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Finanzialisierung und Investitionsverhalten von Industrie-Aktiengesellschaften in Österreich

Author

Listed:
  • Predrag Ćetković
  • Engelbert Stockhammer
Abstract
Der Artikel untersucht die Auswirkungen der Finanzialisierung auf die Investitionen der Aktiengesellschaften des Industriesektors in Österreich. Die Untersuchung erfolgte für den Zeitraum 1996-2006 im Rahmen einer Panel-Daten-Analyse. Bezüglich der Finanzialisierung wurden zwei Hypothesen untersucht. Erstens führen steigende Einnahmen aus Finanzanlagen dazu, dass vermehrt Finanzinvestitionen und weniger Realinvestitionen getätigt werden. Dies ergibt sich aus einer zunehmenden Profitorientierung des Unternehmensmanagements. Zweitens haben auch die gestiegenen Ausschüttungen der Profite eine sinkende Anschaffung von physischen Anlagen zur Folge, da durch diese Zahlungen weniger interne Mittel zur Finanzierung der Investitionen vorhanden sind. Bei den österreichischen Aktiengesellschaften zeigt sich, dass – wenn auch etwas später als in angelsächsischen Ländern – sowohl die Finanzeinkommen als auch die Finanzzahlungen stark angestiegen sind. Den ökonometrischen Ergebnissen nach konnte für beide Wirkungsweisen ein negativer Einfluss festgestellt werden. Die statistische Signifikanz beider Effekte liegt jedoch knapp unter den üblichen Grenzen. Für die ökonomischen Auswirkungen der geschätzten Effekte ergibt sich, dass sowohl die Finanzeinnahmen als auch die Finanzzahlungen, beide im Verhältnis zur Bilanzsumme, für jeweils ein Fünftel der Abnahme der Sachanlagenzugänge im Verhältnis zur Bilanzsumme verantwortlich sind.

Suggested Citation

  • Predrag Ćetković & Engelbert Stockhammer, 2010. "Finanzialisierung und Investitionsverhalten von Industrie-Aktiengesellschaften in Österreich," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 36(4), pages 453-479.
    • Handle: RePEc:clr:wugarc:y:2010v:36i:4p:453
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    References listed on IDEAS

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