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Does governance as an essential element of Esg impact stock performance - an empirical study of the status quo of corporate governance in Germany
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This research paper investigates the effects of Corporate Governance on shareholder returns in
Germany. The research enhances the current literature landscape on the German investment
market by examining unique contextual factors influencing the relationship between Corporate
Governance ratings and shareholder performance. The study applied a Random Effects Model
to a sample of DAX40 companies between 2014 and 2022. The results suggest a modest impact
of governance ratings on shareholder returns in Germany. The research, aligned with present
literature, implies that German companies remain under stakeholder control and focus their
governance activities on stakeholder rather than shareholder value maximization.
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Palavras-chave
Esg Shareholder performance Governance Stock market Board of directors Dax40