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Geschäftsmodelle und nationale Institutionen: Ein Vergleich britischer und deutscher Neuemissionen aus der IT-Service- und Softwareindustrie 1996-2002

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  • Engelhardt, Lutz

Abstract

Der Begriff des Wachstumsunternehmens steht für eine der wichtigsten industriepolitischen Weichenstellungen im Deutschland der 90er Jahre. Um die Innovations- und Wachstumseffekte des typischen Hightech-Unternehmens des Silicon Valleys erschließen zu können, wurde versucht, institutionelle Rahmenbedingungen nach angelsächsischem Vorbild zu schaffen. Investitionsbeihilfen an Wagniskapitalgeber, die Einrichtung eines Wachstumssegmentes an der Frankfurter Börse – der Neue Markt – sowie eine allgemeine Bewerbung der Aktie als Entlohnungsart und Anlageinstrument, sollte die Innovations- und Wachstumslücke zwischen Deutschland und den angelsächsischen Ländern schließen. Anhand eines Vergleiches britischer und deutscher Neuemissionen der Jahrgänge 1996 – 2002 wird in diesem Beitrag untersucht, in wie weit dies für die am Neuen Markt gehandelten IT-Service- und Softwareunternehmen gelungen ist. Es zeigt sich zum einen, dass auch am Neuen Markt konventionelle Geschäftsmodelle wesentlich verbreiteter sind als bei den britischen Unternehmen. Im Verhältnis nahmen an den britischen Aktienmärkten rund doppelt so viele Wachstumsunternehmen eine Erstnotierung vor wie in Deutschland. Ein zweiter struktureller Unterschied zeigt sich darin, dass Wagniskapitalengagements am Neuen Markt, trotz massiver Förderung, weniger häufig und strategisch weniger pointiert vorgenommen worden sind als bei britischen Unternehmen. Es wird argumentiert, dass es vor allem die mangelnde Dynamik des deutschen Arbeitsmarktes für technisches Talent war, die eine stärkere Präsenz idealtypischer Wachstumsunternehmen am Neuen Markt verhindert hat. Dies deutet im Sinne des 'Varieties of Capitalism' – Ansatzes auf Komplementaritäten zwischen Institutionen des Finanz- und des Arbeitsmarktes hin, die für erfolgreiche institutionelle Innovationen bedacht werden müssen.

Suggested Citation

  • Engelhardt, Lutz, 2005. "Geschäftsmodelle und nationale Institutionen: Ein Vergleich britischer und deutscher Neuemissionen aus der IT-Service- und Softwareindustrie 1996-2002," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2005-01, WZB Berlin Social Science Center.
  • Handle: RePEc:zbw:wzbism:spii200501
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    References listed on IDEAS

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    1. Vitols, Sigurt & Engelhardt, Lutz, 2005. "National institutions and high tech industries: A varieties of capitalism perspective on the failure of Germany's Neuer Markt," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2005-03, WZB Berlin Social Science Center.

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    More about this item

    Keywords

    Neuer Markt; Wagniskapital; Wachstumsunternehmen; Software; Deutschland; Großbritannien;
    All these keywords.

    JEL classification:

    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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