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Renditedruck der Finanzmaerkte – schwere Zeiten fuer die Unternehmensethik (Financial Markets Forcing to Profitability – Hard Times for Business Ethics)

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  • Bernhard Emunds

Abstract

Der Beitrag kritisiert die neuere Tendenz in deutschsprachigen Veroeffentlichungen verstaerkt auf beratende Unternehmensethik statt auf politisch-oeffentliche Institutionenethik zu setzen. Prinzipiell sind kapitalistische Unternehmen auf Grund ihrer Gewinnorientierung nur sehr schwer fuer einen ‚pfleglichen‘ Umgang mit dem Arbeits-, Gesellschafts- und Naturvermoegen zu gewinnen. In der Gegenwart wird dieses Problem durch besonders hohe Renditeanforderungen verschaerft, die zudem noch zuegig verwirklicht werden sollen. Ursaechlich sind u. a. die Ausbreitung des Shareholder-Value-Leitbilds, eine starke Orientierung der Vorstaende am Aktienmarkt, bei einigen Unternehmen die Ungeduld neuer Eigentuemer-Typen (u. a. Finanzinvestoren) und die branchenuebergreifende Sogwirkung der stark uebersteigerten Renditen in der Finanzwirtschaft vor Ausbruch der Finanzkrise. Die Hoehe und Kurzfristigkeit der Renditeziele laesst kaum Spielraum fuer konsens- bzw. kompromissorientierte Arrangements mit den Arbeitnehmern und anderen Stakeholdern, die nicht Shareholder sind. (The article criticises the recent tendency in German literature to focus on corporations rather than political actors as change agents for ethically sound economic practice. Due to the fact, that capitalistic enterprises primarily try to make profit, they are principally hard to convince to increase human, social and natural capital. In present days, these problems have been exacerbated by the pressure to achieve high returns within a short period of time. This is rooted in a new market-dominated type of financial system in which managers are under strain, as well as in the propagation of the concept of shareholder-value.)

Suggested Citation

  • Bernhard Emunds, 2010. "Renditedruck der Finanzmaerkte – schwere Zeiten fuer die Unternehmensethik (Financial Markets Forcing to Profitability – Hard Times for Business Ethics)," Zeitschrift für Wirtschafts- und Unternehmensethik - Journal for Business, Economics & Ethics, Rainer Hampp Verlag, vol. 11(2), pages 97-121.
  • Handle: RePEc:rai:ethics:doi_10.1688/1862-0043_zfwu_2010_02_emunds
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    Keywords

    market dominated financial system; shareholder value; demanded rate of return; short-termism; CSR activities as investments;

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy

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