Compliance with the German Corporate Governance Code: An Empirical Analysis of the Compliance Statements by German Listed Companies

10 Pages Posted: 19 Mar 2005

See all articles by Axel V. Werder

Axel V. Werder

Technical University of Berlin, Department of Organization and General Management

Till Talaulicar

University of Erfurt

Georg L. Kolat

Technical University of Berlin

Abstract

In 2002, the German Corporate Governance Code was adopted. This paper examines the overall acceptance of the Code recommendations and identifies its critical standards that receive comparably less agreement among German listed companies. The study is based on the compliance declarations of 408 firms listed at the Frankfurt Stock Exchange. The findings indicate a significantly high level of Code conformity which can be expected to increase in the future. Comparative analyses reveal that company size is positively associated with the extent of Code compliance. Neuralgic norms concern the personal liability and compensation of the board members, the staffing of the boards, the structure of the supervisory board and accounting requirements.

Suggested Citation

Werder, Axel v. and Talaulicar, Till and Kolat, Georg L., Compliance with the German Corporate Governance Code: An Empirical Analysis of the Compliance Statements by German Listed Companies. Available at SSRN: https://ssrn.com/abstract=684308

Axel v. Werder (Contact Author)

Technical University of Berlin, Department of Organization and General Management ( email )

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Till Talaulicar

University of Erfurt ( email )

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49-361-737-4519 (Fax)

Georg L. Kolat

Technical University of Berlin ( email )

Straße des 17
Berlin, 10623
Germany

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