Corporate Governance

(German: Grund­sätze der Unter­neh­mens­füh­rung) refers to the regu­la­tory frame­work for the manage­ment and super­vi­sion of compa­nies. The regu­la­tory frame­work is largely deter­mi­ned by legis­la­tors and owners. In prin­ci­ple, incom­plete contracts and diffe­rent inte­rests offer stake­hol­ders oppor­tu­ni­ties as well as moti­ves for oppor­tu­ni­stic beha­vior. Corpo­rate gover­nance regu­la­ti­ons have the task of limi­ting the scope and moti­va­tion of actors for oppor­tu­ni­stic beha­vior by means of suita­ble legal and factual arrangements.