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Die vorliegende kumulative Doktorarbeit umfasst drei Arbeiten aus dem Bereich der empirischen Rechnungslegungsforschung. Die erste Arbeit untersucht die Rolle persönlicher Eigenschaften von Rechnungslegungsstandardsetzern bei der Entwicklung der Internationalen Rechnungslegungsstandards IFRS. Sie dokumentiert, dass in den IFRS insgesamt ein Rückgang der Bedeutung von Prinzipien gegenüber Regeln sowie ein Anstieg der Bedeutung des beizulegenden Zeitwerts im Zeitablauf zu verzeichnen sind. Zwischen Änderungen von IFRS-Eigenschaften sowie beruflichen und kulturellen Eigenschaften von Mitgliedern des International Accounting Standards Board (IASB) wird ein Zusammenhang festgestellt. Die zweite Arbeit widmet sich Ursachen und Folgen fehlerhafter Finanzberichterstattung im Rahmen des deutschen Systems der Durchsetzung von Rechnungslegungsregeln. Sie findet systematische Unterschiede in der Unternehmensführung von Unternehmen, bei denen fehlerhafte Finanzberichte festgestellt werden, gegenüber einer Kontrollgruppe. Weitere Ergebnisse lassen die Vermutung zu, dass die Aufdeckung fehlerhafter Finanzberichte Verbesserungen in der unternehmensspezifischen Aufsicht über den Rechnungslegungsprozess auslösen könnte. Die dritte Arbeit nutzt umfangreiche Befragungsergebnisse deutscher Privatanleger zur Untersuchung der Ursachen ihres Unternehmensüberwachungsverhaltens. Demnach üben Anleger, die ein geringeres Vertrauen in andere Anspruchsgruppen eines Unternehmens haben, zugleich eine geringere Unternehmensüberwachung aus. Darüber hinaus dokumentiert die Arbeit, dass Vertrauen und Unternehmensüberwachung in einem Zusammenhang mit dem Ausmaß der Teilnahme am Aktienmarkt und dem Bildungshintergrund der Anleger stehen. / This cumulative doctoral thesis consists of three papers within the field of empirical financial accounting research. The first paper examines the role of personal characteristics of accounting standard setters in the development of the International Financial Reporting Standards (IFRS). It documents that the full set of IFRS exhibited a decrease in the importance of principles relative to rules and an increase in its fair value orientation over time. Changes in IFRS properties are found to be associated with the professional and cultural background of International Accounting Standards Board (IASB) members. The second paper investigates determinants and consequences of erroneous financial reporting under the German financial reporting enforcement regime. The corporate governance of firms detected with erroneous financial reporting is found to differ systematically from that of control firms. Further results suggest that error detection might trigger improvements in firm-level accounting oversight. The third paper uses large-scale survey evidence from German individual investors to explore the determinants of their monitoring behavior. Investors who are less trusting in their fellow stakeholders are found to engage in less monitoring. Furthermore, trust and monitoring are documented to be associated with the stock market exposure and the educational background of investors.

Text in English with abstracts in English, Sesotho and isiXhosa / The importance of investment information seeking cannot be overemphasised. Seeking information to support investment decision-making is a key component of every successful investment business. The literature review revealed that informed investors make greater use of accounting disclosures and non-earnings information in order to form more precise earnings expectations. By contrast, a lack of accurate investment information makes it difficult for investors to decide when to buy, hold or sell their investment. This study investigated information needs and seeking behaviour of black investors in the MTN Asonge scheme in Capricorn District of Limpopo Province. The study endeavoured to acquire understanding of investors’ information needs and how they seek information to support their investment decisions. To this end, a qualitative phenomenological research approach was followed. Purposive snowball sampling was applied to sample the study respondents who were later interviewed. Semi-structured, face-to-face interviews were conducted with six investors to collect data which were subsequently analysed thematically. The three types of information sources identified as core to investment decision-making include personal, online and printed information. The findings showed that although the majority of MTN Asonge investors were aware of different formats in which investment information is available, they did not use modern electronic information storing and retrieval strategies, such as conducting online internet searches to access information published on corporate websites. The respondents experienced various challenges when seeking investment information, opting to rely on personal sources such as friends, close relatives and colleagues. Furthermore, the investors appeared not to be aware of personal information sources such as investment advisors, information brokers, roundtables and one-on-one discussions. The study recommended intensive investor education as well as a comparative investigation of information seeking behaviour amongst other members of BEE investment schemes in South Africa. / Bohlokwa bja go nyaka tshedimošo ya peeletšo bo ka se gatelelwe go fetišiša. Go nyaka tshedimošo ya go thekga tšeo ya sephetho ke karolo ye bohlokwa ya kgwebo ye nngwe le ye nngwe ya peeletšo ye a atlegilego. Tshekatsheko ya dingwalo e utolotše gore babeeletši ba go ba le tsebo ba šomiša ka tshwanelo dikutullo tša tšhupamatlotlo le tshedimošo ye e sego ya go tsenya letseno, go bopa gagolo ditetelo tše itšeng tša letseno. Ka go le lengwe, tlhokego ya tshedimošo ya peeletšo ye e nepagetšego e dira gore go be boima go babeeletši go tšea sephetho sa gore ke neng mo ba rekago, swarelelago goba go rekiša peeletšo ya bona. Nyakišišo ye e nyakišišitše dinyakwa tša tshedimošo le mokgwa wa go nyaka tshedimošo ya babeeletši ba bathobaso ka gare ga sekema sa MTN Asonge ka seleteng sa Capricorn sa Profentshe ya Limpopo. Nyakišišo e lekile go hwetša kwešišo ya dinyakwa tša tshedimošo ya babeeletši le ka fao ba nyakang tshedimošo ya go thekga diphetho tša peeletšo ya bona. Go fihla mo, mokgwa wa khwalithethifi wa nyakišišo wa diponagalo o latetšwe. Go dira sampole ya koketšo ya nepo go šomišitšwe go dira sampole ya bakgathatema ba nyakišišo bao go boledišanwego nabo. Dipoledišano le batho ka o tee ka o tee tša dipotšišo tše di bulegilego di didirilwe ka babeeletši ba selela, go kgoboketša datha yeo morago e sekasekilwego ka tekanyetšo. Mehuta ye meraro ya methopo ya tshedimošo yeo e hlaotšwego bjalo ka ya motheo tšeong ya diphetho tša peeletšo e akaretša ya motho ka noši, onelaene le ya go gatišwa. Dikutullo di laeditše gore le ge bontši bja babeeletši ba MTN Asonge ba be ba lemoga mehuta ya go fapana yeo tshedimošo ya peeletšo e hwetšegago ka yona, ga se ba šomiše mekgwa ya sebjalebjale ya go hwetša le go lota tshedimošo ya ilektroniki, go swana le go dira diphuruphutšo tša inthanete tša onelaene go fihlelela tshedimošo ye e phatlaladitšwego diweposaeteng tša dikgwebo. Bakgathatema ba itemogetše ditlhohlo tša go fapana ge ba nyaka tshedimošo ya peeletšo, ba kgetha go tshepha methopo ya bona ka noši go swana le bagwera, maloko a kgauswi le bašomišane. Gape, babeeletši ba bonagetše ba sa lemoge methopo ya tshedimošo ya batho ka noši go swana le baeletši ba peeletšo, dientšente tša tshedimošo, dikopano le dipoledišano tša batho ka o tee ka o tee. Nyakišišo e šišintše thuto ya babeeletši ye e tseneletšego, le nyakišišo ya papetšo ka go mokgwa wa go nyaka tshedimošo magareng a maloko a mangwe a dikema tša peeletšo tša BEE ka Afrika Borwa. / Nkoka wa ku lava vuxokoxoko bya vuvekisi wu nga ka wu nga tsongahatiwi. Ku lavana na vuxokoxoko bya ku seketela ku endliwa ka swiboho hi vuvekisi i xiyenge xa nkoka swinene eka bindzu ra vuvekisi rin'wana na rin'wana ro humelela. Ku hlayiwa ka matsalwa swi kombe leswo vavekisi lava va nga na vutivi va tirhisa ngopfu ku paluxiwa ka vutivi hi swa malawulelo ya swa timali na vutivi lebyi byi nga vuyeseriku, ku endla leswo ku languteriwa vuvuyerisi byo kotlana swinene. Loko swi pimanisiwa, ku pfumaleka ka vutivi bya vuvekisi swi endla leswo swi nonon'hwa eka vavekisi ku endla swiboho loko va xava, va khoma kumbe ku xavisa vuvekisi bya vona. Dyondzo leyi yi endle vulavisisi hi swilaveko swa vutivi, na matikhomelo yo lava vutivi bya vavekisi va vantima eka xikimu xa MTN Asonge eka distriki ya le Capricorn eka xifundzhankulu xa Limpopo. Vulavisisi lebyi byi na xikongomelo xa ku kuma ku twisisa hi swilaveko swa vutivi eka vavekisi na leswo xana va byi lavisa ku yini vutivi ku seketela swiboho swa vona swa vuvekisi. Mayelana na leswi, ku landzeleriwe fambiselo ra ndzavisiso wa qualitative phenemenological. Ku tirhisiwe sampuli ya fambiselo ra purposeful snowball sampling ku kuma sampuli ya ndzavisiso hi vateka xiavo lava ku nga endliwa mabulu ya interview na vona. Ku endliwe ti-interview na vanhu hi wun'we wun'we leri vitaniwaka semi-structured interview, leswi nga endliwa na vavekisi va ntsevu, ku hlengeleta data, leyi endzhaku ka swona yi nga xopaxopiwa hi tinhlokomhaka to karhi. Minxaka minharhu ya swihlovo swa vutivi swi ve swi voniwa tani hi swa nkoka eka ku endla swiboho hi vuvekisi, ku nga leswi katsaka munhu xiviri, ku kuma vutivi eka inthanete (online) na leswi printiweke. Vuyelo lebyi kumiweke byi kombise leswo hambi loko vunyingi bya vavekisi va MTN Asonge a va twisisa hi tifomete to hambana laha ku kumekaku kona vuviti bya vuvekisi, vavekisi a va tirhisangi vutivi bya elektroniki lebyi hlayisiweke na maqhinga yo byi humesa vutivi bya kona, yo fana na ku secha eka online hi inthanete ku fikelela vutivi lebyi paluxiweke eka ti-website ta khampani. Lava nga hlamula swivutiso va ve na mintlhontlho yo hambana-hambana loko va lava vutivi bya vuvekisi, leswi nga endla leswo va tshembela eka vutivi bya vanhu xiviri, byo fana no byi kuma eka vanghana, va ndyangu na maxaka na vatirhikulobye. Ku ya emahlweni, vavekisi va kombisa ku kala ku twisisa hi swihlovo swa vuviti swo fana na vatsundzuxi hi swa vuvekisi, tibrokhara ta vutivi bya vuvekisi, tinhlengeletano ta vanhu to tsundzuxa na mabulu yo khoma na munhu hi wun'we wun'we. Dyondzo leyi ya ndzavisiso yi bumabumela leswo ku endliwa dyondzo ya vuvekisi, na tindlela to lava vutivi hi ku pimapimanisa eka swikimu swa BEE swa vuvekisi eAfrika Dzonga. / Information Science / M. Inf.

Corporate Governance hat einen radikalen Wandel in Europa seit den 1990er Jahren durchgemacht. Der Wandel ist konsolidiert und ist nun Teil des Rechts der modernen Aktiengesellschaften. Brasilianisches Recht wird immer durch die europäische Gesetzgebung inspiriert. Unsere Studie fragt, aus einer vergleichenden Sicht, ob sich das brasilianische Unternehmensrecht auf die europäische Corporate Governance bezieht. Wir konzentrieren uns in Europa auf das deutsche Recht, das englische Recht, das französische Recht und das europäische Recht. Unsere Analyse geht über die Herzen der Unternehmensführung und umfasst Teile, die dem Kapitalmarkt- und dem Umweltrecht angehören, da sie selbstverständlich auch eine Verbindung mit der Corporate Governance und dem Aktienrecht haben. Das Verständnis des Kerns der Unternehmensführung, welcher die Organisation der Verwaltungsorgane der börsennotierten Aktiengesellschaft ist, hängt von der Analyse der rechtlichen Behandlung von Neben-Themen, die aber verwandt sind, ab, wie die Regeln über die Haftung. / Corporate governance has undergone a radical change in Europe since the 1990s. Change has now consolidated and is part of the company law. Brazilian law has always been inspired by European legislation. Our study asks, from a comparative perspective, if the Brazilian corporate law relates to the European corporate governance. In Europe, we focus on German law, English law, French law and Community law. Our analysis goes beyond the heart of corporate governance and includes parts of capital markets law and environmental law, because they obviously also have a connection with corporate governance and company law. The understanding of the core of corporate governance, which is the organization of administrative bodies of the listed company on a regulated market, depends on the analysis of the legal treatment of incidental subjects, but related, as the regime of liability.

Gli aumenti di capitale iperdiluitivi causano rilevanti anomalie di mercato, soprattutto con riferimento ai diritti d’opzione, che sono spesso scambiati a un prezzo notevolmente inferiore rispetto al loro valore teorico. Come evidenziato nel Capitolo I, tali anomalie possono comportare un significativo annacquamento del valore dell’investimento, inducendo così gli azionisti a sottoscrivere le azioni offerte loro nonostante le prospettive reddituali dell’impresa avrebbero consigliato altrimenti (c.d. coazione a sottoscrivere). Al fine di trovare un adeguato equilibrio tra le esigenze di finanziamento dell’impresa e la necessità di tutelare adeguatamente gli investitori, l’ordinamento giuridico offre una pluralità di soluzioni. In quest’angolo visuale, il Capitolo II esamina il divieto di emettere nuove azioni al di sotto della parità contabile (art. 47, Direttiva (EU) 2017/1132) quale limite ex ante alla diluizione massima del valore della partecipazione azionaria, così di ridurre il rischio di comportamenti opportunistici. Similmente, nel Capitolo III si discute della funzione assolta in tali operazioni dalla responsabilità degli amministratori ex art. 2395 c.c. e ci si interroga se - nelle società quotate - l’illiquidità del mercato dei diritti di opzione costituisca un’ipotesi rilevante ai sensi dell'art. 2441, comma 5, c.c., così che tutte le nuove azioni debbano essere emesse al loro valore “reale” (co. 6). / In publicly traded companies, highly dilutive rights issues create market anomalies throughout the whole offer period, especially with respect to rights prices, which quote considerably below their fair value. As pointed out in Chapter I, these anomalies could cause severe losses to non-subscribing shareholders, inducing them to take part in the operation even if financial perspectives of the company would have suggested otherwise (= enforced subscription mechanism). In order to strike a proper balance of enabling companies to raise new capital while simultaneously protecting investors, company law provides an array of regulatory strategies. In this respect, Chapter II analyzes the prohibition on issuing new shares below par value (art. 47, Directive (EU) 2017/1132) as a means to limit the dilution that can be imposed on non-subscribing shareholders, thus hindering opportunistic behaviors. Similarly, Chapter III examines the function and the contents of managers’ liability to investors (art. 2395 Italian c.c.) and discusses whether, in these operations, the illiquidity of rights’ market can be regarded as a restriction of their pre-emption right, imposing that new shares are always issued at their “real” value (art. 2441, par. 5 - 6, Italian c.c.).