Journal articles on the topic 'German financial system'
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1
Hackethal, Andreas, Reinhard H. Schmidt, and Marcel Tyrell. "The transformation of the German financial system." Revue d'économie politique 116, no. 4 (2006): 431. http://dx.doi.org/10.3917/redp.164.0431.
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Deeg, Richard. "Industry and Finance in Germany since Unification." German Politics and Society 28, no. 2 (June 1, 2010): 116–29. http://dx.doi.org/10.3167/gps.2010.280208.
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Since German unification there have been dramatic and highly visible changes in the German financial system and relations between banks and firms in Germany. The traditional Hausbank system has weakened, as securities markets have become more important for both borrowers and savers. The demands of financial investors on how German firms manage themselves have—for better or worse—become increasingly influential in this time. In this article, I advance the thesis that bank-industry relations in Germany became increasingly differentiated, with one set of firms moving into an institutional environment readily characterized as market-based finance. Meanwhile, most German firms remain in a bank-based environment that, while not quite the same as the Hausbank model that prevailed at the time of unification, is still easily recognized as such. These changes in the financial system have had numerous consequences for the German economy, including increased pressure on firms to make greater profits and increased pressure on labor to limit wage gains and make concessions in the interest of corporate competitiveness.
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Hrbek, Rudolf. "The Reform of German Federalism: Part I." European Constitutional Law Review 3, no. 2 (June 2007): 225–43. http://dx.doi.org/10.1017/s1574019607002258.
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Constitutional reform in Germany – Modernization of the German federal system is only a first step – Why reforming German Federalism was necessary – Steps and factors in the constitutional reform process – Substance – Issues and agenda for future reform on financial relations.
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Berger, Matthew. "German Corporate Convergence to a Market Based System." International Community Law Review 9, no. 2 (2007): 209–32. http://dx.doi.org/10.1163/187197407x210283.
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AbstractGermany has implemented several legal reforms in an attempt to attract international investment. Commentators proclaimed that a transition from a bank-based system of corporate governance to a market-based system was required in order for Germany to attract international investors. Debates still transpire regarding the success of the legal reforms implemented in an effort to make this change. This analysis explains Germany's previous corporate governance system and the new laws implemented to transform it to a market-based system. Empirical data is recited concerning the changes in foreign direct investment, German household investment decisions, and the German financial markets. The paper concludes that an analysis of this data reveals an increase of foreign investment in Germany and a substantial movement towards a market-based system throughout the duration of the legal reform.
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Herrmann, Heinz. "The German financial system and European monetary union." Journal of Asian Economics 12, no. 1 (2001): 37–46. http://dx.doi.org/10.1016/s1049-0078(01)00071-9.
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CHKHAN, M. V. "APPLICATION IN RUSSIA OF THE EXPERIENCE OF GERMANY AS AN OECD MEMBER COUNTRY IN THE FIELD OF FINANCIAL MARKET REGULATION." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 1, no. 2 (2021): 160–64. http://dx.doi.org/10.36871/ek.up.p.r.2021.02.01.019.
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The article deals with the issue of the efficiency of financial market regulation by the example of Germany as a member-state of the OECD. In the beginning it is explained how the financial market regulation system in Germany works. Then it is pointed out risks as well as modern challenges and chances of the German model. Summing up it is estimated whether it is reasonable to regulate Russian financial market on German pattern taking into account national specifics of the countries considered. Respective analysis in Germany Russia format is extrapolated to European Union-Eurasian Economic Union area with the conclusion about the possibility to apply some EU regulation mechanisms in the EEU region.
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Pasichnyk, Yurij. "INTENSIVE AND EXTENSIVE MODEL OF MANAGEMENT IN THE FINANCIAL SYSTEM: EXPERIENCE OF UKRAINE-GERMANY." Science and Studies of Accounting and Finance: Problems and Perspectives 10, no. 1 (November 25, 2016): 129–37. http://dx.doi.org/10.15544/ssaf.2016.13.
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The article analyses the features of the extensive and intensive model of management in a financial system on the example of Ukraine and Germany. The characteristics, priorities and measures implemented by these countries for the period 2010-2015 revealed that starting from 2011 neither extensive nor intensive model exists in a pure form, as all the existing models have features of both with one dominating. It was found out that the measures implemented in Ukraine and Germany for the period 2010-2015 were the most effective and the possibilities of their implementation for each country were disclosed. It was clarified that the most urgent problems for reforms in Ukraine are the problems of corruption, shadow economy and the transition to a new way of governing the financial system, which will focus on a result and take into account possible effects of decisions based on the relationships between branches. It is also advisable to develop an alternative package. It has been proved that it is expedient for Germany to learn from Ukraine’s experience of reducing the budget deficit and increasing the flexibility in the German financial system and its credibility and perception of innovations in finance and financial services. The expediency of development of joint Ukrainian-German projects for testing the innovations in the financial system in different situations and accelerating of a successful selection to enhance the financial stability has also been proved.
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Golitsyn, Yu P., and A. S. Sokolov. "German Bank of Soviet Russia (Activity of the German-Volga Bank of Agricultural Credit in the 1920s)." Modern History of Russia 11, no. 3 (2021): 638–53. http://dx.doi.org/10.21638/11701/spbu24.2021.305.
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The transition of Soviet Russia from “war communism” to a new economic policy required the restoration of commodity-money exchange, the financial and tax system, credit and other market institutions. The need for rapid recovery and development of all branches of the national economy predetermined a certain departure from the “communist” views on banking and in the early 1920s. in the country, along with the State Bank, special banks appeared. These banks, being under the control of the relevant economic commissariats, ensured the implementation of the necessary financial and credit policy in this branch of the national economy. The article examines the activity of the German-Volga Agricultural Credit Bank in the ASSR of the Volga Germans during the period of the new economic policy. Special attention is paid to the bank’s issuance of a bond loan intended for placement, primarily on the foreign market. The bank bonds were supposed to be placed in Germany and among the German diasporas of the United States and Latin America. The article analyzes the activities of Nemvolbank in attracting foreign currency funds. The source base was the documents stored in the Russian State Archive of Economics in the funds of the Ministry of Finance of the USSR and the Ministry of Foreign Trade of the USSR: correspondence between the leadership of the ASSR of the Volga Germans about the issue of the loan and the terms of its placement, Regulations on the issue of bonds, etc. The role of the bank in the development of Soviet- German financial and economic relations within the framework of the diplomatic rapprochement of the two countries is traced. Shown activity Newalliance for the return of German colonists, immigrants back in the Volga region. It is concluded that the German-Volga Bank conducted quite active foreign trade activities.
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Rühmkorf, Andreas, Felix Spindler, and Navajyoti Samanta. "Evolution of German corporate governance (1995-2014): an empirical analysis." Corporate Governance: The International Journal of Business in Society 19, no. 5 (October 7, 2019): 1042–62. http://dx.doi.org/10.1108/cg-07-2018-0251.
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Purpose This paper aims to address the evolution of corporate governance in Germany with a particular regard to whether there can be observed a gradual convergence to a shareholder primacy corporate governance system. Design/methodology/approach To investigate a potential shift of the German corporate governance system to an Anglo-American tiled corporate governance system, the authors have empirically assessed on a polynomial base 52 separate company and corporate governance variables for 20 years (1995-2014). Findings This research suggests that a gradual convergence has taken place prior to the global financial crisis. However, the results suggest that the convergence process experienced a slowdown in the aftermath of the global financial crisis, which may be linked to the stability of the German corporate governance system during the global financial crisis and the political environment during this time. Originality/value This paper contributes to the research by not only analysing the development of the German corporate governance system but also identifying new reasons for this development and explaining why a new convergence process may be observed in the future again.
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Pirro, Robert. "Tragedy, Surrogation and the Significance of African-American Culture in Postunification Germany: An Interpretation of 'Schultze Gets the Blues'." German Politics and Society 26, no. 3 (September 1, 2008): 69–92. http://dx.doi.org/10.3167/gps.2008.260304.
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In the aftermath of unification, the loss of job security and other forms of social support under East Germany's comprehensive (if increasingly inefficient and corrupt) system of welfare state paternalism, coupled with a newfound dependence on West German financial largesse, not only disoriented former East Germans, but also led to pressures on them to repress their past experiences of solidarity and distinctiveness. Schultze Gets the Blues, the critically acclaimed box office hit from director Michael Schorr, relates the story of a retired mineworker and accordionist for a town band in the economic backwaters of eastern Germany who undergoes a lifechanging conversion to the Cajun folk music of Zydeco. Drawing from Joseph Roach's notion of surrogation and Cornel West's articulation of an African-American tragic sensibility, this article casts Schultze in the role of a postunification mediating figure reconciling East German solidarity and localism with West German individualism and multiculturalism.
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Klagge, Britta, and Carsten Peter. "Changes in the German Urban System—A Financial-Sector Perspective." Raumforschung und Raumordnung 69, no. 3 (June 30, 2011): 201–11. http://dx.doi.org/10.1007/s13147-011-0097-z.
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Abstract Urban systems analysis and especially the seminal contributions of the Globalization and World Cities Research Network (GaWC) so far mainly rely on the analysis of national and international office geographies of advanced producer services firms. This paper shows how the geography of demand-supply relationships and associated knowledge flows adds important qualitative information to the office geographies of the Globalization and World Cities Research Network. It contributes to our understanding of intercity relations and networks—and thus of urban systems more generally. We illustrate our approach by looking at private equity firms and their knowledge management strategies in Germany. Empirically, we analyze private equity firms’ business relations and networks with external partners as well as their geographical organization. While private equity firms’ geographical organization in Germany is characterized by decentralized concentration with nodes in Frankfurt and regional financial centres, there is evidence that among the latter Munich plays a special role. Only in Munich has private equity—cross-fertilized by other local financial actors—initiated a self-supporting development which strengthens Munich as a financial centre. The paper illustrates how the dynamics of private equity and its knowledge management lead to Germany’s financial system having a more tiered structure and how qualitative network analysis can help deepen our understanding of urban systems development.
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Terberger, Eva. "The German Financial System: Great Institutional Change and Little Effect?" Journal of Institutional and Theoretical Economics 159, no. 4 (2003): 707. http://dx.doi.org/10.1628/0932456032584630.
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Zając, Natalia. "The evaluation of the system of financing the integration courses in Germany." Central European Review of Economics & Finance 26, no. 4 (August 31, 2018): 37–47. http://dx.doi.org/10.24136/ceref.2018.020.
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Persons intending to live in Germany should have a certain knowledge of the German language and about the country in general. Foreigners may acquire the necessary skills and knowledge by participating in integration courses. They are financed by the state as well as by the immigrants themselves. The aim of the article is to evaluate the system of financing such courses that was adopted in Germany. As part of the justification for selecting this particular topic it is worth mentioning that there are no analyses on this subject available in the source literature. Furthermore, also the geopolitical situation in the world and the influx of refugees in Europe (including Germany) that results from it serve to prove just how current and important with regard to cost economics the issue of financing immigrant integration actually is. The analysis has been carried out on the basis of German legal acts and the financial data obtained from the Federal Statistical Office and the Federal Office for Migration and Refugees. The article covers the period January 2017 – July 2018 and is based on the method of document analysis.
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Paik, Christopher, and Hoon Paik. "Ordoliberalism in the German Financial System and the Financial Crisis: A Comparison to the U.S." Ordo Economics Journal 24, no. 2 (June 30, 2021): 1–22. http://dx.doi.org/10.20436/oej.24.2.001.
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Labanino, Rafael Pablo, Armin Lude, Marc Winter, Steven Mainka, Ingrid Hemmer, Péter Bagoly-Simó, Johanna Hartmann, and Mark Ullrich. "Measuring Financial, Personnel and Material Resources for Education for Sustainable Development in the German School System: A Proposal for the German Educational Monitoring and Reporting." Journal of Education for Sustainable Development 16, no. 1-2 (March 2022): 42–60. http://dx.doi.org/10.1177/09734082221117603.
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In this article, we present our proposal for a set of resource indicators measuring financial, personnel and material resources for education for sustainable development (ESD) in the German primary and secondary education. As resource indicators are an understudied area in ESD indicator research, the present article fills in an important research gap. We constructed an indicator set using a systematic literature review and a three-step validation process. As a result, we propose a comprehensive set of financial, personnel and material resources indicator set for ESD implementation based on both quantitative and qualitative data tailored to the German National ESD Action Plan. A smaller set of resource indicators were also identified, which are all based on relatively easily accessible quantitative data sources. Furthermore, using Germany as an example, the article highlights and addresses the theoretical and methodological challenges of resource indicator development in highly decentralized education systems.
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Kotov, Aleksandr. "Updated System Supporting Regional Development in Germany." Scientific and Analytical Herald of IE RAS 21, no. 3 (June 30, 2021): 94–100. http://dx.doi.org/10.15211/vestnikieran3202194100.
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The long-term trajectory of the German regional policy is formed by the terms of overcoming the consequences of the coronavirus pandemic. The article discusses in this context the comprehensive all-German system for financing structurally weak regions, provides information on specific programs in 2020–2021, and also shows the connection with European instruments for financing regional policy in 2021–2027. The restructuring of this system of support measures was designed to improve the situation in underdeveloped territories and to help reduce differences in the conditions of recent challenges in technology, energy, and ecology. It is determined that Germany continues to be characterized by the differentiation in terms of economic potential between the East and West of the country. The paper demonstrates that the pandemic only highlighted the demands for the development of new mechanisms and a more active regional policy. It is emphasized that all eligible regions in the country now have access to more than 20 funding programs that were previously restricted to the regions of East Germany. It is determined that the streamlining of such measures is clearly only an auxiliary function in the public administration system and is aimed, first of all, at better coordination of existing instruments. Efficiency limitations are also the continuing autonomy of many programs, the possibility of excessive competition from now all underdeveloped regions of Germany for financial resources.
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Radina, Nadezhda K., and Daria S. Belyashova. "Digital Political Participation of Western and Eastern Parts of Germany Residents (based on Change.org Online Petitions)." Changing Societies & Personalities 5, no. 1 (April 19, 2021): 63. http://dx.doi.org/10.15826/csp.2021.5.1.122.
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The article shows the results of a study aimed at finding the determinants, which describe the petitioning activity of the residents of the western and eastern parts of Germany. The research material consists of 1,036 petitions from the German-language segment of Change.org during the period of 2012–2018 (322 petitions from eastern part of Germany, 714 petitions from western part of Germany). A thematic classifier based on the analysis of electronic petitions was created. It subdivided all the petitions into 18 thematic groups, for example, human rights, animal protection, culture, politics, migration issues, proposals for reforming certain areas of life, transport system, Internet, protection and support for people with disabilities and rare diseases, financial questions, environmental protection, housing issues, weapons/spirits/tobacco/drugs, healthcare, elderly people, education, sports, sustainable development. Statistically significant differences between western and eastern territories were found only in the animal protection thematic group. It is stated that the bipolar construct East/West rooted in the historical logic of the legacy of socialism and capitalism on the German territories could not explain the logic of the petitioning activity of the contemporary Germans. Moreover, the historical heritage/separation factor is found in the socio-economic problems of the regions, but it is not critical while determining the values and civic activism of German people.
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Beckmann, Martin. "Die Rolle von Finanzinvestoren beim Umbau der deutschen Ökonomie." PROKLA. Zeitschrift für kritische Sozialwissenschaft 38, no. 150 (March 1, 2008): 129–43. http://dx.doi.org/10.32387/prokla.v38i150.487.
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The German economy, for long time characterised by a bank based financial system with capital and personal linkages between the main financial and industrial economies, has been transformed since the 1990s to a market orientated economy. Particularly German banks and insurance companies sold many of their stakes in industrial companies. This gap has been filled by new financial investors like pension funds, hedge funds and private equity.
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Velte, Patrick. "Sustainable management compensation and ESG performance – the German case." Problems and Perspectives in Management 14, no. 4 (December 14, 2016): 17–24. http://dx.doi.org/10.21511/ppm.14(4).2016.02.
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This paper takes a closer look at sustainable management compensation and the impacton environmental, social and governance (ESG) performance in the German two tier system. The empirical quantitative study covers a sample selection of German companies listed on the Prime Standard of the Frankfurt Stock Exchange (DAX30, TecDAX, MDAX, SDAX) for the business years 2010-2014 (677 firm-year observations). In order to determine a possible link between nonfinancial indicators of management compensation and ESG performance, a correlation and regression analysis is carried out. On the basis of multiple regressions, non-financial elements (social or environmental aspects) in the management board compensation positively influence ESG performance, as determined by the Asset Four database of Thomson Reuters. This analysis is the first empirical study focusing on a connection between sustainable management board compensation, taking into consideration non-financial aspects, and ESG performance in the German two tier system. Not only users, but also public policy are affected by the findings indicating that national and European regulations on compensation could greatly influence future CSR performance and market reactions. Keywords: ESG performance, stakeholder management, sustainable compensation, corporate governance, management board, non-financial performance indicators. JEL Classification: M40
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Gehlen, Boris. "Zielkonflikte bei Aktienerstemissionen?" Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook 59, no. 1 (May 25, 2018): 39–76. http://dx.doi.org/10.1515/jbwg-2018-0003.
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Abstract The law & finance literature often assumes that financial institutions in Germany, especially in the stock market, were less workable than for example in the U.S. or Great Britain due to extensive state regulation. This article analyses the regulation and admission to listing practices for (initial) public offerings in Germany from 1870 to 1932. It argues, by contrast, that state regulation in the German stock market largely enabled self-regulation and that a closer look at market practices indicates that the written law only offered a framework and left the stock exchanges great scope for manoeuvre. In the end, the German regulatory system came close to what law & finance literature describes as a most efficient market order.
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DUMMANN, KATHRIN. "What determines supply and demand for occupational pensions in Germany?" Journal of Pension Economics and Finance 7, no. 2 (April 11, 2008): 131–56. http://dx.doi.org/10.1017/s1474747208003557.
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AbstractDemographic change causes an undersupply of financial old age benefits within the statutory pay-as-you-go pension system in Germany. Therefore, the provision of occupational as well as private pensions has to be enhanced. However, there seems to be an undersupply of occupational pension provision particularly in small and medium sized enterprises (SMEs). Using survey data of the German Socio-Economic Panel (GSOEP) and the German SAVE survey, the present paper studies econometrically the determinants of occupational pension provision in Germany. It shows that occupational pensions depend not only on supply-side factors such as firm size and industry, but also on demand-side factors such as individual sociodemo-graphic attributes and people's savings motives.
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Nazarchuk, Olexander, and Pavlo Satskyi. "The Security Aspects of the Ukrainian People’s Republic in Relations with Germany and Austria-Hungary in March-April 1918." European Historical Studies, no. 13 (2019): 141–56. http://dx.doi.org/10.17721/2524-048x.2019.13.141-156.
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In this article the research of the problem of the relations between the government of Ukrainian People’s Republic and the leadership of German occupational troops in the support of the transport system work and the post-offices in the period of time of March-April 1918 has been made. The study is based on archival documents that cover the position of the leaders of the Ukrainian People’s Republic with respect to the German command’s measures to ensure the operation of transport and communication as well as the financial aspects of relations with the German occupation command. The collapse of the financial system of the former Russian Empire and the military breakup led to a difficult situation with the railway and the post offices. However, the stable work of these institutions was a principal question for the security of Ukrainian People’s Republic as well as for the German occupational leadership. The most acute aspect was the question of paying salaries to the railway employees as well as to the employees of the post offices. Disregarding this question could lead to strikes. The German leadership suggested to pay salaries to the employees of the railway and the post offices on their own, but this offer was categorically rejected by Ukrainian People’s Republic because it could have led to the absence of security in the country. More over, over the problem of the functioning of the transport system and the communication system the complicated negotiations between the government of Ukrainian People’s Republic and German representatives in terms of the loan took place. Trade, financial and credit relations between the UPR and Germany and Austria-Hungary should have been built around the problem of compensation payments to postal and railway workers. In March-April 1918 the fight between the government of Ukrainian People Republic and the leadership of the German occupational troops over the actual influence on the transport and communication system in Ukrainian People’s Republic took place. In fact, the question of the right for the sovereignty arose for the Council of Ministers of Ukrainian People’s Republic to make the fundamentals of the state security of Ukraine independently. The problems of relations between the UPR government and the occupation command requires a deeper study in view of their practical importance, in particular, in the context of consistent formation of inter-state relations in the finance, transport, and communication sectors as a phenomenon prevailing in the 20th century.
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Guinnane, Timothy W. "Delegated Monitors, Large and Small: Germany's Banking System, 1800–1914." Journal of Economic Literature 40, no. 1 (February 1, 2002): 73–124. http://dx.doi.org/10.1257/0022051026985.
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Banks play a greater role in the German financial system than in those of the United States or Britain. Germany's large universal banks are admired by those who advocate bank deregulation in the United States. Others admire the universal banks for their supposed role in corporate governance and industrial finance. Many discussions distort the German banking system by overstressing one of several types of banks, and ignore the competition and cooperation between the famous universal banks and other banking groups. Tracing the historical development of the German banking system from the early nineteenth century places the large universal banks in context.
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Banakas, Stathis. "Liability for Incorrect Financial Information: Theory and Practice in a General Clause System and in a Protected Interests System." European Review of Private Law 7, Issue 3 (September 1, 1999): 261–86. http://dx.doi.org/10.54648/252529.
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This paper is a comparative study of the remedies available for economic losses caused by incorrect financial advice or information in a system of extracontractual liability working with General Clauses (French law), and two other systems working with restrictive concepts of tort liability intended to relativise the protection of economic interests (English and German law). The extent to which recovery for such losses is allowed in the three legal systems is analysed and compared, and the practical significance of the conceptual differences considered. Additionally, the paper discovers the emergence of the new idea of voluntary assumption of responsibility as a foundation of tort liability serving different dogmatic and legal policy goals in English and German law.
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Tomfort, Andre, and Paulina Wiegand. "Anchoring among German financial analysts: An empirical and background analysis." Journal of Economics and Behavioral Studies 12, no. 5(J) (November 12, 2020): 33–43. http://dx.doi.org/10.22610/jebs.v12i5(j).3082.
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The paper investigates whether financial analysts in Germany were subject to cognitive and emotional constraints. The focus was on the heuristic of anchoring. An evaluation based on 224 individual forecasts for seven DAX-listed companies for the period from 2011 to 2018 with respect to the earnings per share of the current business year was done. Three issues were analysed in particular: Whether anchoring was found at all, to what extent anchoring has led to a deterioration of the forecast quality and if the effect of anchoring was still measurable shortly before the incurred earnings had been announced. For the assessment of the data, descriptive statistical measures, and tests such as the non-parametric Wilcoxon rank-sum test or the parametric t-test were used. For the German capital market there are currently very few empirical behavioural studies dealing with the forecast quality of financial analysts. This study is aiming to close this gap by investigating to what extent behavioural aspects have led to a significant deterioration in the forecast quality of financial analysts for the German stock market. The quality and reliability of analysts' forecasts is of high relevance to the capital market, since the assessments of financial analysts are used as a basis for investment decisions by private and institutional investors and are thus essential for a high degree of efficiency in the allocation of capital in a financial system.
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Zaritskiy, B. E. "The Role of Banks and Stock Market in the German Economy." World of new economy 12, no. 4 (June 3, 2019): 93–108. http://dx.doi.org/10.26794/2220-6469-2018-12-4-93-108.
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Relevance. The purpose of this article is to analyse particular features of the modern situation in of the banking and stock market sectors of the Federal Republic of Germany. Some of the topical characteristics of the development of the German banking system during the last years are as follows: The restructuration of the Lands Banks, which was in the centre of the financial crisis of 2008–09; Continuing attempts to reorganise the Deutsche Bank which was and is in continued failure of profits; The decrease in inter-banking credits on the background of expected abandonment of the policy of “quantitative easing”. On the other hand, following a series of unlucky attempts by Deutsche Boerse to establish an alliance with the largest World’s Stock Exchanges, Frankfurt hope to get even with London and become European “financial capital” after Brexit completed.Methods. By analysis of publications edited by EU, ECB, Bundesbank, related German agencies, and also books and articles written by Russian and foreign authors this text demonstrates the changes within the structure of the German banking sector and the strong and weak aspects of the stock market of this country. The author used system’s approach and historical and statistical methods to allow the making of a holistic analysis of the selected topic in its development, as well as ranging statistical data properly and drawing up some conclusions regarding the eventual scenario of further development.Results. This research provided a background for the conclusion that the world financial and economic crisis of 2008–09 has more strongly affected the German banking sector than in former considerations. The leading banking institutions of the country such as Deutsche Bank and Commerzbank are in a hard financial situation. Relatively limited capital adequacy and low level of profitability of the majority of German banks represent important limits for its international activities. Meanwhile, the German stock market remains underdeveloped and therefore plays a subordinated role in financing companies.Prospects. The outcomes of this research could be useful for the assessment of long-term perspectives of the socioeconomic and innovative development of Germany which remains the biggest economy of the EU.
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Dąbkowska, Anna. "Fuzje i przejęcia w niemieckim sektorze bankowym w latach 1997–2012." Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, no. 110 (July 15, 2015): 155–65. http://dx.doi.org/10.22630/eiogz.2015.110.26.
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Deepening globalisation and liberalisation on the market of banking services make banks worldwide concentrate their capitals. Carefully planned mergers and acquisitions within financial sector are supposed to rise the scale of the businesses and increase their values. This paper is aimed at presenting mergers and acquisitions in German banking sector, focusing only on transactions within particular sub-sectors of German banking system. The analysis covered consolidation processes of all sub-sectors of German banking sector. The most important mergers and acquisitions observed since the financial crisis were presented.
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Birke, Anja. "Die Übertragung westdeutscher Institutionen auf die ostdeutsche Wirklichkeit – Ein erfolgversprechendes Zusammenspiel? Kommunale Finanzausgleichssysteme im sozioökonomischen Kontext." Perspektiven der Wirtschaftspolitik 2, no. 3 (August 2001): 289–302. http://dx.doi.org/10.1111/1468-2516.00053.
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Abstract In spite of its long history, reform of financial equalization at local government level has not brought the necessary improvements in efficiency. Therefore, it is surprising that the criticized West German system was transferred almost unchanged to the East German Laender in the course of reunification. Obviously the politicians were in conflict between testing new promising alternatives and preserving the calculable institutional structure. Therefore, this paper compares the financial equalization law of two Laender (Baden-Wuerttemberg and Saxony) in order to research its suitability under different socio-economic conditions. In the analysis we can clearly show the impact of socio-economic characteristics on the carrying ability of institutions, so any transferability of local financial equalization systems has to be rejected.
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Albuquerque, Roberto Chacon de. "International financial crisis and bank statization in Germany." Revista Direito GV 6, no. 2 (December 2010): 541–64. http://dx.doi.org/10.1590/s1808-24322010000200010.
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Facing an international financial crisis that could lead its own financial system to the brink of collapse, the German government needed to show political will in order to save financial institutions in risky situations. This article analyzes the legal strategies used to rescue the financial system, including the statization of banking institutions as an ultima ratio. Prior to the bank statization established by the Rescue Takeover Act, the Financial Market Stabilization Act foresaw an increase in the capital of financial institutions by means of state control without statization. This last act, nonetheless, has not been considered enough to avoid the collapse of a banking institution that is relevant for the whole financial system such as Hypo Real Estate (HRE).
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Shin, Jin-Wook, and Ji-Eun Yi. "Social Market Economy and German Housing System - German Housing Policies and Institutions in the Age of Financial Capitalism." Zeitschrift der Koreanisch-Deutschen Gesellschaft fuer Sozialwissenschaften 24, no. 1 (March 31, 2014): 3. http://dx.doi.org/10.19032/zkdgs.2014.03.24.1.3.
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Yang, Jessica Hong, and Nada Kakabadse. "The financial system reform in China: The lesson learnt from the global financial crisis." Corporate Ownership and Control 8, no. 4 (2011): 56–63. http://dx.doi.org/10.22495/cocv8i4p3.
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This paper reviews the impact of the global financial crisis on financial system reform in China. Scholars and practitioners have critically questioned the efficiencies of the Anglo-American principal-agent model of corporate governance which promotes shareholder-value maximisation. Should China continue to follow the U.K.-U.S. path in relation to financial reform? This conceptual paper provides an insightful review of the corporate governance literature, regulatory reports and news articles from the financial press. After examining the fundamental limitations of the laissez-faire philosophy that underpins the neo-liberal model of capitalism, the paper considers the risks in opening up China’s financial markets and relaxing monetary and fiscal policies. The paper outlines a critique of shareholder-capitalism in relation to the German team-production model of corporate governance, promoting a “social market economy” styled capitalism. Through such analysis, the paper explores numerous implications for China to consider in terms of developing a new and sustainable corporate governance model. China needs to follow its own financial reform through understanding its particular economy. The global financial crisis might help China rethink the nature of corporate governance, identify its weakness and assess the current reform agenda.
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Gad, Jacek. "The association between disclosures on control system over financial reporting and mechanisms of corporate governance: Empirical evidence from Germany and Poland." International Journal of Management and Economics 56, no. 4 (November 6, 2020): 351–69. http://dx.doi.org/10.2478/ijme-2020-0028.
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AbstractThe aim of the research was to determine the impact of selected corporate governance mechanisms on the scope of disclosures related to control system over financial reporting in Poland and Germany. The research group comprised of companies from the Warsaw WIG 30 index and the German DAX index in 2013. The disclosures were measured by the number of detailed disclosures about control system over financial reporting presented by the surveyed companies. The research results indicate that selected corporate governance mechanisms affect the scope of disclosures regarding the system of control over financial reporting. It was found that the number of supervisory board committees and the number of meetings of the supervisory board have a significant positive influence on the scope of disclosures regarding control over financial reporting. But, the increase in number of meetings of the audit committee has a significant negative impact on the scope of disclosures regarding control over financial reporting. The results of the research also indicate the role of national determinants of the scope of disclosures. The study was a comparative one nature and was conducted among companies from developed and developing capital markets.
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Schulte-Bockholt, Arnd, and Axel Bauer. "Innere Medizin in den deutschsprachigen Ländern und in den USA." Gesnerus 52, no. 1-2 (November 27, 1995): 94–115. http://dx.doi.org/10.1163/22977953-0520102009.
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Scientific relations in Internal Medicine between German-speaking countries and the United States were characterized by various stages during the last hundred and twenty years. From 1870 to the First World War German medical research and teaching as well as the competitive German university system were regarded as a model for US Medical Schools. After World War I, however, things changed as a result of American Medical Schools’ reforms which had been implemented. On the other hand, financial equipment of German universities was decreasing due to inflation and unemployment. Furthermore, between 1933 and 1945, many excellent scientists and clinicians were forced to emigrate from Germany and Austria to the US because of persecution by the Nazis for political or “racial” reasons. After the end of World War II, scientific and technical leadership of American Internal Me-dicine remained unchallenged; today many European physicians complete their training in the biomedical sciences in the United States. Beginning in the 1980s, German-speaking internists increasingly publish the results of their research in American scientific journals.
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Lin, Yan-Ting, and Martin Nienhaus. "The non-diversifiable risk of financial reporting system: Evidence from the German market." Advances in Accounting 31, no. 2 (December 2015): 197–208. http://dx.doi.org/10.1016/j.adiac.2015.09.008.
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Zhou, Lijun, Benedikt Hülsemann, Zhiyang Cui, Wolfgang Merkle, Christian Sponagel, Yuguang Zhou, Jianbin Guo, Renjie Dong, Joachim Müller, and Hans Oechsner. "Operating Performance of Full-Scale Agricultural Biogas Plants in Germany and China: Results of a Year-Round Monitoring Program." Applied Sciences 11, no. 3 (January 30, 2021): 1271. http://dx.doi.org/10.3390/app11031271.
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Germany (DE) and China (CN) have different political approaches in supporting the biogas sector. Three German and three Chinese large-scale biogas plants (BGPs) were evaluated as part of a year-round monitoring program. Laboratory methods were utilized to analyze the chemical indicators. Results showed a stable anaerobic digestion process without system failures in all BGPs. The methane yield had a range of 0.23–0.35 m3CH4/kgODM for DE BGPs and 0.11–0.22 m3CH4/kgODM for CN BGPs, due to different substrates and working temperatures. Financial analyses indicated that DE BGPs are viable under their current feed-in tariffs contracts. Their financial internal rate of return (IRR) ranged between 8 and 22%. However, all CN BGPs had negative IRRs, indicating that they are financially unfeasible. Risk analyses illustrated that DE BGPs will face financial nonviability if benefits decrease by 9–33% or costs increase by 10–49%, or if a combined worse case (benefit decrease and cost increase) of 5–20% occurs. Incentives to BGP operations are particularly important in China, where the government should consider switching the construction-based subsidy to a performance-based subsidy system to motivate the operators. BGP monitoring is necessary to understand the performance, in addition to briefing policymakers in case a policy reform is needed.
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Samborski, Adam. "Finansowanie inwestycji rzeczowych w niemieckim sektorze przedsiębiorstw." Zarządzanie Finansami i Rachunkowość 5, no. 4 (December 28, 2017): 75–83. http://dx.doi.org/10.22630/zfir.2017.5.4.28.
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The article assumes two objectives, namely: to adjust the way of the research proposed by Corbett and Jenkinson to the requirements of the European System of Accounts 2010; identification of the financing structure of non-financial investments in the German corporate sector. The analysis used data from national reporting, and more specifically the two accounts included in the accumulation accounts, i.e.: the capital account and financial account. It was adopted the methodology of net financing, which uses a flow of funds, and not the stocks. It was noted that, in the German corporate sector internal sources and capital transfers are the basis of non-financial investments financing.
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Schulz-Nieswandt, Frank. "System versus Lebenswelt?" Sozialer Fortschritt 68, no. 6-7 (June 1, 2019): 497–518. http://dx.doi.org/10.3790/sfo.68.6-7.497.
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Zusammenfassung Der Beitrag diskutiert die Positionierung und die Rolle der Selbsthilfegebilde im Neo-Korporatismus des bundesdeutschen Gesundheitswesens. Dabei bilden sich gewisse Ambivalenzen einer Dialektik heraus, die mit gegenläufigen Trends in der Entwicklung korreliert sind. Einerseits fördern die parafiskalischen öffentlich-rechtlichen Sozialversicherungen des staatsmittelbaren Sektors im § 20h SGB V die genossenschaftsartigen Selbsthilfegruppen (Gebilde der selbstorganisierten und selbstverwalteten Gegenseitigkeitshilfe) und die regionalen Kontakt- und Informationsstellen zur Förderung der Selbsthilfe im lokalen Sozialraum als Sozialkapitalbildung (Lebensweltorientierung in der Förderung der Caring Communities), andererseits werden die Bundes- und Spitzenverbände der Selbsthilfe als Selbsthilfeorganisationen gefördert, die u.a. gemäß § 140f SGB V in die institutionellen Mechanismen der gemeinsamen Selbstverwaltung als Systemlogik funktional integriert werden. Die Selbsthilfebewegung steht damit am Scheideweg – zumindest im Spannungsfeld – zwischen Lebensweltorientierung einerseits und „Kolonialisierung“ durch das System andererseits. Abstract The German health care system is organized as an order of collective self-governance in the tradition of neo-corporatism. Part of the political grammar, social health insurances are para-fiscal self-governed institutions with relative autonomy in relation to the state sector. The paper is discussing the role of the health-related self-help movement in this German health care system. § 20h Social Security Code V includes on the one hand financial contributions to mutual aid groups and regional agencies to promote self-help groups in the context of local networks as social capital formation and on the other hand financial contributions to trans-regional and national self-help organizations, which are, as a channel of political participation of patient’s perspectives, also involved in the politics of the collective self-governance of the German healthcare systems, anchored in § 140f Social Security Code V. Therefore, we can, connected with several ambivalences, obtain the dialectics of different trends in the development of the role and role settings of the self-help movement: On the one hand the promotion of self-help groups as integrated parts of the Caring Community Building, on the other hand the instrumental functionalism of colonizing the self-help movement by institutional mechanism of involving participation of patient’s perspectives into the collective self-governance of the system.
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Semmelmayer, Philipp. "Climate Change and the German Law of Torts." German Law Journal 22, no. 8 (December 2021): 1569–82. http://dx.doi.org/10.1017/glj.2021.76.
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AbstractEven throughout a global pandemic, climate change continues to be a fiercely discussed topic—both politically and legally—the world over. Particularly in light of the many Covid-19 related financial aid programs (including transnational ones) and the associated economic stabilization and reconstruction plans, a sustainable climate policy and legal order should be expected to play a role for an economy that has fallen into a slump. Nevertheless, a lively discussion on how best to achieve climate protection continues to take place in already established systems such as the private law system. Here, as far as climate change is concerned, tort law appears to be the focus of these discussions. The extent to which tort law and the issue of climate change can be brought together is also increasingly being discussed in Germany. This article attempts to shed light on the questions of how tort law could contribute to the mitigation of climate change and how climate change could fit into the law of torts of the German civil law legal system.
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Konyukhova, A. A. "Settlement of Tax Disputes in the Russian Federation and Germany." MGIMO Review of International Relations, no. 2(41) (April 28, 2015): 269–75. http://dx.doi.org/10.24833/2071-8160-2015-2-41-269-275.
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This article is devoted to the settlement of tax disputes in the Russian Federation and the Federal Republic of Germany. The features of the conflict settlement mechanism are both shown in the stage of administrative and judicial review. In accordance with German law, the administrative stage of dispute resolution, carried out by the tax authority, always precedes the filing of a complaint to a court. Consequently, the taxpayer submits his first application in writing to the tax authority that issued the tax act, though in some cases to a higher tax authority. This obligatory procedure was borrowed by the Russian tax system. The trial stage of tax dispute settlement in Germany is carried out by specialized courts, forming a two-level system for legal proceedings. Thus, the tax dispute submitted to the Court is settled first by the financial lands courts and then by the higher Federal Financial Court. However, the Federal Financial Court takes into consideration only certain categories of actions listed in the Act (the Regulations) of finance courts (Finanzgerichtordnung). In Russia appeals of administrative review of tax conflicts, unlike in the German system, are handled by arbitration and general jurisdiction courts. The Supreme Arbitration Court of the Russian Federation is the supreme judicial body for settling economic disputes and other cases considered by arbitration courts in implementing federal procedural judicial supervision over their activities and provides explanations regarding judicial practices. Arbitration courts established at the level of the Federation to resolve disputes involving commercial entities, e.g. enterprises and entrepreneurs, resolve the bulk of tax disputes. These courts are composed of specially created panels of judges known as bars, i.e. groups of judges who specialize in reviewing taxation cases.
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OVCHINNIKOVA, VALERIYA. "FRANCO-GERMAN COOPERATION AT THE EARLY STAGES OF EUROPEAN MONETARY INTEGRATION." History and Modern Perspectives 3, no. 4 (December 30, 2021): 58–65. http://dx.doi.org/10.33693/2658-4654-2021-3-4-58-65.
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The article examines the prerequisites for european monetary integration after the World War II, as well as the stages of the formation of the EU Economic and Monetary Union. The aim of the study is to identify the internal and external factors of european monetary integration, as well as the role of Franco-German cooperation in this process. As a result of the study, the author comes to the conclusion that the european monetary integration was facilitated by both external factors: the influence of the United States in the post-war recovery of destroyed european economy and financial system, as well as the collapse of the Bretton Woods system of fixed exchange rates; and internal: the successful economic integration of countries and the further desire to remove all barriers, including financial ones, to internal trade. Franco-German cooperation played a significant role in european monetary integration. The positions of the countries on the basic principles of the functioning of the euro zone differed: France defended the flexibility of the monetary union, and Germany, fearing to lose control over the stability of the economy, advocated the harmonization of the economic policies of states. Nevertheless, the countries were able to form a common position and to end the formation of the Economic and Monetary Union on time, introducing the euro.
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Schoeneberg, Carsten, Daphne-Asimenia Eschbach, Thomas Friess, Sven Lendemans, Christine Hoefer, and Steffen Ruchholtz. "Effect of the COVID-19 Pandemic in German Trauma Centres and Geriatric Trauma Centres DGU." Zeitschrift für Orthopädie und Unfallchirurgie 159, no. 02 (February 1, 2021): 209–15. http://dx.doi.org/10.1055/a-1333-4099.
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Abstract Background The COVID 19 pandemic is a major challenge to all social systems, particularly the healthcare system. Within an international study, German Trauma Centres DGU and Geriatric Trauma Centres DGU have been questioned about their situation. Method The questionnaire was translated from English into German and sent to all contacts. The evaluation was performed descriptively. Results 71 of 692 centres participated in this study. Government instructions to avoid elective treatments have been adhered to by 68% of the hospitals, and the remaining performed only urgent elective treatments. There was also a decline in the number of traumatological patients. In more than 90% of the hospitals, only 0 – 4% of all patients treated for proximal femur fracture were tested positive for COVID-19. It appears that 84% of these hospitals have or will have financial deficits. Almost all hospitals were organised and ready to fight the pandemic with their personal and/or infrastructural resources they possess. Conclusion Our questionnaire shows that the pandemic had an enormous effect on Trauma Centres DGU and Geriatric Trauma Centres DGU. The hospitals expect financial losses. Almost all the hospitals have provided personal and infrastructural resources to be used in the fight against the pandemic with a better outcome in Germany in comparison with international standards.
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Jo, Hoje, Annie Hsu, Rosamaria Llanos-Popolizio, and Jorge Vergara-Vega. "Corporate Governance and Financial Fraud of Wirecard." European Journal of Business and Management Research 6, no. 2 (March 25, 2021): 96–106. http://dx.doi.org/10.24018/ejbmr.2021.6.2.708.
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This paper examines the antecedents and consequences of the collapse of Wirecard AG, in June 2020, the “German Enron.” Specifically, we investigate how the Wirecard’s ineffective corporate governance under the German’s financial regulatory system fails to serve their stakeholders, and how its management’s unethical behavior of earnings manipulation contribute to significant financial collapse for the company, and lead to the destruction of shareholders’ value. This paper examines how the internal and external governance and monitoring mechanisms failed to uncover the vast fraud at the German payments group at a much earlier stage. Furthermore, we find evidence consistent with the hypothesis that the continuous pressure of meeting or exceeding consensus on earnings estimates, management’s performance compensation based on the growth of Wirecard’s stock price, and the lack of proper supervision from the board of directors ultimately create the opportunities for management to manipulate earnings without being uncovered for several years. Such course of action has caused significant financial corporate misconduct for Wirecard and led to the destruction of firm value.
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Gal, Jens. "Corporate governance of insurers in Germany. German National Report." Zeitschrift für die gesamte Versicherungswissenschaft 109, no. 1 (February 2020): 41–64. http://dx.doi.org/10.1007/s12297-020-00467-9.
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Abstract Corporate governance is the set of rules, be they legal or self-regulatory, practices and processes pursuant to which an insurance undertaking is administrated. Good corporate governance is not only key to establishing oneself and succeeding in a competitive environment but also to safeguarding the interests of all stakeholders in an insurance undertaking. It is insofar not surprising that mandatory requirements on the administration of insurance undertakings have become rather prolific in recent years, in an attempt by regulators to protect especially policyholders against perceived risks hailing from improperly governed insurance undertakings. In Germany this has been regarded by many undertakings as an overly paternalistic approach of the legislator, especially considering that the German insurance sector has experienced for decades if not centuries a remarkably low number of insolvencies and that German insurers were neither the trigger nor the (especially) endangered actors in the financial crisis commencing in 2007. Notwithstanding the true core of this criticism, that the insurance industry was taken to a certain degree hostage by the shortcomings within the banking sector, the reform of German Insurance Supervisory Law via implementation of the Solvency II-System has brought many advances in the sense of better governance of insurance undertakings and has also brought to light many deficiencies that the administration of some insurance undertakings may have suffered from in the past, which are now more properly addressed.
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Werding, Martin. "One pillar crumbling, the others too short: old-age provision in Germany." National Institute Economic Review 237 (August 2016): R13—R21. http://dx.doi.org/10.1177/002795011623700112.
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Responding to the challenges of demographic ageing, the German system of old-age provision has undergone substantial changes during the past two decades and is in fact still under reconstruction. Benefit levels deriving from the public pay-as-you-go scheme will decline until 2060, while contribution rates may still go up substantially. Additional cover from private or occupational pension schemes is urgently needed. Thus far, steps in this direction have been half-hearted. The continuing crisis in financial markets and a more profound distrust in financial institutions and market-based instruments of old-age provision currently create obstacles to progress with this overhaul. Nevertheless, despite the differing traditions, Germany could learn important lessons now from other developed countries that have longer experience of funded pensions.
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Siebeneicher, Sven, Ilker Yenice, and Carolin Bock. "Financial-Return Crowdfunding for Energy and Sustainability in the German-Speaking Realm." Sustainability 14, no. 19 (September 27, 2022): 12239. http://dx.doi.org/10.3390/su141912239.
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The transformation of the energy system is among the most relevant topics of the current public debate in the German-speaking realm. Crowdfunding is suitable for promoting sustainable development, such as financing renewable energies. We investigate success determinants of financial-return crowdfunding to understand how this financing technique can contribute to realizing sustainable development, such as the energy transition. We conduct a cross-platform study and consider sustainably oriented campaigns to answer two research questions: First, what determinants influence financial-return crowdfunding success? Second, how does a sustainable orientation affect these success determinants? We rely on signaling theory to investigate the effect of quality signals. We consider four meta-platforms that aggregate campaigns with sustainable and other funding purposes, obtaining a dataset of 434 financial-return crowdfunding campaigns, mainly from Austria and Germany. We use hierarchical linear regression models for our statistical analysis. Our findings indicate that sustainable orientation alone does not significantly affect crowdfunding success. Entrepreneurs can increase their chances of campaign success by raising the interest rate unless their campaign has a sustainable orientation. In sustainably oriented campaigns, the effect of the interest rate is compensated. Finally, we find no significant evidence suggesting that the campaign duration affects sustainable or non-sustainable crowdfunding success.
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Telljohann, Volker. "Recent trends in German co-determination: a critical assessment of new research evidence." STUDI ORGANIZZATIVI, no. 1 (June 2022): 83–107. http://dx.doi.org/10.3280/so2022-001004.
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The purpose of this paper is to look at the developments in co-determination at workplace level as well as at the level of supervisory boards during and after the financial and economic crisis of 2007-2009. In Germany, co-determination is not only considered a way to develop industrial democracy, but also a way of increasing the efficiency and competitiveness of companies. Various studies show that co-determination contributes to the competitiveness of companies and that co-determined companies have also recovered from the financial and economic crisis more quickly. Although co-determination has a positive influence on the productivity, innovative capacity and competitiveness of companies, there is a growing number of companies that put in place strategies aimed at avoiding co-determination. However, despite the reduced spread of co-determination the German participation model has survived so far and is still part of the key institutional settings of German industrial relations. This is also due to the fact that the German co-determination system has always shown a remarkable capacity to adapt to new developments. The most recent examples in this regard are the Works Council Modernisation Act and the Act on Corporate Due Diligence in Supply Chains. That also means that basically co-determination has proved to be a stable yet flexible institution. Today, employee participation thus appears to be a helpful instrument for successfully managing transformation processes.
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Bieniek, Damian. "GERMAN ACTIONS ON GREEK CRISIS." sj-economics scientific journal 9 (December 30, 2011): 101–9. http://dx.doi.org/10.58246/sjeconomics.v9i.466.
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Beginning of Greece problems was related to the accession to the Euro Zone. It occurred despite Greece did not meet the criteria thanks to the support of Germany and the Bundesbank, which assessed the economies of countries aspiring to a common currency. Lack of credibility for one country could burry the entire project. After entering the euro zone, Greece has significantly increased the reliability and successive governments could continue to fund increasing debt by issuance of bonds, bought mostly by French and German banks. Greek debt problem was exposed by the crisis of 2008. After collapse of the Greek finance European Union was forced to create assistance programs for the country, exceeding 100 billion. The largest cost were beard of course, by the economy of Germany. In the possession of European banks are Greek government bonds worth 52,3 billion dollars. With about 43 percent of this amount corresponds to German institutions, and further 27 percent to French lenders. Thus, Greece's problems transforms into problems of the banking sector in Germany and France, and problems across the EU economy Financial institutions and EU member states have imposed draconian Greek rescue package, which is believed to be a rescue package for the EURO. Germany stresses that loans to Greece, should be based on "market price" because otherwise it would be a form of subsidy, which violates the principle of the euro area. Angela Merkel has been pushing up the leading role of the IMF's "rescue" of Greece, which met with numerous objections. Merkel has been opposing by long time the idea of financing the debt of Greece by other countries, particularly by Germany. Merkel behaved so in fear of her party's election results, because the German taxpayers with an increasing reluctance opposed aid for the Greeks. German minister of economy said, however, that the ejection of Greece from the euro zone is impossible. In consideration to many economists Greeks will not be able to repay their obligations, most Greek bonds which were held by German banks should be written off. Germany has adopted a tough stance towards Greece and its problems with a huge budget deficit, impending bankruptcy of the country. Germany was the biggest beneficiary of the unified currency. Now it's bearing the greatest cost of saving a drowning partner. Billions of euros, which are pumped, are not guided by a means of noble conception of European solidarity, but a pragmatic concern about its banking system.
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Reyad, Hossain Mohammad, Mohd Ashhari Zariyawati, Tze San Ong, and Haslinah Muhamad. "The Impact of Macroeconomic Risk Factors, the Adoption of Financial Derivatives on Working Capital Management, and Firm Performance." Sustainability 14, no. 21 (November 3, 2022): 14447. http://dx.doi.org/10.3390/su142114447.
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This study examines macroeconomic risk factors to investigate how they affect working capital management (WCM) and, ultimately, firm performance. Additionally, we examine the effect of credit default swaps (CDSs) as a countermeasure for WCM in the presence of volatile macroeconomic risk factors. In doing so, we use firm-level data from the United States, the United Kingdom, Germany, and China between 2006 and 2020. The two-step system generalized method of moments (GMM) estimation method is employed to analyze the study′s objectives. Results show that US, German, and Chinese firms are more conservative, while UK firms are more aggressive in maintaining WCM during economic policy uncertainty. Conversely, foreign exchange risks drive the USA, the UK, and Chinese firms to lengthen their cash conversion cycle level due to fear of value loss, while the opposite is true for German firms. Nevertheless, following CDS adoption, firms are more confident in working capital (WC) investment. CDSs eliminate the need for delayed receivables and payables and increased inventory as safety stock for US, UK, and Chinese firms. Finally, CDS interaction shows that USA, UK, and German firms may boost their profitability by increasing account receivable periods to create more sales, reducing account payable periods, and holding more inventories to expedite sales operations. Alternatively, CDSs suggest an optimal level of WC investment for Chinese firms. As a result, governments should consider CDS adoption in policy decisions when business performance sinks due to macroeconomic volatility.
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Sandrock, Otto. "German and International Perspectives of the German Model of Codetermination." European Business Law Review 26, Issue 1 (February 1, 2015): 129–46. http://dx.doi.org/10.54648/eulr2015008.
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The German model of codetermination by the employees of a company bears two idiosyncrasies: Its extremely complicated nature and its uniqueness in the international setting. In this paper it is pointed out that in a comparative context, no other nation has a statute or statutes allowing for more codetermination by employees than the statutes just referred to. The German system of codetermination has some definite advantages and disadvantages, not only viewed form a German point of view, but also in an international context. Strikes occur less often in Germany than in other countries where codetermination is less prominent. During the global and European economic financial crisis of 2007-2012, codetermination facilitated cooperation between management and employees to overcome difficulties. On the other hand, employee representatives have abused their powers at times and the management of many companies feels constrained by codetermination when hard decisions which are desperately required for the economic success of their companies have to be taken, but these decisions are blocked by employee representatives. The paper considers these advantages and disadvantages before turning to the question of whether anything could be changed in the future. The conclusion is that change is hardly to be expected. For many decades, German trade unions have, for example, prevented SEs (Societas Europaea) from coming into existence. Now they flex their muscles to hinder the formation of SPEs (Societies Privata Europaea). They planned their strategy for decades and seem determined not to give away any of their powers. It is predicted that the situation will remain stagnate for the foreseeable future.
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Velte, Patrick. "Does CEO power moderate the link between ESG performance and financial performance?" Management Research Review 43, no. 5 (October 5, 2019): 497–520. http://dx.doi.org/10.1108/mrr-04-2019-0182.
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Purpose Based on stakeholder and upper echelons theory, this study aims to analyze whether the link between environmental, social and governance (ESG) performance and financial performance is moderated by chief executive officer (CEO) power. Design/methodology/approach Listed corporations with reference to the German two-tier system (HDAX and SDAX) for the business years 2010-2018 (775 firm-year observations) have been included. Fixed effects panel regression analysis was conducted to analyze the link between ESG performance (in total and its three pillars) and financial performance (ROA), with special reference to the interaction of a CEO power index. Findings While ESG performance has a positive impact on financial performance, the link is more pronounced by CEO power. Thus, in line with prior research on the one-tier system, CEO incentives can positively contribute to the CSR-business case in the German two-tier system. The results remain constant after conducting several robustness checks. Originality/value A key contribution to the empirical CSR literature can be stated, as the moderating role of CEO power in the ESG–financial performance link is rather neglected in prior studies. Thus, corporate governance and sustainability should be classified as interactive aspects for the business case of a successful stakeholder management.