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members. The analysis is based on all management board members of the largest German corporations during the period from 1996 …
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This paper provides a rationale for the coexistence of different systems of corporate governance based on the multitude of agency problems typically to be governed within a given firm. Because there are complementarity and substitution relationships between governance instruments, specific...
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monitor management are attenuated because monitoring shifts some of the firm's risk from management to owners. This …
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