Corporate Governance in Germany

Business scandals have triggered a debate about the influence of financialmarkets on corporate governance. This challenging book by NikolausWolfmeyer adresses the key questions: What does shareholder value mean forcorporate governance? Does it become the new measure for business performancein Germany? The book illustrates how shareholder value has coinedcorporate governance in the U.S. since the early 20th century and introducesthe reader to the most influential theories in the field e.g. Principal AgencyTheory and Property Rights Theory. On the basis of three major forces thatshape corporate governance - capital markets ownership structure legalpolitical and regulatory system - the volume compares corporate governancein the U.S. and Germany. The author argues that a process of convergence istaking place. However key factors like codetermination might prevent thatcorporations focus only on shareholder value maximization. The book will berequired reading for students and researchers of corporate governance andmacroeconomic evolution. It is also an intriguing reading for decision-makersand financial commentators.