Entwicklung der Risiko- und Prognoseberichterstattung am deutschen Kapitalmarkt

To decrease information gaps between accounted equity and firm value the management forecast- and risk reporting is of great importance according to the agency and communication theory. The present study gives an overview about the normative development of the management reporting. Earlier reforms of the German legislator and the principles of management reporting can only partially limit the discretions by drawing up the forecast and risk report. The central focus of the following meta-analysis lies on measuring the quantity, quality and influence factors of forecast and risk reports at the German capital market during the business years 2000?C2009. The management intention of a precise forecast- and risk reporting, which can be explained by the Blackwell theorem and the Unraveling principle, is mainly not realized. The main influence factors on forecast and risk reporting are firm size, the index notation and the industry. In fact of reporting gaps we discuss the normative development of management reporting in Germany with regard to the management commentary of the IFRS, the management??s discussion & analysis (MD&A) of the US-GAAP and the potential implementation of certain rules of DRS 5 and DRS 15 into German commercial law.