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First, our study is limited to 700 firm-year observations collected from 2002 to 2008 from German listed firms.
I use a sample of individual auditors of German listed non-financial enterprises signing audit opinions and match their names with their individual tax-related qualifications (information provided by the German Chamber of Public Accountants (WPK)).
This holds especially as it can be assumed that German listed companies will use their individual German GAAP statements primarily for tax reasons because capital market relevant information is already provided by IFRS consolidated statements (Zinn and Spengel 2012).
In this competition, annual reports of listed firms are subject to a comprehensive content analysis based on more than 300 items referring to the overall annual financial reporting package of German listed firms (Baetge 1992).
That will mean that at 17 of the top 30 German listed companies, the chairman of the supervisory board is a former chief executive.A government-sponsored body, the Cromme Commission, published a code of corporate governance in May 2003, and recommended that a maximum of two former executives should sit on a company's supervisory board.
I construct a sample of German listed companies from non-financial industries from 2008 to 2014.
Similar(49)
An East German listing of Nazis published in 1965 listed him as "confidential agent of Nazi General Gehlen".
The German list also has strong themes of self-improvement and of self-assertiveness running through it.
Two books from J.K. Rowling's masterwork—"Harry Potter and the Goblet of Fire" and "Harry Potter and the Philosopher's Stone"—are bestsellers in Italy, while the four books claim all the top places on the German list.
In the German list, J.R.R. Tolkien's fantasy classic, "The Lord of the Rings", has conjured its way in at number ten, perhaps in the wake of Tolkienish Harry Potter, which dominates the top four slots.
"The German list was much shorter than the ones for France or Italy," sniffs a DB spokesman.On balance that is right: Germany comes out well on railway liberalisation when compared with other European countries.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com