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Wie sollte die Managementvergütung (nicht) reguliert werden? Ordnungspolitische Überlegungen zur Haftungsbeschränkung von und in Organisationen

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  • Pies, Ingo
  • Sass, Peter

Abstract

Walter Eucken hat die Institution der Haftungsbeschränkung radikal abgelehnt. Aus seiner Sicht war nur das Prinzip der Vollhaftung marktkonform. Diese Auffassung ist korrekturbedürftig, wie unter Rückgriff auf die moderne Mikroökonomik der Risikoallokation gezeigt wird: Zum einen kann es gemeinwohlförderlich sein, Organisationen per Rechtsform eine Haftungsbeschränkung zu gewähren. Und zum anderen kann es gemeinwohlförderlich sein, innerhalb von Organisationen zur Lösung von Prinzipal- Agent-Problemen zwischen Eigentümern und Management Anreizverträge zu vereinbaren, die den Managern – z.B. in Form von konvexen Vergütungsschemata – eine Art von Haftungsbeschränkung gewähren. Beides ist für das Innovationsverhalten von Unternehmen und mithin für die Dynamik einer Marktwirtschaft von großer Bedeutung. Die Hauptthese lautet, dass solche Haftungsbeschränkungen nicht interventionistisch, sondern durch eine Ordnungspolitik zweiter Ordnung reguliert werden sollten. Der Beitrag schließt mit Überlegungen zum Verhältnis von Ordnungspolitik und Ordnungsethik.

Suggested Citation

  • Pies, Ingo & Sass, Peter, 2011. "Wie sollte die Managementvergütung (nicht) reguliert werden? Ordnungspolitische Überlegungen zur Haftungsbeschränkung von und in Organisationen," Discussion Papers 2011-2, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    • Handle: RePEc:zbw:mlucee:20112
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    References listed on IDEAS

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