News in the field of corporate governance are almost daily features in the business press. Complaints about astronomical management salaries on one hand and concerns about manipulation-free financial reporting on the other take up considerable space. Jürgen Hagmüller examines the effectiveness of various corporate governance standards regarding the disclosure behavior of companies within an analytical framework. He analyzes the impact of stricter accounting standards and stock-based compensation components on the disclosure policies of companies. Additionally, he investigates whether and to what extent managers fulfill their disclosure obligations to the capital market and what consequences the inefficiencies highlighted in this analysis have on the market capitalization of companies. The results indicate that stock-based compensation contracts significantly influence disclosure practices.