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Kritik an der Kritik der Publikumsgesellschaft

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  • Franke, Günter

Abstract

Die Publikumsgesellschaft wird häufig als eine ineffiziente Unternehmensform kritisiert. Da die Kleinaktionäre das Management nicht überwachen, nutzt das Management seinen Spielraum zu Lasten der Aktionäre. Dieser Sichtweise wird hier die Versicherungsperspektive gegenübergestellt. Aktionäre wie Versicherer halten gut gestreute Portefeuilles und üben nur eine geringe Kontrolle aus, ohne deswegen auf eine attraktive Rendite zu verzichten. Die eher schwache indirekte Kontrolle des Managements einer Publikumsgesellschaft wird von Informations- und Finanzintermediären ausgeübt. Die Kombination aus dieser schwachen Kontrolle und der Risikostreuung macht den Kauf der Aktien von Publikumsgesellschaften attraktiv. Dies zeigt auch das Equity Premium Puzzle.

Suggested Citation

  • Franke, Günter, 1996. "Kritik an der Kritik der Publikumsgesellschaft," Discussion Papers, Series II 326, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    • Handle: RePEc:zbw:kondp2:326
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