Finance, Accounting and Corporate Governance
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 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.
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.
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.
From November 30 to December 1, 2018, in the year of the 120th anniversary of HHL Leipzig Graduate School of Management, we invite corporate governance scholars from around the world to join us for a 1 ½-day academic Workshop on Corporate Governance and the Capital Allocation Process Within Society aiming to discuss current issues of corporate governance and how addressing these issues may improve efficiency of allocating capital within society to its most valuable uses.
The conference language will be English. The conference will take place at HHL Leipzig Graduate School of Management (Schmalenbach Building) in Leipzig, Germany.