This paper proposes a new approach to quantifying the effects of corporate governance reforms, by focusing on the dynamics of the voting premiums, a measure of the private benefits of control in a corporation. The results indicate that the reforms have been successful in reducing the voting...

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...

Disclosure is a fundamental theme of the modern corporate regulatory system and involves the provision of information by companies to the public in a variety of ways. Corporate governance makes no exception, having earned a topical place in the European Union policies. This article investigates...

<Para ID="Par1">Recently, the International Integrated Reporting Council has published an integrated reporting framework stimulating major further development in corporate reporting. In combination with a commonly recognized high-level status quo in matters of management commentary, the German two-tier system...</para>