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Für wen sind Unternehmen da?: Kurswechsel des Corporate Governance Kodex

Author

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  • Wagner Franz W.

    (Eberhard-Karls-Universität Tübingen, Nauklerstr. 47, 72074TübingenGermany)

Abstract

Der Deutsche Corporate Governance Kodex (DCGK) verpflichtet Vorstand und Aufsichtsrat börsennotierter Kapitalgesellschaften auf eine Geschäftspolitik im Interesse der „Stakeholder“ von Unternehmen. Dadurch entsteht der Eindruck, der DCGK habe den zuvor postulierten Interessen-Primat der Kapitaleigner aufgegeben und zwischen den „Varieties of capitalism“ einen Kurswechsel vorgenommen. Andererseits gehen die finanzwirtschaftliche sowie die politikwissenschaftliche und soziologische Literatur davon aus, dass die Globalisierung der Finanzmärkte und das Vordringen institutioneller Investoren eine irreversible Kapitalmarktorientierung der Finanzsysteme eingeleitet haben. In deren Folge nutzen Unternehmen auch ihre Stakeholder-Beziehungen als Wettbewerbsfaktoren zur Steigerung des Unternehmenswertes. Vom Stakeholder-Appell des deutschen DCGK ist daher eher ein politisches Signal an die Öffentlichkeit als ein Einfluss auf Unternehmensziele zu erwarten.

Suggested Citation

  • Wagner Franz W., 2021. "Für wen sind Unternehmen da?: Kurswechsel des Corporate Governance Kodex," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 22(1), pages 27-44, April.
    • Handle: RePEc:bpj:pewipo:v:22:y:2021:i:1:p:27-44:n:1
    DOI: 10.1515/pwp-2021-0001
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    Keywords

    G30; G38; M10; M11; M14; N20; Gemeinwirtschaft; Shareholder Value; Stakeholder; Deutschland AG; soziale und gesellschaftliche Verantwortung; Finanzialisierung der Unternehmen;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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