Corporate governance and expected stock returns: empirical evidence from Germany
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Wiesbaden
Dt. Univ.-Verl.
2003
|
| Ausgabe: | 1. Aufl. |
| Schriftenreihe: | Gabler Edition Wissenschaft
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Zugl.: Vallendar, Wiss. Hochsch. für Unternehmensführung, Diss., 2003 |
| Beschreibung: | XXII, 190 S. graph. Darst. : 21 cm |
| ISBN: | 3824478889 |
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| 245 | 1 | 0 | |a Corporate governance and expected stock returns |b empirical evidence from Germany |c Andreas Schillhofer. With a foreword by Heinz Zimmermann |
| 250 | |a 1. Aufl. | ||
| 264 | 1 | |a Wiesbaden |b Dt. Univ.-Verl. |c 2003 | |
| 300 | |a XXII, 190 S. |b graph. Darst. : 21 cm | ||
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Datensatz im Suchindex
| _version_ | 1808044675140943872 |
|---|---|
| adam_text |
SUMMARY
OF
THE
CONTENTS
LIST
OF
FIGURES
.
XV
LIST
OF
TABLES
.
XVII
TABLE
OF
ABBREVIATIONS
.
XIX
1
INTRODUCTION
AND
MOTIVATION
FOR
THE
STUDY
.
1
2
OVERVIEW
.
5
3
THEORETICAL
AND
CONCEPTUAL
FRAMEWORK
.
6
3.1
THEORY
OF
PRINCIPAL-AGENT
RELATIONSHIPS
.
6
3.2
CORPORATE
GOVERNANCE
.
13
3.3
PRELIMINARY
THOUGHTS
ON
CORPORATE
GOVERNANCE
AND
RISK
.
17
4
GOVERNANCE
MECHANISMS
AND
FIRM
PERFORMANCE
.
25
4.1
OVERVIEW
AND
METHODOLOGY
.
25
4.2
EX-ANTE
PREVENTIVE
CONTROL
MECHANISMS
.
27
4.3
ONGOING
DISCIPLINARY CONTROL
MECHANISMS
.
43
4.4
EX-POST
CORRECTIVE
CONTROL
MECHANISMS
.
53
4.5
SUMMARY
.
55
5
MODELING
GOVERNANCE
AS
A
REWARD
FOR
RISK
.
60
5.1
INTRODUCTION
.
60
5.2
ALTERNATIVE
APPROACHES
TO
CORPORATE
GOVERNANCE
AND
COST
OF
CAPITAL
.
61
5.3
EXPLANATORY
POWER
OF
GOVERNANCE
ON
FIRM-LEVEL
.
71
5.4
TESTABLE
HYPOTHESES
.75
6
EMPIRICAL
EVIDENCE
ON
THE
RELATIONSHIP
BETWEEN
CORPORATE
GOVERNANCE
AND
EXPECTED
RETURNS
ON
EQUITY
.
81
6.1
INTRODUCTION
AND
RESEARCH
OBJECTIVES
.
81
6.2
INPUT
DATA
TO
THE
MODEL
.
83
6.3
CHARACTERISTICS
OF
THE
CORPORATE
GOVERNANCE
RATING
.
109
6.4
UNIVARIATE
ANALYSIS
.
118
6.5
PORTFOLIO
BUY-AND-HOLD
RETURNS
.
120
6.6
THE
CORPORATE
GOVERNANCE
RATING
AND
EXPECTED
RATES
OF
RETURN
ON
EQUITY
.
129
7
CONCLUSIONS
AND
OUTLOOK
.
151
APPENDIX
.
157
BIBLIOGRAPHY
.173
INDEX
.
189
X
TABLE
OF
CONTENTS
LIST
OF
FIGURES
.
XV
LIST
OF
TABLES
.
XVII
TABLE
OF
ABBREVIATIONS
.
XIX
1
INTRODUCTION
AND
MOTIVATION
FOR
THE
STUDY
.
1
2
OVERVIEW
.
5
3
THEORETICAL
AND
CONCEPTUAL
FRAMEWORK
.
6
3.1
THEORY
OF
PRINCIPAL-AGENT
RELATIONSHIPS
.
6
3.1.1
BASIC
CONCEPT
.
6
3.1.2
CONCEPT
OF
ASYMMETRIC
INFORMATION
.
8
3.1.3
AGENCY
COSTS
.
11
3.2
CORPORATE
GOVERNANCE
.
13
3.2.1
DEFINITIONS
AND
OBJECTIVES
.
13
3.2.2
THE
GERMAN
CORPORATE
GOVERNANCE
MODEL
.
15
3.3
PRELIMINARY
THOUGHTS
ON
CORPORATE
GOVERNANCE
AND
RISK
.
17
3.3.1
RISK AND
RETURN
-
A
NEOCLASSICAL
VIEW
.
17
3.3.2
HOW
AGENCY
COSTS
AND
CORPORATE
GOVERNANCE
SYSTEMS
MAY
CHANGE
THE
WORLD?
.
21
4
GOVERNANCE
MECHANISMS
AND
FIRM
PERFORMANCE
.
25
4.1
OVERVIEW
AND
METHODOLOGY
.
25
4.2
EX-ANTE
PREVENTIVE
CONTROL
MECHANISMS
.
27
XI
4.2.1
BOARD
STRUCTURE
.
27
4.2.2
INCENTIVE- AND
COMPENSATION
SYSTEMS
.
30
4.2.3
DEBT
.
33
4.2.4
DISCLOSURE
AND
TRANSPARENCY
.
34
4.2.5
REPORTING
AND
AUDIT
.
36
4.2.6
LEGAL
PROTECTION
.
39
4.2.7
PRODUCT
MARKET
COMPETITION
.
42
4.3
ONGOING
DISCIPLINARY
CONTROL
MECHANISMS
.
43
4.3.1
LARGE
SHAREHOLDERS
.
43
4.3.2
INSTITUTIONAL
INVESTORS
.
47
4.4
EX-POST
CORRECTIVE
CONTROL
MECHANISMS
.
53
4.4.1
HOSTILE
TAKEOVERS
AND
STAKE
BUILDING
.
53
4.5
SUMMARY
.
55
5
MODELING
GOVERNANCE
AS
A
REWARD
FOR
RISK
.
60
5.1
INTRODUCTION
.
60
5.2
ALTERNATIVE
APPROACHES
TO
CORPORATE
GOVERNANCE
AND
COST
OF
CAPITAL
.
61
5.2.1
CONCEPT
OF
THE
EUROPEAN
CORPORATE
GOVERNANCE
NETWORK
.
61
5.2.2
THE
CORPORATE
GOVERNANCE
CONCEPT
OF
HOMMEL
.
64
5.2.3
MODEL
OF
LOMBARDO
.
66
5.3
EXPLANATORY
POWER
OF
GOVERNANCE
ON
FIRM-LEVEL
.
71
5.4
TESTABLE
HYPOTHESES
.
75
XII
5.4.1
GENERAL
CONCEPT
.
75
5.4.2
TOTAL
RETURN
ON
GERMAN
SECONDARY
MARKETS
.
75
5.4.3
DIVIDEND
YIELD
.
78
5.4.4
PRICE-EARNINGS
RATIO
.
80
6
EMPIRICAL
EVIDENCE
ON
THE
RELATIONSHIP
BETWEEN
CORPORATE
GOVERNANCE
AND
EXPECTED
RETURNS
ON
EQUITY
.
81
6.1
INTRODUCTION
AND
RESEARCH
OBJECTIVES
.
81
6.2
INPUT
DATA
TO
THE
MODEL
.
83
6.2.1
GOVERNANCE
VARIABLES
.
83
6.2.1.1
SELECTION
OF
GOVERNANCE
PROXIES
.
83
6.2.1.2
DESCRIPTION
OF
GOVERNANCE
PROXIES
.
86
6.2.1.3
GOVERNANCE
DATA
COLLECTION
.
99
6.2.1.4
THE
CORPORATE
GOVERNANCE
RATING
.
100
6.2.2
DEPENDENT
VARIABLES
.
103
6.2.2.1
TOTAL
RETURN
ON
GERMAN
SECONDARY
MARKETS
.
103
6.2.2.2
FUNDAMENTAL
VALUATION
MEASURES
OF
THE
RETURN
ON
EQUITY
.
104
6.2.3
CONTROL
VARIABLES
.
104
6.2.4
SAMPLE
PERIOD
.
105
6.3
CHARACTERISTICS
OF
THE
CORPORATE
GOVERNANCE
RATING
.
109
6.3.1
DISTRIBUTION
OF
THE
CORPORATE
GOVERNANCE
RATING
.
109
6.3.2
SUMMARY
STATISTICS
OF
THE
CGR
BY
MARKET
SEGMENTS
.
110
6.3.3
BREAK-DOWN
ANALYSIS
OF
THE
CGR
.
111
XIII
6.3.4
INDUSTRY
CHARACTERISTICS
.
113
6.3.5
ACCOUNTING
PRINCIPLES
BY
MARKET
SEGMENTS
.
115
6.3.6
SUPERVISORY
BOARD
MATTERS
BY
MARKET
SEGMENTS
.
116
6.3.7
SUMMARY
.
117
6.4
UNIVARIATE
ANALYSIS
.
118
6.5
PORTFOLIO
BUY-AND-HOLD
RETURNS
.
120
6.6
CORPORATE
GOVERNANCE
AND
FIRM
VALUE
.
127
6.7
THE
CORPORATE
GOVERNANCE
RATING
AND
EXPECTED
RATES
OF
RETURN
ON
EQUITY
.
129
6.7.1
METHODOLOGY
.
129
6.7.2
CROSS-SECTIONAL
REGRESSION
RESULTS
.
130
6.7.2.1
TOTAL
RETURN
ON
GERMAN
SECONDARY
MARKETS
.130
6.7.2.2
DIVIDEND
YIELD
.
137
6.7.2.3
PRICE-EARNINGS
RATIO
.
141
6.7.3
ROBUSTNESS
TESTS
ON
INDUSTRY
EFFECTS
.
145
6.7.4
IMPACT
OF
CORPORATE
GOVERNANCE
ON
THE
COST
OF
CAPITAL
.
148
7
CONCLUSIONS
AND
OUTLOOK
.
151
APPENDIX
.157
BIBLIOGRAPHY
.
173
INDEX
.
189
XIV |
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| geographic | Deutschland (DE-588)4011882-4 gnd |
| geographic_facet | Deutschland |
| id | DE-604.BV017853742 |
| illustrated | Illustrated |
| indexdate | 2024-08-22T00:16:08Z |
| institution | BVB |
| isbn | 3824478889 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-010711116 |
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| open_access_boolean | |
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| physical | XXII, 190 S. graph. Darst. : 21 cm |
| publishDate | 2003 |
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| record_format | marc |
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| spelling | Schillhofer, Andreas Verfasser aut Corporate governance and expected stock returns empirical evidence from Germany Andreas Schillhofer. With a foreword by Heinz Zimmermann 1. Aufl. Wiesbaden Dt. Univ.-Verl. 2003 XXII, 190 S. graph. Darst. : 21 cm txt rdacontent n rdamedia nc rdacarrier Gabler Edition Wissenschaft Zugl.: Vallendar, Wiss. Hochsch. für Unternehmensführung, Diss., 2003 Kapitalertrag (DE-588)4566178-9 gnd rswk-swf Corporate Governance (DE-588)4419850-4 gnd rswk-swf Risikoprämie (DE-588)4178227-6 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Deutschland (DE-588)4011882-4 g Corporate Governance (DE-588)4419850-4 s Kapitalertrag (DE-588)4566178-9 s Risikoprämie (DE-588)4178227-6 s DE-604 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010711116&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Schillhofer, Andreas Corporate governance and expected stock returns empirical evidence from Germany Kapitalertrag (DE-588)4566178-9 gnd Corporate Governance (DE-588)4419850-4 gnd Risikoprämie (DE-588)4178227-6 gnd |
| subject_GND | (DE-588)4566178-9 (DE-588)4419850-4 (DE-588)4178227-6 (DE-588)4011882-4 (DE-588)4113937-9 |
| title | Corporate governance and expected stock returns empirical evidence from Germany |
| title_auth | Corporate governance and expected stock returns empirical evidence from Germany |
| title_exact_search | Corporate governance and expected stock returns empirical evidence from Germany |
| title_full | Corporate governance and expected stock returns empirical evidence from Germany Andreas Schillhofer. With a foreword by Heinz Zimmermann |
| title_fullStr | Corporate governance and expected stock returns empirical evidence from Germany Andreas Schillhofer. With a foreword by Heinz Zimmermann |
| title_full_unstemmed | Corporate governance and expected stock returns empirical evidence from Germany Andreas Schillhofer. With a foreword by Heinz Zimmermann |
| title_short | Corporate governance and expected stock returns |
| title_sort | corporate governance and expected stock returns empirical evidence from germany |
| title_sub | empirical evidence from Germany |
| topic | Kapitalertrag (DE-588)4566178-9 gnd Corporate Governance (DE-588)4419850-4 gnd Risikoprämie (DE-588)4178227-6 gnd |
| topic_facet | Kapitalertrag Corporate Governance Risikoprämie Deutschland Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010711116&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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