Banks and German Corporate Governance: on the way to a capital market-based system?

被引：42

作者：

Hackethal, A

Schmidt, RH

Tyrell, M

机构：

[1] Univ Frankfurt, E Finance Lab, D-6000 Frankfurt, Germany

[2] Univ Frankfurt, Dept Finance, D-6000 Frankfurt, Germany

[3] Univ Trier, D-54286 Trier, Germany

来源：

CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW | 2005年 / 13卷 / 03期

关键词：

corporate governance; banking system; co-determination; board of directors; complementarity; financial system;

D O I：

10.1111/j.1467-8683.2005.00434.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The German corporate governance system has long been cited as the standard example of an insider-controlled and stakeholder-oriented system. We argue that despite important reforms and substantial changes of individual elements of the German corporate governance system, the main characteristics of the traditional German system as a whole are still in place. However, in our opinion the changing role of big universal banks in governance undermines the stability of the corporate governance system in Germany. Therefore a breakdown of the traditional system leading to a control vacuum or a fundamental change to a capital market-based system could be in the offing.

引用

页码：397 / 407

页数：11

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