The pressures to accommodate to the global standards of corporate governance (CG) for Japanese public companies had grown strong since the mid-1990s. A series of legal reforms has led to the formal imitation of the market oriented Anglo-American model which, however, was not accompanied by the...

This paper gives an overview over corporate governance and banking regulation in Germany. Particular attention is put on legal and regulatory changes that were made in response to the financial market crisis. The paper shows that the changes mainly focus on the remuneration of managers and on...

We empirically study the use of value-based management systems in listed German firms and examine implications for firms' stock market performance. Using a novel, hand-collected data set covering 1,083 firm years from 2002 to 2008, we find that value-based management systems become increasingly...

Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in particular founding families, affect payout policy decisions....

We investigate patterns of abnormal stock performance around insider trades and option exercises on the Dutch market. Listed firms in the Netherlands have a long tradition of employing many anti-shareholder mechanisms limiting shareholders rights. Our results imply that insider transactions are...

The notion that good corporate governance means maximizing shareholder value derives from the neoclassical theory of the market economy. I explain why this perspective is highly problematic for understanding the operation and performance of the business corporation and hence the institutions...

Globalisaation seurauksena erityisesti pienten maiden yritysten omistajapolitiikka ja -rakenne sekä johtamis- ja valvontajärjestelmät (corporate governance) ovat muuttuneet. Tässä tutkimuksessa tarkastellaan Suomessa toimivien yritysten omistajien kansallisuuden vaikutusta yritysten...

We consider the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers as well as shareholders compared to shareholderoriented firms. Societies with stakeholder-oriented firms have higher prices, lower output, and can have greater firm value...