This paper analyzes the determinants of the German corporate governance rating recently developed by Drobetz … firmlevel corporate governance as measured by the rating. Firms with larger boards of directors have lower governance ratings …, but firms that apply US-GAAP or IAS rules and/or use an option-based remuneration plan have higher corporate governance …

governance. Thus, the question arises whether a heterogeneously or rather a homogenously composed board contributes to the …

potential endogeneity of the governance variables. We identify two major findings. First, we find that performance …We study the empirical relation between audit fees and governance mechanisms in Germany. Using data from German listed … companies, we examine the German governance setting with its two-tier board system. Various model specifications control for …