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Corporate Governance and Shareholder Value in Deutschland

Author

Listed:
  • Jürgens, Ulrich
  • Rupp, Joachim
  • Vitols, Katrin
  • Jäschke-Werthmann, Bärbel
Abstract
Deutschland wird häufig als klassisches Beispiel einer Ökonomie herangezogen, die nicht am Shareholder Value orientiert ist. Die produktionistische, langfristige und auf Konsens gerichtete Orientierung hier wurde oft als Gegenmodell zum „angelsächsischem Ansatz“ herangezogen. Der Einfluss von Aktionären, die am Shareholder Value orientiert sind, und die Bedeutung des Aktienmarktes sind in Deutschland traditionell gering. Es gibt allerdings Anzeichen eines Wandels. In diesem Diskussionspapier beschreiben wir einige dieser Anzeichen und versuchen die Dynamik des Veränderungsprozesses nachzuvollziehen. Wir zeigen auf, dass die begrenzte Bedeutung des Aktienmarktes für die Unternehmensfinanzierung und die Vermögensanlage der privaten Haushalte nur eine sehr schmale Basis für eine Shareholder-Value-Ökonomie in Deutschland schafft. Die tragenden Säulen des deutschen Systems des Corporate Governance – die dominierende Rolle der Banken, das System der Mitbestimmung und das unternehmenszentrierte Managementsystem – bröckeln noch nicht. Veränderungen in Richtung einer verstärkten Shareholder- Value-Orientierung sind deshalb begrenzt. Die Übernahme von Mannesmann durch Vordafone im Frebruar 2000 wurde von vielen Beobachtern als Signal für das Ende der „Deutschland AG“ angesehen. Die Veränderungen in dem deutschen System der Corporate Governance sind damit viel schneller verlaufen, als wir im obigen Paper vermutet haben. In einem Postscript werden daher vor dem Hintergrund der jüngsten Entwicklungen die zentralen Einschätzungen des Papers noch einmal überprüft.

Suggested Citation

  • Jürgens, Ulrich & Rupp, Joachim & Vitols, Katrin & Jäschke-Werthmann, Bärbel, 2000. "Corporate Governance and Shareholder Value in Deutschland," Discussion Papers, Research Unit: Regulation of Work FS II 00-202, WZB Berlin Social Science Center.
    • Handle: RePEc:zbw:wzbreg:fsii00202
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    References listed on IDEAS

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    Cited by:

    1. Teipen, Christina, 2006. "Arbeit und Beschäftigung in kreativen Industrien: Entwicklungen in der Computerspielindustrie in Deutschland, Schweden und Polen," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2006-301, WZB Berlin Social Science Center.
    2. Jens Grundei & Till Talaulicar, 2002. "Company Law and Corporate Governance of Start-ups in Germany: Legal Stipulations, Managerial Requirements, and Modification Strategies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 6(1), pages 1-27, March.
    3. Kindermann, Daniel, 2009. "Why do some countries get CSR sooner, and in greater quantity, than others? The political economy of corporate responsibility and the rise of market liberalism across the OECD: 1977-2007," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2009-301, WZB Berlin Social Science Center.
    4. Detzer, Daniel, 2019. "Financialization made in Germany: A review," IPE Working Papers 122/2019, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    5. Jürgens, Ulrich & Krzywdzinski, Martin, 2006. "Globalisierungsdruck und Beschäftigungssicherung: Standortsicherungsvereinbarungen in der deutschen Automobilindustrie zwischen 1993 und 2006," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2006-303, WZB Berlin Social Science Center.
    6. Deeg, Richard, 2001. "Institutional change and the uses and limits of path dependency: The case of German finance," MPIfG Discussion Paper 01/6, Max Planck Institute for the Study of Societies.
    7. Jürgens, Ulrich & Krzywdzinski, Martin, 2007. "Zukunft der Arbeitsmodelle in Polen. Institutionelle Entwicklungen und Strategien transnationaler Unternehmen der Automobilindustrie," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2007-301, WZB Berlin Social Science Center.
    8. Jürgens, Ulrich & Rupp, Joachim, 2002. "The German system of corporate governance: Characteristics and changes," Discussion Papers, Research Unit: Regulation of Work FS II 02-203, WZB Berlin Social Science Center.
    9. Streeck, Wolfgang, 2001. "The transformation of corporate organization in Europe: An overview," MPIfG Working Paper 01/8, Max Planck Institute for the Study of Societies.
    10. Lippert, Inge, 2008. "Perspektivenverschiebungen in der Corporate Governance: Neuere Ansätze und Studien der Corporate-Governance-Forschung," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2008-302, WZB Berlin Social Science Center.
    11. Elsas, Ralf & Krahnen, Jan Pieter, 2003. "Universal Banks and Relationships with Firms," CFS Working Paper Series 2003/20, Center for Financial Studies (CFS).
    12. Gregory Jackson, 2016. "Toward a Conceptual Framework for Understanding Institutional Change in Japanese Capitalism: Structural Transformations and Organizational Diversity," Working Papers halshs-01643921, HAL.

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