Corporate Governance-Systeme und Unternehmensfinanzierung - Empirische Befunde für deutsche Großunternehmen

Gerum, Elmar; Mölls, Sascha H.

doi:10.1515/9783828260207-010

Cited by 3 publications

(5 citation statements)

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“…In fact, empirical evidence (Gerum et al 2011) shows that even among the 100 largest publicly traded German corporations with respect to revenues as well as in capital market-oriented German medium-sized firms listed in the GEX (German Entrepreneurial Index), bank-related 'hybrid' financing patterns (with only a reluctant use of other capital market-related mechanisms such as disclosed ratings (Mo ¨lls and Shen 2014), listings abroad and issued bonds) still seem to prevail. The same is true for the existence of firm codes and compliance officers as well as detailed ecological and social reporting (Gerum and Mo ¨lls 2013). In addition, the still not very intensive use of capital markets is also confirmed by the continuing humble importance of German stock markets when compared to other industrialized countries (Deutsches Aktieninstitut 2014).…”

Section: The Concept Of Corporate Governancementioning

confidence: 78%

“…Prior empirical evidence for large publicly traded German corporations as well as for innovative medium-sized firms listed in the GEX shows that the behavior at firm-level is de facto-at its best-only slightly changing in the predetermined direction. First, the financing patterns still seem to be bank-oriented or 'hybrid' with firms only reluctantly using additional capital market-related mechanisms (Gerum et al 2011;Gerum and Mo ¨lls 2013). Second, the German capital market, with respect to equity and debt financing, is still only of humble importance compared to other industrialized countries (Deutsches Aktieninstitut 2014).…”

Section: Discussionmentioning

confidence: 99%

“…In spite of a strong preference for bank loans as the primary source of financing and corresponding stakeholder-oriented internal corporate governance structures, the recent regulatory activities of the German legislature in particular aim to facilitate the use of capital markets for equity and debt financing, by introducing more transparent (capital market-oriented) disclosure and auditing rules as well as corporate governance codes and accompanying securities laws (Du Plessis et al 2012). Empirical evidence (Gerum et al 2011;Gerum and Mo ¨lls 2013), however, shows that bank-based or a 'hybrid' combination of bank-based and capital marketoriented financing patterns still seem to prevail, with only a reluctant use of other capital market-related mechanisms.…”

Section: Introductionmentioning

confidence: 99%

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Corporate governance, capital market orientation and firm performance: empirical evidence for large publicly traded German corporations

2017

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The relationship between corporate governance and firm performance, with an emphasis given to the question of whether capital market-oriented funding policies are more efficient when compared to their bank-related counterparts, has not been explicitly investigated despite its high importance for the legitimation of the regulatory policy in the EU and its member states. The paper at hand wants to fill this gap by empirically analyzing this question utilizing two panels of publicly traded German corporations. By using a ratio measuring the scope of capital marketbased funding as well as further hand-collected corporate governance variables incorporating different groups of stakeholders, we investigate the determinants of firm performance expressed by accounting-based and/or market-based indicators. The results show that capital market-based funding has an ambiguous and timevarying impact on firm performance, while 'strategic attributes' and 'governance attributes' play very important roles as in particular organizational features might complement performance effects by providing safeguards in times of crisis. Taken together, our empirical findings imply that the 'capital market-oriented firm' is not an appropriate point of reference to capture the de facto behavior of large German corporations. Given this, regulatory bodies might be well-advised to develop

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Section: The Concept Of Corporate Governancementioning

confidence: 78%

Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Corporate governance, capital market orientation and firm performance: empirical evidence for large publicly traded German corporations

2017

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“…Employee representatives may be union officials or company employees. The company employees are often members of other representative bodies in the company, in particular the works council, which represents nonmanagerial staff, and the committee of managerial staff (Gerum, 2007). Reasoning that different types of directors may be more or less likely to engage in equality-related action, I included these director types in my sampling guide.…”

Section: Empirical Setting and Methodsmentioning

confidence: 99%

Revolution From Above? Female Directors’ Equality-Related Actions in Organizations

Kirsch

2021

Business & Society

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Drawing on interviews with women and men who serve on the supervisory boards of German stock-listed companies, this qualitative study examines why some female directors seek to augment gender equality in their organizations while others do not. Those who take action do so both in formal board processes and in informal settings. A sense of belonging to women as a social group and a sense of responsibility for women in the organization are key factors in explaining why some female directors contribute to gender equality. In addition, the study highlights the relevance of a board culture supportive of gender equality and positive expectations by other organizational members about female directors’ role in advancing gender equality. Board chairs influence how supportive female directors perceive the organizational context to be. Where the organizational context is not seen as supportive, those who take equality-related action anyway are experienced directors. Surprisingly, the presence of other women on the board does not appear to be related to whether or not female directors take action. Examining female directors’ actions and paying close attention to both their identities and their specific organizational settings shows how the interplay between social identity and situational opportunities and constraints affects board behavior.

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“…The presence of trade union representatives partially offset the effects of these actions. According to Gerum (2007), representatives of trade unions under the Mitbestimmungsgesetz are typically external to the company. As a result, they are less subject to management influence than internal employee representatives.…”

Section: The Influence Of Trade Union Activity On Corporate Governanc...mentioning

confidence: 99%

Multinational corporations and the blocking of trade unions in Germany

Langbein

2024

CPOIB

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Purpose This study aims to analyze the effect the liberalization of industrial relations in Germany has had on trade unions’ influence on companies’ decisions. Particular attention is given to European measures of flexibilizing company law and how they affect industrial relations in Germany. Design/methodology/approach After presenting a theoretical basis regarding industrial relations and corporate governance, the paper then demonstrates, via a case study, the effects of the flexible European company law. It examines the strategic avoidance of trade union activity at SAP, a case that ended up before the European Court of Justice. Findings The flexibility of European company law allows companies to limit the influence of trade unions on company decisions. Limiting trade unions' internal participation weakens their position overall. Precautionary measures to protect employees’ rights help to reduce the dangers of this process. Originality/value The influence of European law brings a new perspective to the transformation of the German industrial relations model. The analysis of the strategy of using the legal type of the European company (Societas Europaea) to limit the internal activity of trade unions demonstrates the connection between institutional settings and corporate governance.

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Corporate Governance-Systeme und Unternehmensfinanzierung - Empirische Befunde für deutsche Großunternehmen

Cited by 3 publications

References 0 publications

Corporate governance, capital market orientation and firm performance: empirical evidence for large publicly traded German corporations

Corporate governance, capital market orientation and firm performance: empirical evidence for large publicly traded German corporations

Revolution From Above? Female Directors’ Equality-Related Actions in Organizations

Multinational corporations and the blocking of trade unions in Germany

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