Organisation der Unternehmensführung im internationalen Vergleich — insbesondere Deutschland,USA und Japan

Gerum, Elmar

doi:10.1007/978-3-322-86992-0_6

Cited by 5 publications

(2 citation statements)

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“…An expedient adaption of a new 'role model' not only requires changes in the legal framework, but, to be effective, also assumes a change in behavior at firmlevel, i.e., firms are supposed to start using the capital market more actively, are expected to adjust corresponding internal governance structures and should consequently outperform firms unwilling to adopt the new ideology. At this point, however, it is doubtful if such a change will occur due to the exuberant dominance of national cultures (Hofstede 2001) and-as a consequence-to path dependencies (David 1985;North 1990) causing either persistence in behavior (Gerum 1998b;Bebchuk and Roe 2004) or the evolution of a 'hybrid' system (Ho ¨pner and Jackson 2002). National cultures shape the preference of actors for certain kinds of social mechanisms of coordination and conflict resolution respectively and thus impact the change of corporate governance systems, i.e., transitions of the institutional environment can only take place against the background of societal norms and values.…”

Section: Discussionmentioning

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: Discussionmentioning

confidence: 99%

“…Cf. for the 'loyalty system'Kanda (1998);Gerum (1998b).3 Some of the prior research concerning the relation of corporate governance and firm performance has included financial ratios with an emphasis given to the 'leverage ratio' of firms but has not given explicit attention to a capital market-based funding parameter. Cf.…”

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confidence: 99%