The Influence Of Institutional Investors On Corporate Management And Corporate Governance In Germany
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The Influence Of Institutional Investors On Corporate Management And Corporate Governance In Germany
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Author : Sebastian Sturm
language : en
Publisher: GRIN Verlag
Release Date : 2009-04-14
The Influence Of Institutional Investors On Corporate Management And Corporate Governance In Germany written by Sebastian Sturm and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-14 with Business & Economics categories.
Diploma Thesis from the year 2008 in the subject Business economics - Law, grade: 1,3, Technical University of Chemnitz, language: English, abstract: Corporate management and corporate governance are becoming more and more crucial in today’s successful economies. With the increasing relevance of capital markets this subject comes more into the focus of the public. Particularly, the fast growing importance of institutional investors is a key factor which helps to explain the changing attitude of managers towards shareholders and corporate governance. In conjunction with the German capital market, a wide variety of mismanagement in German public limited companies has revealed shortfalls of German top-management and corporate control in the last decade. This development was of fundamental importance for the development of the German Corporate Governance Code. Hence, the basic underlying of corporate governance can be attributed to a conflict between the management of a listed corporation and its owners. More precisely, this conflict arises because the management does not adequately comprise the interests of shareholders. In Germany, assets under management of professional investors have increased at 92 percent from 1990 to 2001.1 In addition, a growing administration of private savings by professional fund managers as well as the intensified exercise of influence by institutional investors on corporate governance and corporate management respectively corporate strategy is observable. Similarly, a growing importance of institutional investors could be observed in the United Kingdom as well as in the United States. Within academic literature, the issue of activism by institutional investors in Germany is analyzed little, so far. Furthermore, there are only a few surveys on the outcome of the influence by institutional investors on corporate management. Therefore, this thesis aims to answer the following questions: 1. How was the development of shareholder activism in Germany and how can it be characterized and explained? 2. Is shareholder activism a superior tool in relation to the market of corporate control to solve the principal-agent problem? 3. What do institutional investors demand from German corporations and in particular from corporate management? 4. Which options do institutional investors have to influence corporate management? 5. How are these options for activism covered by the German Corporate Governance Code and the German legal framework? 6. What is the optimum corporate governance from an institutional investor’s angle? 7. What is the empirical outcome?
The Role Of Institutional Investors In Corporate Governance
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Author : P. Nix
language : en
Publisher: Springer
Release Date : 2013-07-12
The Role Of Institutional Investors In Corporate Governance written by P. Nix and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-12 with Business & Economics categories.
What role do independent institutional investors play in the corporate governance of listed German companies? The authors provide insight into an empirical and qualitative research study, exploring the importance of communication and the role, independence and expertise, responsibilities, influence and monitoring of institutional investors.
Institutional Investors And Corporate Governance
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Author : Theodor Baums
language : en
Publisher: Walter de Gruyter
Release Date : 2011-05-02
Institutional Investors And Corporate Governance written by Theodor Baums and has been published by Walter de Gruyter this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-02 with Law categories.
The volume contains 23 articles by international experts, both scholars and practioners dealing with the development of institutional investors (such as banks, insurances, investment companies, pension funds etc.), their investment and voting policies, the impact on managements of the companies concerned and related issues. The consequences of the international development on capital markets as well as policy implications for the respective national legislations are treated.
Investor Engagement
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Author : Roderick Martin
language : en
Publisher: OUP Oxford
Release Date : 2007-07-05
Investor Engagement written by Roderick Martin and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-07-05 with Business & Economics categories.
The growth of shareholder value has been a major change in Western economies since the 1980s. This growth has reignited debates concerning relations between investors and managers. This book argues that investors are more than passive providers of finance, on whose behalf managers seek to maximize shareholder returns. Instead, many investors directly influence management practice, through investor engagement. The book examines the role of institutional investors and private equity firms, two types of investors with overlapping but different reasons for engagement. Questions addressed include: What are the incentives, and disincentives, for investment engagement? How is investor engagement organized? What areas of management practice are of particular concern to investors? The discussion shows in detail how private equity firms play a major role in developing new companies, beyond the provision of finance, especially in the IT, biotechnology, and pharmaceutical sectors. The discussion is primarily based on British and US research. The debate has wider international relevance, because there are strong pressures for establishing shareholder value as the international 'norm' for systems of corporate governance. Following a detailed discussion of Germany, the authors conclude that there is no inevitable trend to shareholder value: shareholder value depends upon complementary institutional arrangements in national business systems, which are far from universal. The book concludes with a critical analysis of the justifications for shareholder value and investor engagement, highlighting the weaknesses of both efficiency and equity justifications.
Institutional Investors Corporate Ownership And Corporate Governance
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Author : Stuart L. Gillan
language : en
Publisher:
Release Date : 2002
Institutional Investors Corporate Ownership And Corporate Governance written by Stuart L. Gillan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Corporate governance categories.
The German Code Of Corporate Governance
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Author : Alicja Krum
language : en
Publisher: diplom.de
Release Date : 2002-11-15
The German Code Of Corporate Governance written by Alicja Krum and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-11-15 with Business & Economics categories.
Inhaltsangabe:Abstract: The management and supervision of corporations, known as corporate governance in English and, frequently, in German-speaking countries as well, has been a topic of discussion since beginning of the 90's in the USA. After arriving in Great Britain the discussion subsequently spread to Continental Europe. In Germany, the effective supervision of corporations became a central topic of debate after several well-known corporations came under scrutiny for mismanagement. In such cases the corporations supervisory boards were criticised in particular, as their supervision of management was considered insufficient and ineffective. The relation between management and owners of a corporation represents the basic problem of the corporate governance discussion. The management of a corporation must take the interests of large-scale investors and, accordingly, the interests of smaller investors into consideration. Against this background, the influence of the stakeholders is repressed. The shareholder value system, thus, becomes increasingly important. Globalisation and the resulting integration of capital markets has caused more and more large institutional investors -especially, those from Anglo-Saxon countries- to put their financial assets to the test in order to check the efficiency of management and supervision. In Germany, in particular, effective regulations on corporate governance have been missing until now. In most of the other countries with a free market economy, a code of conduct with generally accepted principles is already in existence. These principles enable investors to check and to judge systematically a corporation in regard to its corporate governance. Corporations with transparent supervisory systems obtain clearly better stock quotations as corporations without those systems. Numerous surveys have found that institutional investors are willing to pay up to a 20 percent premium for shares of corporations with good corporate governance. Such investors maintain that transparency and efficient supervision reduce the risk of mismanagement. Due to both the internal pressure of mismanagement and the external change caused by the globalisation of capital markets, the corporate governance discussion in Germany has resulted in much effort to create a system of regulations to make Germany more attractive to international investors. In addition to this, the regulations are intended to stem the criticism of numerous [...]
Corporate Governance And Expected Stock Returns
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Author : Andreas Schillhofer
language : de
Publisher: Springer-Verlag
Release Date : 2013-03-08
Corporate Governance And Expected Stock Returns written by Andreas Schillhofer and has been published by Springer-Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-08 with Business & Economics categories.
Based on his Corporate Governance Rating (CGR) for German firms, Andreas Schillhofer documents a positive relationship between the CGR and firm value. In addition, there is strong evidence that expected returns are negatively correlated with the CGR if dividend yields and price-earnings ratios are used as proxies for the cost of capital.
Institutional Asset Management How Are Professional Investors Affected By Legislature And Corporate Governance
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Author : Andreas Sossong
language : en
Publisher: Anchor Academic Publishing (aap_verlag)
Release Date : 2014-02-01
Institutional Asset Management How Are Professional Investors Affected By Legislature And Corporate Governance written by Andreas Sossong and has been published by Anchor Academic Publishing (aap_verlag) this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-01 with Business & Economics categories.
This study examines the current legislature and best practice corporate governance for institutional investors in Germany and the United States. Differences in investment regulation, compliance and disclosure requirements, as well as expense and tax schemes are identified for insurance companies and the pension fund industry. Based on current academic literature, hypotheses about the impact of different regulatory regimes are derived and tested empirically in a comparison between Germany and the United States over the last five years. Differences in asset allocation between the two countries are determined for both industries. It is shown that the strict quantitative regulation of asset allocation in Germany has no negative impact on institutional investors’ performance, yet it reduces the realized risk measured through depreciation. A principal component regression reveals that asset allocation constitutes a relevant indicator for depreciation and performance in Germany. It can be inferred that the investment regulation in Germany poses little disadvantages for investors while it provides a significant risk reduction. This conclusion is confirmed by practitioners from the pension fund industry in Germany.
Corporate Governance Strengthening Latin American Corporate Governance The Role Of Institutional Investors
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2011-07-01
Corporate Governance Strengthening Latin American Corporate Governance The Role Of Institutional Investors written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-01 with categories.
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
What Effects Does Corporate Governance Have On The Banking Sector Case Study Of The Deutsche Bank
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Author : Yilmaz Seker
language : en
Publisher: GRIN Verlag
Release Date : 2007-03-23
What Effects Does Corporate Governance Have On The Banking Sector Case Study Of The Deutsche Bank written by Yilmaz Seker and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-03-23 with Business & Economics categories.
Bachelor Thesis from the year 2004 in the subject Business economics - Business Management, Corporate Governance, grade: 1,0 (First Class), University of Hull, language: English, abstract: Corporate Governance is one of the critical issues today which is often a daily subject in the media world. But in combination with the banking sector this is an area which is not well researched until now. Thereby the banks had in the past and also have at the present a high responsibility in the economy and this fact should be recognised. Hence this Independent Study should provide an insight to what are the effects of Corporate Governance in the case of the Deutsche Bank.