Corporate Governance-Systeme und Unternehmensfinanzierung - Empirische Befunde für deutsche Großunternehmen / Corporate Governance-Systems and Corporate Financing – Empirical Evidence for large corporations in Germany

Gerum Elmar and Mölls Sascha H.

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2013, vol. 64, issue 1, 195-220

Abstract: The paper at hand aims to verify, if and in how far the German corporate governance- system, in particular the financing patterns of firms, have converged towards international standards in the course of the ongoing institutional competition. For this purpose the German system is characterized in the context of alternative corporate governance-systems at first. After this the structure of financing patterns as well as corresponding institutional features of large German corporations are analyzed empirically. The results show that an efficient “mixed financing”-pattern, combining the traditional benefits of financing by a house-bank with the opportunities of financing on the capital market, clearly dominates in Germany. Against this background a re-orientation of the research on corporate governance as well as of the German legislation seems to be indicated.

Date: 2013
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DOI: 10.1515/ordo-2013-0111

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