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Mögliche Einflüsse von Corporate Governance auf den Unternehmenswert

Mögliche Einflüsse von Corporate Governance auf den Unternehmenswert

          
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Diplomarbeit aus dem Jahr 2006 im Fachbereich BWL - Investition und Finanzierung, Note: 1,00, Universität Hamburg (Lehrstuhl für ABWL mit Schwerpunkt Finanzierung/Investition), Sprache: Deutsch, Abstract: Ein wichtiger Grund für das gestiegene Interesse an guter Corporate Governance ist eine nicht unumstrittene Generalthese, dass Unternehmen mit guter Corporate Governance eine bessere Kapitalmarktbewertung erfahren als Unternehmen mit schlechter Corporate Governance. Ausgehend von dieser Problemstellung wurden drei Arbeitshypothesen erarbeitet. (1) Untersuchungshypothese: Zwischen der Güte der Corporate Governance eines Unternehmens und seinem dazugehörigen Unternehmenswert besteht ein positiver Zusammenhang. (2) Erste Erklärungshypothese: Zwischen der Güte der Corporate Governance eines Unternehmens und dessen Cashflows besteht ein positiver Zusammenhang. (3) Zweite Erklärungshypothese: Zwischen der Güte der Corporate Governance eines Unternehmens und dessen Kapitalkosten besteht ein negativer Zusammenhang. Im ersten Hauptteil dieser Arbeit wurden die drei Arbeitshypothesen auf einer analytischen Ebene bearbeitet. Dies erfolgte an Hand eines einfachen CG-Modells, das mit Hilfe der optimalen Monitoringaktivität drei Eigenschaften aufzeigen und beweisen konnte, bei denen eine Zunahme der unternehmensspezifischen CG-Qualität direkt zu tieferen Monitoringkosten, indirekt zu tieferen Residualkosten und insgesamt zu tieferen Agencykosten führte. Infolge dieser Ergebnisse konnte die Untersuchungshypothese direkt am CG-Modell positiv getestet werden. Die erste Erklärungshypothese wurde zur Testung am Modell angepasst und u.a. mit einer Erfolgsinterpretation der Aktienrendite begründet. Nach der erfolgten Anpassung konnte sie ebenfalls am CG-Modell bestätigt werden. Die zweite Erklärungshypothese konnte mit Hilfe eines erweiterten CAPM in Anlehnung an Lombardo/Pagano (2000) ebenfalls am CG-Modell bestätigt werden. Aufgrund der sehr restriktiven und vereinfachten Anna


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Product Details
  • ISBN-13: 9783638675901
  • Publisher: Grin Verlag
  • Publisher Imprint: Grin Verlag
  • Height: 210 mm
  • No of Pages: 110
  • Series Title: German
  • Weight: 154 gr
  • ISBN-10: 3638675904
  • Publisher Date: 27 Jul 2007
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 7 mm
  • Width: 148 mm


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