Discussion Paper of the Institute for Organisational Economics 6/2016

Abfindungen für Vorstandsmitglieder
Empirische Untersuchung der Entsprechenserklärungen von CDAX-Unternehmen

Ute Schottmüller-Einwag
June 2016



Severance Payments for Members of the Management Board
Empirical Study of the Declarations of Conformity of Corporations Listed in the CDAX

This study examines the acceptance of the recommendation 4.2.3 para 4 sentence 1 German Corporate Governance Code by the corporations listed in the CDAX during the years 2010 until 2014. For this purpose the declarations of conformity of these corporations were examined, the rate of conformity and the rate of deviation were determined, the justifications for deviations were analysed and relations between the declaration of conformity or of deviation and other characteristics of a corporation were examined by binomial logistic regression analysis. More than 20 % of all corporations examined declared their deviation from this recommendation. Legal concerns were the most frequently stated reasons for deviating. A significantly positive relationship between declarations of conformity and affiliation to a certain segment and several indices can be shown. However, this result holds only for declarations of conformity. For declarations of deviation the impact is insignificant.