Can corporate governance ratings reduce problems of asymmetric information between companies and investors? To answer this question, we set out to examine the information basis for providing such ratings by reviewing corporate governance attributes that are required or recommended in laws,...

The aim of the research was to determine the impact of selected corporate governance mechanisms on the scope of disclosures related to control system over financial reporting in Poland and Germany. The research group comprised of companies from the Warsaw WIG 30 index and the German DAX index in...

The entire architecture of contemporary corporate governance is reminiscent of a house of cards. This particular metaphor invokes two ideas that are important for understanding the current state of the debate surrounding corporate governance. Firstly, it captures the fragile facade of corporate...

When there is high information asymmetry between directors and managers, independent directors do not have enough information to perform their functions. Only when faced with a good internal information environment can such directors acquire enough information to provide advice and monitor...

An important role of corporate disclosure is to improve the efficiency of capital allocation, and a key part of this process is firms' internal allocation of capital across their multiple projects. This paper examines the effect of internal capital allocation on firms' disclosure incentives and...

Diese Studie untersucht die Übereinstimmung von Erklärungsentsprechen und Entsprechenserklärung bezüglich Ziffer 4.2.3 Abs. 4 S. 1 Deutscher Corporate Governance Kodex (DCGK) in den Jahren 2010 bis 2014. Dazu wurden in einer Vollerhebung die Entsprechenserklärungen und Abfindungssummen...

We provide evidence regarding the relationship between director training programs and improved financial reporting. Director Training Programs (DTP) help directors better understand the specific context in which a firm operates, including its operations and environment; awareness of business...

This study investigates whether conference calls accompanying M&A announcements in Europe provide valuable information for capital market participants and hence induce an abnormal stock price revaluation on the bidder’s equity. Based on handpicked data for transactions between 2008 and 2012 we...

We adopt a novel approach to explain why firms opt for or against CEO duality and the value implications of this choice. Exploiting the 2009 amendments to Regulation S-K, we provide unique evidence on the first-time disclosure of the reasons firms state for combining (separating) the roles of...

In recent years, attention for corporate governance has not only increased but the notion has also broadened considerably, and started to cover some aspects traditionally seen as being part of corporate social responsibility (CSR). CSR, corporate governance and their interlink seem particularly...