Corporate governance is not universal. Due to external and internalfactors, corporate governance can differ from country to country. In this paper theGerman corporate governance system, the typical example of a two-tier boardsystem, is presented. The major institutions of the German system and...

In a series of recent papers, Mark Roe and Lucian Bebchuk have developed further the concept of path dependence, combined it with concepts of evolution and used it to challenge the wide-spread view that the corporate governance systems of the major advanced economies are likely to converge...

This paper analyzes the independence of boards of directors as an optimally chosen, non-contractible behavior. A board behaves loyally to a CEO when it agrees to a negative NPV-pro ject, giving the CEO private benefits. While the CEO benefitsfrom competent directors because they help him make...

Internationale Aktivitäten sind für die meisten deutschen Unternehmenselbstverständlich. Um zu prüfen, ob sich die Internationalität von Unternehmenauch in der Internationalität ihrer Corporate-Governance-Organe widerspiegelt,werden in der vorliegenden Studie die Vorstände und...

While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were invented only some ten years ago. Even in 1996 firms faced considerable regulatory difficulties when willing to grant such incentives. In the meantime the legal environment has...