Organisationsformen des Wertpapierhandels: Gesamtkursermittlung, kontinuierliche Auktion und Market-Maker-System
In: Beiträge zur betriebswirtschaftlichen Forschung 85
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In: Beiträge zur betriebswirtschaftlichen Forschung 85
In: Journal of institutional and theoretical economics: JITE, Band 175, Heft 1, S. 200
ISSN: 1614-0559
In: Journal of Institutional and Theoretical Economics, Band 158, Heft 1, S. 32
In: Beiträge zur betriebswirtschaftlichen Forschung 85
In: Proceedings of Paris December 2020 Finance Meeting EUROFIDAI - ESSEC
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Working paper
In: SAFE Working Paper No. 319
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Working paper
In: Journal of Financial Intermediation, Volume 46, April 2021, 100871
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The German Corporate Governance Code works according to the comply-or-explain principle. One of its recommendations was to publish the remuneration of the members of the executive board on an individual basis. We examine the characteristics of the firms that comply with the code requirement. Our results indicate that firms that pay higher average remunerations to their management board members are less likely to comply, whereas firms with higher Tobin's Q are more likely to comply. We also document a non-monotonic relation between ownership concentration and the probability of compliance that is consistent with standard corporate governance arguments. Due to the fact that the number of firms complying with the disclosure requirement was low, a new law was passed that mandates disclosure unless the shareholders' meeting (with a 75% majority) decides otherwise. We find that this 'loophole' in the new legislation is exploited by smaller firms, firms with comparatively high levels of executive remuneration, and firms with concentrated ownership. We discuss the implications of our results for the effectiveness of the comply-or-explain regulation.
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In: Investor Protection in Europe, S. 271-296
In: EL55142
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In: EL55142
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In: Brandner, J., Theissen, E., Palan, S., 2023. "Earnings Announcement Timing in Selected Equity Markets", University of Graz, School of Business, Economics and Social Sciences Working Paper 2023-02.
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