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.
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