Environmental and Social Concerns of Stakeholders and Corporate Governance in Germany

摘要

This study explores the overall effects of corporate governance practices and features of board effectiveness on the environmental and social (ES) concerns of stakeholders in Germany. The research presents ES concerns through ES indices. The study uses the data of listed firms in Germany for the period 2004-2017. The study finds that overall measurement of corporate governance in firms in Germany decreases the ES concerns of stakeholders. However, when various features of corporate boards are used as measures of corporate governance, it finds that if the chairman is an ex-CEO, there are significantly higher ES concerns for stakeholders in Germany.