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Kapitalmarktwirkungen der Berichterstattung zur Unternehmensleistung

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  • Martin Wallmeier

    (Universität Fribourg)

Abstract

Zusammenfassung Dieser Beitrag blickt zurück auf 40 Jahre Forschung zur Wertrelevanz der Unternehmensberichterstattung und speziell zum Zusammenhang von Gewinnen und Aktienrenditen. Die empirischen Studien verdeutlichen spannungsfelder, die das Verhältnis von Rechnungslegung und Kapitalmarktbewertung prägen. Einerseits spielen Gewinne im Informationssystem von Unternehmen eine zentrale Rolle, und die Informationsvermittlung bildet das zentrale Ziel der internationalen Rechnungslegung; andererseits erklären Gewinnmitteilungen nur einen kleinen Teil der beobachteten Aktienrenditen, und die tatsächliche Rechnungslegung ist durch den Konflikt zwischen Relevanz und Zuverlässigkeit in der informationsvermittlung beschränkt. Unternehmensvertreter scheinen verbreitet von einem kurzsichtigen, einseitig auf den aktuellen Gewinn ausgerichteten Kapitalmarkt auszugehen, während die empirische Evidenz ein anderes Bild ergibt. Aus diesen spannungsfeldern heraus ist kritisch zu hinterfragen, was eine zweckmäßige Kapitalmarktorientierung auszeichnet. Sie impliziert nach der hier vertretenen Auffassung keine Abkehr von Objektivierungsgrundsätzen der Rechnungslegung und bedeutet auch nicht, dass sich Unternehmen passiv an vermeintliche Forderungen der Kapitalmarktteilnehmer anpassen sollten.

Suggested Citation

  • Martin Wallmeier, 2009. "Kapitalmarktwirkungen der Berichterstattung zur Unternehmensleistung," Schmalenbach Journal of Business Research, Springer, vol. 61(2), pages 212-224, March.
    • Handle: RePEc:spr:sjobre:v:61:y:2009:i:2:d:10.1007_bf03372820
    DOI: 10.1007/BF03372820
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    More about this item

    Keywords

    G14; M41; M48;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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