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Aktienrückkäufe und Effizienz der Aufsichtsratsarbeit: Bestandsaufnahme, Bewertung und Auswirkungen von Aktienrückkaufprogrammen der DAX 30-, MDAX-, SDAX- sowie TecDAX-Unternehmen auf die Arbeit der Arbeitnehmervertretung in Aufsichtsräten

Author

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  • Sendel-Müller, Markus

Abstract

Das Instrument "Aktienrückkauf" gewinnt in Deutschland immer mehr an Bedeutung. Damit folgen die Vorstände von in Deutschland börsennotierten Gesellschaften einem internationalen Trend. Der Aufsichtsrat einer Aktiengesellschaft in Deutschland als Beratungs- und Kontrollorgan sollte die Wirkungen von Aktienrückkaufprogrammen auf das Unternehmen einschätzen und bewerten können, insbesondere, da die ausgeschüttete Liquidität dem Unternehmen nicht mehr für Investitionszwecke zur Verfügung steht.Diese Studie bietet für die Aufsichtsratstätigkeit einen umfassenden Einblick, in dem es die Effekte bei Rückkäufen verdeutlicht und zudem, auf Grundlage der Studienergebnisse, auf Verbesserungspotentiale der gesetzlichen Rahmenbedingungen hinweist.

Suggested Citation

  • Sendel-Müller, Markus, 2009. "Aktienrückkäufe und Effizienz der Aufsichtsratsarbeit: Bestandsaufnahme, Bewertung und Auswirkungen von Aktienrückkaufprogrammen der DAX 30-, MDAX-, SDAX- sowie TecDAX-Unternehmen auf die Arbeit der A," Study / edition der Hans-Böckler-Stiftung, Hans-Böckler-Stiftung, Düsseldorf, volume 127, number 237, March.
    • Handle: RePEc:zbw:hbsedi:237
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    References listed on IDEAS

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    1. Skinner, Douglas J., 2008. "The evolving relation between earnings, dividends, and stock repurchases," Journal of Financial Economics, Elsevier, vol. 87(3), pages 582-609, March.
    2. Jagannathan, Murali & Stephens, Clifford P. & Weisbach, Michael S., 2000. "Financial flexibility and the choice between dividends and stock repurchases," Journal of Financial Economics, Elsevier, vol. 57(3), pages 355-384, September.
    3. Eckhard Hein & Till van Treeck, 2008. "Finanzmarktorientierung - ein Investitions- und Wachstumshemmnis?," IMK Report 26-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
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