04677oam 22010574 450 991078823330332120230721045623.01-4623-4469-01-4527-0468-697866128413091-4518-7037-X1-282-84130-0(CKB)3170000000055077(EBL)1607959(SSID)ssj0000944130(PQKBManifestationID)11503322(PQKBTitleCode)TC0000944130(PQKBWorkID)10982383(PQKB)10631510(OCoLC)466441313(MiAaPQ)EBC1607959(IMF)WPIEE2008179(EXLCZ)99317000000005507720020129d2008 uf 0engtxtccrGermany’s Corporate Governance Reforms : Has the System Become Flexible Enough? /Jürgen OdeniusWashington, D.C. :International Monetary Fund,2008.1 online resource (21 p.)IMF Working PapersDescription based upon print version of record.1-4519-1490-3 Contents; I. Introduction; II. Germany's Corporate Governance System; A. The Hallmarks of the System; Figure; 1. Equity Market Characteristics; B. Corporate Governance Reform: An Overview; III. The Effectiveness of Internal Control Mechanisms; Box; 1. The Societas Europea-A Step Towards More Flexible Corporate Governance?; IV. Conflict of Interest: Self-Dealing; V. External Control Mechanisms: The Market for Corporate Control; VI. Conclusions; ReferencesThis 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 either system, this article raises the important question whether these reforms created sufficient flexibility for the market to optimize its corporate governance structure within well established social and legal norms. It concludes that there is scope for enhancing flexibility in three core areas, relating to (i) internal control mechanisms, especially the flexibility of board structures; (ii) self-dealing; and (iii) external control, particularly take-over activity.IMF Working Papers; Working Paper ;No. 2008/179Corporate governanceGermanyCorporate governanceFinance: GeneralimfMacroeconomicsimfPublic FinanceimfCorporate GovernanceimfCorporate Finance and Governance: Government Policy and RegulationimfLabor Economics: GeneralimfTaxation, Subsidies, and Revenue: GeneralimfGeneral Financial Markets: General (includes Measurement and Data)imfCorporate governanceimfrole & responsibilities of boards & directorsimfLabourimfincome economicsimfPublic finance & taxationimfFinanceimfLaborimfInternal controlsimfLegal support in revenue administrationimfCapital marketsimfLabor economicsimfRevenueimfCapital marketimfGermanyimfCorporate governanceCorporate governance.Finance: GeneralMacroeconomicsPublic FinanceCorporate GovernanceCorporate Finance and Governance: Government Policy and RegulationLabor Economics: GeneralTaxation, Subsidies, and Revenue: GeneralGeneral Financial Markets: General (includes Measurement and Data)Corporate governancerole & responsibilities of boards & directorsLabourincome economicsPublic finance & taxationFinanceLaborInternal controlsLegal support in revenue administrationCapital marketsLabor economicsRevenueCapital market658.4Odenius Jürgen1485172DcWaIMFBOOK9910788233303321Germany’s Corporate Governance Reforms3704162UNINA