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Agency-Theorie und die Steuerung von Geschäftsführern: Paradebeispiel oder Problemfall?

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  • Gedenk, Karen

Abstract

Die Steuerung von Geschäftsführern wird häufig als Paradebeispiel für die Anwendung der Agency-Theorie behandelt. Auf der Grundlage zweier empirischer Untersuchungen mit Geschäftsführern und Aufsichtsorganen wird in diesem Beitrag argumentiert, daß es sich eher um einen Problemfall handelt. Zunächst werden drei unrealistische Annahmen der Agency-Theorie herausgearbeitet. Diese betreffen die Motive von Geschäftsführern, die Meßbarkeit des Erfolgs von Geschäftsführern sowie die Wirkungsweisen finanzieller Anreize. Am Beispiel des Zusammenhangs von Überwachung der Geschäftsführung durch das Aufsichtsorgan und variabler Vergütung von Geschäftsführern wird gezeigt, daß sich bei einer Korrektur dieser Annahmen eine der Agency-Theorie widersprechende Hypothese ergibt. Während die Agency-Theorie von einer substitutiven Beziehung der beiden Steuerungsinstrumente ausgeht, werden hier Argumente für ihre Komplementarität aufgezeigt. Befunde der standardisierten empirischen Untersuchung unterstützen die Vermutung eines positiven Zusammenhangs.

Suggested Citation

  • Gedenk, Karen, 1996. "Agency-Theorie und die Steuerung von Geschäftsführern: Paradebeispiel oder Problemfall?," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 422, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    • Handle: RePEc:zbw:cauman:422
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    References listed on IDEAS

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    1. Lea,Stephen E. G. & Tarpy,Roger M. & Webley,Paul M., 1987. "The Individual in the Economy," Cambridge Books, Cambridge University Press, number 9780521317016, November.
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