Akzeptanz des Deutschen Corporate Governance Kodex: Governance-Indizes und Unternehmenseigenschaften (Code Compliance: Governance Indices and Firm Characteristics)

HHL Research Paper Series in Corporate Governance No. 11 - May 2013

17 Pages Posted: 20 May 2013 Last revised: 15 Jul 2013

See all articles by Christian R. G. Kohl

Christian R. G. Kohl

HHL Leipzig Graduate School of Management | Center for Corporate Governance

Marc Steffen Rapp

University of Marburg - School of Business & Economics; University of Marburg - Marburg Centre for Institutional Economics (MACIE)

Michael Wolff

University of Göttingen

Date Written: May 16, 2013

Abstract

Im Juni 2012 wurde die zehnte Fassung des Deutschen Corporate Governance Kodex (DCGK) im Bundesanzeiger veröffentlicht. Der vorliegenden Beitrag analysiert und bewertet systematisch und umfassend die Akzeptanz des Kodex und das Complianceverhalten der durch den DCGK adressierten börsennotierten Gesellschaften in DAX und MDAX anhand der bis Mai 2013 veröffentlichten Entsprechenserklärungen nach §161 AktG. Insbesondere werden vier auf ausgewählten Kodexempfehlungen basierende Indizes vorgestellt, welche einen individuellen und detaillierten Blick auf die Governance-Qualität der größten deutschen Unternehmen ermöglichen.

We analyze the compliance behavior of German listed firms with the German Corporate Governance Code in 2012, covering DAX and MDAX corporations which published their compliance statement until May 2013. In particular, we examine the firms' governance quality based on four specially constructed indices that represent the key areas of corporate governance (transparency, monitoring/control, incentives and diversity). Moreover, we analyze the relationship between firm characteristics and the governance indices.

Note: Downloadable document is in German.

Keywords: corporate governance, German Corporate Governance Code, compliance, governance rating, Germany

JEL Classification: G34, G30, G38

Suggested Citation

Kohl, Christian R. G. and Rapp, Marc Steffen and Wolff, Michael, Akzeptanz des Deutschen Corporate Governance Kodex: Governance-Indizes und Unternehmenseigenschaften (Code Compliance: Governance Indices and Firm Characteristics) (May 16, 2013). HHL Research Paper Series in Corporate Governance No. 11 - May 2013. Available at SSRN: https://ssrn.com/abstract=2266453 or http://dx.doi.org/10.2139/ssrn.2266453

Christian R. G. Kohl

HHL Leipzig Graduate School of Management | Center for Corporate Governance ( email )

Jahnallee 59
Leipzig, 04109
Germany

Marc Steffen Rapp (Contact Author)

University of Marburg - School of Business & Economics ( email )

Am Plan 2
Marburg, D-35037
Germany

University of Marburg - Marburg Centre for Institutional Economics (MACIE) ( email )

Am Plan
Marburg, 35032
Germany

Michael Wolff

University of Göttingen ( email )

Platz der Göttinger Sieben 3
Göttingen, DE 37073
Germany

HOME PAGE: http://www.contolling.uni-goettingen.de

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