Center for Corporate Governance (CCG)

Research center for the challenges of good governance


Academic Group at HHL

Finance, Accounting and Corporate Governance

Academic Board

Prof. Dr. Marc Steffen Rapp
Prof. Christian Strenger
Prof. Dr. Michael Wolff

Center Manager

Kati Roleder

Research Associate

Johannes Beyenbach


International Corporate Governance (MBA program)
International Corporate Governance (M.Sc. program)
International Corporate Governance (Doctoral program)

Research Areas

Performance relevance of corporate governance
Governance ratings and scoring systems
Corporate governance in emerging markets


Deutsche Asset & Wealth Management Investment GmbH
E&Y Wirtschaftsprüfungsgesellschaft


IFC Global Corporate Governance Solutions Program
Center for Corporate Transactions (CCT), HHL Leipzig Graduate School of Management, Germany
Chair of Management and Controlling, Georg-August-Universität Göttingen, Germany
Institute of Management Accounting, Philipps-Universität Marburg, Germany
Zeitschrift für Corporate Governance (ZCG) (German corporate governance journal)



The Center for Corporate Governance was established in April 2010 and is one of HHL’s established focal points in research and education. In its work, it also aims to achieve practical relevance.

The Center is under the direction of an academic board consisting of Prof. Dr. Marc Steffen Rapp (Philipps-Universität Marburg), Prof. Christian Strenger (Frankfurt) and Prof. Dr. Michael Wolff (Georg-August-Universität Göttingen).

The Center’s research deals with questions related to the relevance of good governance to performance, diversity and the development of corporate governance in emerging countries. Prof. Christian Strenger, co-director of the Center and member of the German Corporate Governance Commission and numerous supervisory boards, explains the CCG activities: “Apart from research and education especially in the area of corporate governance and performance, targeted events promote professional exchange between research and practice.”

The CCG cooperates with national and international entitites (including the IFC Global Corporate Governance Solutions Program). It is supported by Deutsche Asset & Wealth Management Investment GmbH and E&Y Wirtschaftsprüfunggesellschaft.


Courses of the Center for Corporate Governance offer students an in-depth understanding of theoretical corporate governance concepts and their application in different regulatory systems, which have become an increasingly important issue of economic research as well as the public debate. In all courses of the CCG, real cases and large scale empirical research papers are the framework for discussions on various corporate governance issues, e.g. executive compensation, responsibilities and role of corporate boards, and governance codes of best practice. For HHL’s doctoral program the CCG offers a course that enhances the students' understanding of corporate governance by becoming familiar with contemporary research methods in the field of corporate governance research.

Course List

  • Corporate Governance (MBA program)
  • Corporate Governance (M.Sc. program) 
  • Corporate Governance (Doctoral program)


Compliance with Corporate Governance Codes
After the corporate scandals in the nineties, several codes of good governance have been established around the world. These codes then became a central element in the public discussion of governance issues of listed companies. This project analyzes the acceptance level of the German Corporate Governance Codes among large, German listed companies.

Code Compliance Study

The Code Compliance Study examines annually the acceptance level of the current version of the German Corporate Governance Code (GCGC) within DAX and MDAX firms. The study analyzes overall compliance, as well as the firms’ compliance behavior on the level of 'Shall'-Recommendations and 'Should'-Suggestions. In addition, the study examines the firms' governance quality based on four specially constructed governance indices that represent the key areas of governance (transparency, monitoring/control, incentives and diversity). Moreover, compliance behavior with respect to GCGC's suggestions as well as the relationship between firm characteristics and compliance levels is analyzed. Overall, the study presents a broad and comprehensive view on code compliance behavior of German listed firms.

List of Studies

2016  2015  2014   2013   2012   2011

Cross-Border Voting and the Securities Law Directive

Current regulatory initiatives have created a difficult situation for institutional investors that are obliged to vote but are unable to do so due to severe hindrances in the present chain method for cross border voting. A suitable framework in form of a voting platform is proposed and analyzed how legislators and regulators can support such a voting platform to enable investors to exercise their voting rights.

The Compliance with the German Corporate Governance Code of Family Controlled Firms

Among listed companies, family ownership, or high influence and control remain relevant topics - especially in Germany. However, the public debate about regulation of corporate governance mostly builds on the paradigm of the widely held firm. This project analyzes whether and to what extent family firms are willing to adopt best-practice rules proposed by the German Corporate Governance Code.

A Paradoxon of Policy Intervention: The Case of the German Tax Reduction Act and its Counterproductive Effects
The German Tax Reduction Act of 2000 abolished the taxation of capital gains from book profits resulting from equity holdings in order to encourage banks, insurances and other investors to sell low yielding equity stakes and to broaden the share ownership structure in Germany. Contrary to the key political intentions of the policy makers, the tax reform led to more concentrated ownership. This unintended development in equity ownership concentration, however, led to a positive impact on firm value. According to our theoretical model, this value creating effect is attributed to a favorable reshuffling of agency costs.

Knowledge Transfer

In collaboration with the IFC's Global Corporate Governance Forum the Center will host a conference to bring together representatives from academia, development institutions and institutional (public) investors to discuss the question of how good corporate governance can become a competitive advantage in emerging markets.

The conference will be followed by the 5th International Conference on Corporate Governance in Emerging Markets, organized by the IFC Corporate Governance Group, Sabanci University Corporate Governance Forum and the Center for Corporate Governance at HHL. The conference series is an undertaking of EMCGN (Emerging Markets Corporate Governance Research Network) chaired by Prof. Stijn Claessens of University of Amsterdam and IMF.

2014: Acedemic Pre-Meeting for the 2014 ICGN Conference

The center co-organized and supported the ICGN 2014 Academic Pre-Meeting, which was a joint initiative with the Nyenrode Corporate Governance Institute (NCGI) in the Netherlands. The Academic Pre-Meeting took place prior to the ICGN Annual Conference 2014 in Amsterdam, as an opportunity for scholars to enhance the quality and impact of their work, by meeting with practitioners and exchanging ideas and information with insiders from the institutional investment field.

2012: Conference on Key Corporate Governance Issues in Emerging Markets

The Center in collaboration with the IFC's Global Corporate Governance Forum, brought together senior representatives from academia, development institutions, companies and investors to provide a future-oriented assessment of the governance situations in three important regions of the world - Africa, Asia and Southern Europe.

2011: 12th Workshop on Corporate Governance and Investment

More than fifty academics from more than a dozen countries presented and discussed the most recent developments of Corporate Governance Research and its implications for politics and society during this workshop, organized by the CCG in 2011. Also with regard to the financial crisis, this workshop shed more light on recent questions of corporate governance and managerial behavior. This format has been proven to be of high value for the participants of the past conferences, which took place inter alia in Cambridge (2007), Istanbul (2008), Copenhagen (2009) and Barcelona (2010).


Prof. Dr. Marc Steffen Rapp
Academic Director
T +49 341 9851-875
F +49 341 9851-876
Prof. Christian Strenger
Academic Director
T +49 341 9851-875
F +49 341 9851-876
Prof. Dr. Michael Wolff
Academic Director
T +49 341 9851-875
F +49 341 9851-876
Dipl.-Medienwiss. Kati Roleder
Center Manager / Project Coordinator
T +49 341 9851-875
F +49 341 9851-876
Johannes Beyenbach
Research Associate
T +49 341 9851-877
F +49 341 9851-876

Accreditation & Rankings

Among the leading EMBA
programs worldwide

Top 3 in Germany

#6 for salaries worldwide

Top 5 in Germany

Favorite business school
in Germany