Hans‐Christian Pfohl and Werner Zöllner
Argues that the organization for logistics often favours an aggregation of all tasks into one department. This decision presupposes an extensive analysis of important contingency…
Abstract
Argues that the organization for logistics often favours an aggregation of all tasks into one department. This decision presupposes an extensive analysis of important contingency factors, like product line, environmental relations, technology and organizational size. However, such contingency factors have a limited influence, and are modified by the strategy of the organization. Defines selected contingency factors, examines the organization’s overall strategy and shows how these two factors can be combined in the light of the specific requirements of the firm’s logistical task.
Details
Keywords
Markus Stiglbauer and Patrick Velte
– This paper aims to provide insight whether disclosed compliance with the German Corporate Governance Code (GCGC) leads to higher valuation on the German stock market.
Abstract
Purpose
This paper aims to provide insight whether disclosed compliance with the German Corporate Governance Code (GCGC) leads to higher valuation on the German stock market.
Design/methodology/approach
Based on agency theory, stakeholder theory and institutional theory, the authors conduct a meta-analysis and evaluate the value relevance of the compliance with the GCGC.
Findings
The research finds that compliance with the GCGC is mainly not a value-relevant factor for German companies listed at the Frankfurt Stock Exchange.
Research limitations/implications
The research considered is not fully comparable with regard to observation date, full integration of the GCGC rules and company selection/sample size. Future research is encouraged to research the valuation effects of compliance with the GCGC for a longer time horizon, the use of uniform performance measures and the integration of all GCGC rules.
Practical implications
Compliance with the GCGC has not proven to be a value-driver for German listed companies. The authors recommend companies to search for opportunities to make their corporate governance more comprehensive by expanding their corporate governance reporting and thus providing deeper insights on how their processes of management and control work.
Originality/value
The paper is the first investigation integrating the results of ten years of “code compliance – market valuation” research in Germany. We detect reasons why soft law regulation by corporate governance codes did not function on the German stock market. We additionally address behavioral aspects why investors do not give enough relevance to companies’ corporate governance statements so far.