Ausgestaltung und Enforcement in der Finanzberichterstattung

Steadily increasing publication requirements during recent decades have not only led to a considerable increase in associated costs for the companies in question, but it is also questionable which information is actually required for a substantiated investment decision—and thus for efficient capital allocation in capital markets.

In line with these developments, this study examines the three current regulatory scenarios:
• the reduction of the requirements for quarterly reporting,
• the obligation to publish directors’ dealings and
• the enforcement of accounting standards within the two-tier external enforcement system

and their interaction in terms of information provided by listed companies on the one hand and information processing by investors on the other in the capital market. The results show ways to simplify existing capital market regulations without jeopardising investor protection.