Der Deutsche Corporate Governance Kodex als standardisierte Form der Corporate Governance Berichterstattung in der Finanzkommunikation (Corporate Governance Codes As a Mean of Ensuring Standardized Corporate Governance Reporting: The Example of the German Corporate Governance Code)

Forthcoming, 'Handbuch Investor Relations und Finanzkommunikation, Springer'

30 Pages Posted: 12 Mar 2020

See all articles by Marc Steffen Rapp

Marc Steffen Rapp

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

Marco O. Sperling

University of Marburg - School of Business & Economics

Date Written: February 13, 2020

Abstract

German Abstract: In diesem Beitrag diskutieren wir anhand des Deutschen Corporate Governance Kodex Mög-lichkeiten und Grenzen einer (semi)standardisierten Berichterstattung über die Governance eines Unternehmens mit Hilfe von Corporate Governance Kodizes, verstanden als eine an die lokalen regulatorischen Gegebenheiten angepasste Sammlung von Best-Practice Empfehlun-gen. Wir zeigen strukturelle Unterschiede im Entsprechensverhalten von Unternehmen auf, diskutieren den Zusammenhang mit der Kapitalmarktperformance und erlauben damit sowohl Investor Relations Officers (IORs) wie auch Investoren eine systematische Einordnung des Entsprechensverhaltens von Unternehmen.

English Abstract: Around the world, regulators and private initiatives have released corporate governance codes, which in most cases represent a collection of best practice rules adopted to local regulations. Taking the example of the German Corporate Governance Code (GCGC), this paper discusses governance codes as a mean of (semi)standardized governance reporting. We document systematic cross-sectional heterogeneity in compliance behavior with the GCGC and discuss implications for capital market valuation.

Note: Downloadable document is in German.

Keywords: Corporate Governance, governance code, compliance, comply-or-explain, Germany

Suggested Citation

Rapp, Marc Steffen and Sperling, Marco O., Der Deutsche Corporate Governance Kodex als standardisierte Form der Corporate Governance Berichterstattung in der Finanzkommunikation (Corporate Governance Codes As a Mean of Ensuring Standardized Corporate Governance Reporting: The Example of the German Corporate Governance Code) (February 13, 2020). Forthcoming, 'Handbuch Investor Relations und Finanzkommunikation, Springer'. Available at SSRN: https://ssrn.com/abstract=3537853 or http://dx.doi.org/10.2139/ssrn.3537853

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

Marco O. Sperling

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

Am Plan 2
Marburg, D-35037
Germany

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