Germany’s Corporate Governance Reforms : Has the System Become Flexible Enough? / Jürgen Odenius.

Format:

Book

Government document

Author/Creator:

Odenius, Jürgen.

Series:

IMF Working Papers; Working Paper ; No. 2008/179

IMF working paper ; WP/08/179

IMF Working Papers

Language:

English

Subjects (All):

Corporate governance--Germany.

Corporate governance.

Physical Description:

1 online resource (21 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2008.

Language Note:

English

Summary:

This article reviews Germany's corporate governance system and the effectiveness of recent reforms. Since the early 1990s far-reaching reforms have complemented the traditional stakeholder system with important elements of the shareholder system. Instead of taking a view on the superiority of either system, this article raises the important question whether these reforms created sufficient flexibility for the market to optimize its corporate governance structure within well established social and legal norms. It concludes that there is scope for enhancing flexibility in three core areas, relating to (i) internal control mechanisms, especially the flexibility of board structures; (ii) self-dealing; and (iii) external control, particularly take-over activity.

Contents:

Contents; I. Introduction; II. Germany's Corporate Governance System; A. The Hallmarks of the System; Figure; 1. Equity Market Characteristics; B. Corporate Governance Reform: An Overview; III. The Effectiveness of Internal Control Mechanisms; Box; 1. The Societas Europea-A Step Towards More Flexible Corporate Governance?; IV. Conflict of Interest: Self-Dealing; V. External Control Mechanisms: The Market for Corporate Control; VI. Conclusions; References

Notes:

Description based upon print version of record.

Description based on online resource; title from PDF title page (ebrary, viewed February 27, 2014).

ISBN:

9786612841309

9781462344697

1462344690

9781452704685

1452704686

9781451870374

145187037X

9781282841307

1282841300

OCLC:

466441313