance is concerned with how organizations in general, and corporations in particular, produce value and how that value is distributed among the members of the corporation, its stakeholders. The interrelation of value production and value distribution links the ubiquitous technological aspect (the production of value) with the moral and ethical dimension (the distribution of value). Corporate governance is concerned with this link in general, but more specifically with the moral and ethical dimensions of distributing the generated value among the stakeholders. Value in firms is created by firm-specific investments, and the motivation and coordination of value enhancing activities and investment is protected by the power concentrated at the pyramidal top of the organization. In modern companies, it is the CEO and the top management deciding how to create value and how to distribute it among the relevant stakeholders. Due to asymmetric information and the imperfect nature of markets and contracts, adverse selection and moral hazard problems occur, where delegated (selected) managers could act in their own interest at the costs of other relevant stakeholders. Corporate governance is a two-tailed concept. The first aspect is about identifying the (most) relevant stakeholder(s), separating theory and practice into two different and conflicting streams: the stakeholder value approach and the shareholder value approach. The second aspect of the concept is about providing and analyzing different mechanisms, reducing the costs induced by moral hazard and adverse selection effects, and to balance out the motivation and coordination problems of the relevant stakeholders. Corporate governance is an interdisciplinary concept encompassing academic fields like finance, economics, accounting, law, taxation and psychology, among others. Like countries differ according to their institutions (i.e. legal and political systems, norms, and rules), firms differ according to their size, age, dominant shareholders or industries. Thus concepts in corporate governance differ along these dimensions as well. And while the underlying characteristics vary in time, continuously or as an exogenous shock, concepts in corporate governance are dynamic and static, offering a challenging field of interest for academics, policy makers and firm managers.

In diesem Beitrag werden mögliche Einflussfaktoren auf die Standortentscheidung von Unternehmen in der Umgebung von Universitäten aufgezeigt. Dabei wird auf Studien zurückgegriffen, die anhand der am Neuen Markt gelisteten Unternehmen durchgeführt wurden. Als wesentliche Einflussfaktoren auf die Ansiedlung von Unternehmen in räumlicher Nähe zu Universitäten erweisen sich die Anzahl der Studenten sowie die Forschungsleistungen, vor allem im Bereich der Naturwissenschaften. Zudem macht sich für Unternehmen die räumliche Nähe zu einer forschungsintensiven Universität längerfristig in einer überdurchschnittlichen Entwicklung am Aktienmarkt bezahlt.

Dieser Dieser Beitrag stellt zur Diskussion, welchen Beitrag die Compliance im Rahmen der Corporate Governance-Forschung einnehmen kann, wie sich diese Einordnung aus einer öko-nomischen Sichtweise heraus begründen lässt und welche Auswirkungen zu erwarten sind. Mag auf den ersten Blick der Begriff der Compliance tatsächlich wie ein alter Wein in neuen Schläuchen erscheinen, zeigt sich bei genauerer Betrachtung dass Compliance-Mechanismen und Maßnahmen im Rahmen der Corporate Governance Forschung einen begründeten Beitrag leisten, der über existierende Mechanismen - wie das Rechtssystem - hinausreicht. Die vorliegende Analyse soll dazu beitragen, eine fundierte Begründung für die Etablierung von Compliance-Maßnahmen zu liefern. Der Beitrag setzt dort an, wo bisherige Maßnahmen nicht oder nur unzureichend greifen: auf der Ebene der Unternehmensleitung.Beitrag stellt zur Diskussion, welchen Beitrag die Compliance im Rahmen der Corporate Governance-Forschung einnehmen kann, wie sich diese Einordnung aus einer ökonomischen Sichtweise heraus begründen lässt und welche Auswirkungen zu erwarten sind. Mag auf den ersten Blick der Begriff der Compliance tatsächlich wie ein alter Wein in neuen Schläuchen erscheinen, zeigt sich bei genauerer Betrachtung dass Compliance-Mechanismen und Maßnahmen im Rahmen der Corporate Governance Forschung einen begründeten Beitrag leisten, der über existierende Mechanismen - wie das Rechtssystem - hinausreicht. Die vorliegende Analyse soll dazu beitragen, eine fundierte Begründung für die Etablierung von Compliance-Maßnahmen zu liefern. Der Beitrag setzt dort an, wo bisherige Maßnahmen nicht oder nur unzureichend greifen: auf der Ebene der Unternehmensleitung.

Strong lending relationships between banks and small and medium-sized enterprises (SMEs) play a key role in the bank-based financial system of Germany. So far, they have been mainly described by the notion of an housebank and transactional features of long-term bank-customer relationships. The present paper takes a new look by considering also interactional variables which try to measure social relations between loan officer and firm manager. We find that these variables do affect loan pricing, but that their influence varies according to firm age and housebank status.

We examine differences in the efficiency of UK universities in providing research and teaching. It appears that (i) universities are more efficient in providing teaching than research, (ii) the variation of efficiency is larger in research than in teaching, and (iii) the degree of (in)efficiency is affected by student characteristics like gender, age and their regional provenance and background but also past political regulation.

The anomalous inverse concentration-price relationship observed by some researchers in the newspaper market has been attributed to scale economies. In this paper we suggest that the newspaper's (or magazine's) double-product feature (i.e., news supplied to readers and advertising space supplied to advertisers) is the main source of this anomaly. In a simple oligopoly model it is shown how a profit-maximizing publisher takes advantage of that feature. Empirically an inverse concentration-price relationship may arise if double-product pricing is not controlled for. Regression results for a cross-section of 222 German Newspapers and magazines corroborate the theoretical implications.

Strong lending relationships between banks and small and medium-sized enterprises (SMEs) play a key role in the bank-based financial system of Germany. So far, they have been mainly described by the notion of an housebank and transactional features of long-term bank-customer relationships. The present paper takes a new look by considering also interactional variables which try to measure social relations between loan officer and firm manager. We find that these variables do affect loan pricing, but that their influence varies according to firm age and housebank status.

Intro -- Preface -- A Festschrift to David B. Audretsch -- Contents -- Part I: Family -- Scenes from a Marriage -- The Courtship -- The Man Without a Passport -- The Proposal -- The Ring -- The Marriage -- The Wall -- The Fall of the Wall -- The Family -- The Return of the Prodigal Academic -- David Audretsch, International Man of Mystery -- Transitions -- I Will Always Be Proud to Call Him My Father -- My Dad, the Athlete, Entertainer, Phrase Philosopher, Conformist and Analogist -- The Athlete -- The Entertainer -- The Phrase Philosopher -- Transition David -- The Conformist -- The Analogist -- Perhaps David Audretsch Is Not a Good Man -- Is David Audretsch a Good Man? -- Henry David Bruce Audretsch: A Retrospective … Perhaps -- Henry David Bruce Audretsch: A Retrospective … Perhaps -- Distinguished Professor Dr. David B. Audretsch: World Renowned Researcher - Legendary Icon in Entrepreneurship -- Background -- International Impact -- Max Planck Institute of Economics in Jena, Germany -- Research Impact -- Policy Impact -- Special Honors -- Personal Research Collaborations -- Personnel Reflections -- References -- A Journey Through Entrepreneurship -- Introduction -- Audretsch's Distinction: Entrepreneurial vs Managerial Economies -- So What Is the New Economy? -- Implications for My Own Work -- In Conclusion -- References -- Part II: Creating a Research Topic and a Field -- The Symmetry of Acs and Audretsch: How We Met, Why We Stuck and How We Succeeded -- The Symmetry of Acs and Audretsch: How We Meet, Why We Stuck and How We Succeeded -- References -- Visions of the Past: David was Always There -- Visions of the Past: David was Always There -- Comments -- Structural Change, Knowledge Spillovers and the Role of SMEs and Entrepreneurship -- Introduction -- The Role of Small Businesses and Entrepreneurship 2.0.