The impact of corporate governance on shareholder value:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
2004
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | X, 192 S. graph. Darst. 30 cm |
Internformat
MARC
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| 245 | 1 | 0 | |a The impact of corporate governance on shareholder value |c vorgelegt von Asli Toksal |
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| 300 | |a X, 192 S. |b graph. Darst. |c 30 cm | ||
| 336 | |b txt |2 rdacontent | ||
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| 502 | |a Köln, Univ., Diss., 2004 (Nicht für den Austausch) | ||
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Datensatz im Suchindex
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|---|---|
| adam_text |
CONTENTS
LIST
OF
ABBREVIATIONS
.
VII
LIST
OF
FIGURES
.
VIII
LIST
OF
SYMBOLS.
IX
LIST
OF
TABLES.X
I
INTRODUCTION.!
II
DIFFERENT
UNDERSTANDINGS
OF
CORPORATE
GOVEMANCE.9
2.1
THE
STAKEHOLDERS
OF
A
CORPORATION
.
9
2.2
THE
STAKEHOLDER
VERSUS
SHAREHOLDER
APPROACH
.
13
III
THEORIES
OF
THE
FIRM
.
16
3.1
THE
NEOCLASSICAL
THEORY
OF
THE
FIRM
.
16
3.2
MODEM
THEORIES
OF
THE
FIRM
.
18
3.2.1
THE
PROPERTY
RIGHTS
APPROACH
.
21
3.2.1.1
PREMISES
.
21
3.2.1.2
THE
FREE-RIDER
PROBLEM
AND
THE
ROLE
OF
OWNERSHIP
FOR
CORPORATE
GOVERNANCE
.
24
3.2.2
AGENCY
THEORY
.
27
3.2.2.1
PREMISES
.
27
3.2.2.2
AGENCY
PROBLEMS
AND
POSSIBLE
SOLUTIONS
.
29
3.2.3
TRANSACTION
COST
ECONOMICS
.
36
3.2.3.1
PREMISES
.
36
3.2.3.2 THE
GOVERNANCE
OF
TRANSACTIONS
.
39
3.2.4
SUMMARY
.
43
IV
CORPORATE
GOVERNANCE
SYSTEMS
.
45
4.1
CORPORATE
CONTROL
MECHANISMS
.
45
4.1.1
EXTERNAL
CONTROL
MECHANISMS
.
45
4.1.2
INTERNAL
CONTROL
MECHANISMS
.
48
4.2
INTERNATIONAL
CORPORATE
GOVERNANCE
SYSTEMS
.
51
4.2.1
CORPORATE
GOVERNANCE
IN
THE
US
A
.
51
4.2.2
CORPORATE
GOVERNANCE
IN
EUROPE
.
54
4.2.3
CORPORATE
GOVERNANCE
IN
JAPAN
.
56
4.3
CORPORATE
GOVERNANCE
IN
GERMANY
.
58
4.3.1
OWNERSHIP
STRUCTURE
.
58
4.3.2
MANAGEMENT
AND
INTERNAL
CONTROL
BODIES
.
60
4.3.3
REFORMATION
OF
THE
GERMAN
CORPORATE
GOVERNANCE
SYSTEM
.
63
4.4
INTERNATIONAL
CORPORATE
GOVERNANCE
STANDARDS
.
66
4.5
SUCCESS
FACTORS
FOR
GOOD
CORPORATE
GOVERNANCE
.
67
V
CRITERIA
FOR
GOOD
CORPORATE
GOVERNANCE
.69
5.1
MANAGEMENT
.
69
5.1.1
QUALIFICATIONS
.
69
5.1.2
COMPENSATION
.
71
5.1.2.1
INCENTIVES
.
71
5.1.2.2 SEVERANCE
PAYMENTS
.
73
5.1.3
LIABILITY
.
73
5.2
SUPERVISORY
BOARD
.
74
5.2.1
QUALIFICATIONS
.
75
5.2.2
COMPOSITION
.
76
5.2.3
COMPENSATION
.
77
5.2.4
LIABILITY
.
77
5.3
RISK
MANAGEMENT
.
78
5.3.1
RISK
MANAGEMENT
PROCESS
.
78
5.3.2
INSTITUTIONS
OF
RISK
MANAGEMENT
.
80
5.3.3
QUANTIFICATION
OF
RISKS
.
80
5.4
DISCLOSURE
.
80
5.4.1
MANDATORY
DISCLOSURE
AND
THE
ROLE
OF
ACCOUNTING
STANDARDS
.
81
5.4.2
VALUE
REPORTING
.
81
5.4.3
RISK
DISCLOSURE
.
82
5.4.4
DISCLOSURE
OF
MANAGEMENT
AND
BOARD
COMPENSATION
.
83
VI
EMPIRICAL
ANALYSIS
.84
6.1
DEVELOPMENT
OF
HYPOTHESES
.
84
6.1.1
RESEARCH
QUESTIONS
.
84
6.1.2 SUCCESS
FACTORS
FOR
SHAREHOLDER
VALUE
MAXIMIZATION
.
85
6.1.3
THE
RELATIONSHIP
BETWEEN
CORPORATE
GOVERNANCE
AND
SHAREHOLDER
VALUE
.
87
6.1.4
PREVIOUS
EMPIRICAL
RESEARCH
.
89
6.1.5
HYPOTHESES
.
91
6.1.5.1
THE
OVERALL
CORPORATE
GOVERNANCE
SYSTEM
.
92
6.1.5.2
THE
INTERNAL
CORPORATE
GOVERNANCE
SYSTEM
.
93
6.1.5.3
DISCLOSURE
.
93
6.2
EMPIRICAL
RESEARCH
.
94
6.2.1
SAMPLE
SELECTION
.
95
6.2.2
DATA
COLLECTION
.
95
6.2.2.1
DATA
ON
THE
QUALITY
OF
THE
INTERNAL
CORPORATE
GOVERNANCE
SYSTEM
.
96
6.2.2.2
DATA
ON
THE
QUALITY
OF
DISCLOSURE
.
100
6.2.3
DESCRIPTIVE
ANALYSES
.
101
6.2.3.1
MANAGEMENT
.
102
6.2.3.2 SUPERVISORY
BOARD
.
104
6.2.3.3
RISK
MANAGEMENT
.
108
6.2.3.4
COMPENSATION
.
110
6.2.3.5
DISCLOSURE
.
114
6.2.4
REGRESSION
ANALYSES
.
115
6.2.4.1
DEVELOPMENT
OF
A
CORPORATE
GOVERNANCE
SCORE
.
115
6.2.4.2 SELECTION
OF
PROXIES
.
118
6.2.4.3
DEALING
WITH
MISSING
VALUES
.
121
6.2.4.4
SUMMARY
STATISTICS
.
122
6.2.4.5
THE
IMPACT
OF
THE
OVERALL CORPORATE GOVERNANCE
SYSTEM
.
127
6.2.4.6 THE
IMPACT
OF
THE
INTERNAL
CORPORATE GOVERNANCE
SYSTEM
.
130
6.2.4.7
THE
IMPACT
OF
DISCLOSURE
.
134
6.2.4.8
EVIDENCE
ON
HYPOTHESES
.
137
6.2.5
ROBUSTNESS
TESTS
.
138
6.2.5.1
FIRST
ALTERNATIVE
CALCULATION
OF
THE
CORPORATE
GOVERNANCE
SCORE
.
139
6.2.5.2
SECOND
ALTERNATIVE
CALCULATION
OF
THE
CORPORATE
GOVERNANCE
SCORE
.
143
VII
CONCLUSION.
.148
APPENDIX
.150
LIST
OF
REFERENCES
.179 |
| any_adam_object | 1 |
| author | Toksal, Asli |
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| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| spelling | Toksal, Asli Verfasser aut The impact of corporate governance on shareholder value vorgelegt von Asli Toksal 2004 X, 192 S. graph. Darst. 30 cm txt rdacontent n rdamedia nc rdacarrier Köln, Univ., Diss., 2004 (Nicht für den Austausch) Unternehmen (DE-588)4061963-1 gnd rswk-swf Corporate Governance (DE-588)4419850-4 gnd rswk-swf Shareholder-Value-Analyse (DE-588)4353913-0 gnd rswk-swf Agency-Theorie (DE-588)4126353-4 gnd rswk-swf Risikomanagement (DE-588)4121590-4 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Deutschland (DE-588)4011882-4 g Unternehmen (DE-588)4061963-1 s Risikomanagement (DE-588)4121590-4 s Shareholder-Value-Analyse (DE-588)4353913-0 s Corporate Governance (DE-588)4419850-4 s Agency-Theorie (DE-588)4126353-4 s DE-604 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=013358501&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Toksal, Asli The impact of corporate governance on shareholder value Unternehmen (DE-588)4061963-1 gnd Corporate Governance (DE-588)4419850-4 gnd Shareholder-Value-Analyse (DE-588)4353913-0 gnd Agency-Theorie (DE-588)4126353-4 gnd Risikomanagement (DE-588)4121590-4 gnd |
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| title | The impact of corporate governance on shareholder value |
| title_auth | The impact of corporate governance on shareholder value |
| title_exact_search | The impact of corporate governance on shareholder value |
| title_full | The impact of corporate governance on shareholder value vorgelegt von Asli Toksal |
| title_fullStr | The impact of corporate governance on shareholder value vorgelegt von Asli Toksal |
| title_full_unstemmed | The impact of corporate governance on shareholder value vorgelegt von Asli Toksal |
| title_short | The impact of corporate governance on shareholder value |
| title_sort | the impact of corporate governance on shareholder value |
| topic | Unternehmen (DE-588)4061963-1 gnd Corporate Governance (DE-588)4419850-4 gnd Shareholder-Value-Analyse (DE-588)4353913-0 gnd Agency-Theorie (DE-588)4126353-4 gnd Risikomanagement (DE-588)4121590-4 gnd |
| topic_facet | Unternehmen Corporate Governance Shareholder-Value-Analyse Agency-Theorie Risikomanagement Deutschland Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=013358501&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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