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Wenn Renditeziele in Kosten umdefiniert werden – „Narrative Economics“ in der Praxis
[Narratives Matter! What Happens if Expected Rates of Return are Defined as Cost of Capital?]

Author

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  • Christian Hecker

Abstract

Im Laufe der letzten Jahrzehnte ist es zu einer grundlegenden Veränderung von Narrativen hinsichtlich der Gewinnerzielung von Unternehmen gekommen. Dabei wurde die neoklassische Grundidee, dass Unternehmen nach Gewinnmaximierung streben, in den Anspruch auf eine Mindesteigenkapitalrendite entsprechend dem Marktdurchschnitt transformiert. Dieser narrative Wandel trug wesentlich dazu bei, dass Kapitalmärkte an Bedeutung gewannen und Wertzuwächse verzeichnen konnten, die das Wachstum der Wirtschaftsleistung deutlich überstiegen.

Suggested Citation

  • Christian Hecker, 2018. "Wenn Renditeziele in Kosten umdefiniert werden – „Narrative Economics“ in der Praxis [Narratives Matter! What Happens if Expected Rates of Return are Defined as Cost of Capital?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 98(12), pages 890-894, December.
    • Handle: RePEc:spr:wirtsc:v:98:y:2018:i:12:d:10.1007_s10273-018-2382-8
    DOI: 10.1007/s10273-018-2382-8
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    Cited by:

    1. Christian Hecker, 2021. "Keynes‘ Überlegungen zu unternehmerischem Handeln unter Unsicherheit [Keynes’s Reflections on Entrepreneurship: Of Entrepreneurs and South Pole Explorers]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(4), pages 299-304, April.
    2. Christian Hecker, 2021. "How Should Responsible Investors Behave? Keynes’s Distinction Between Entrepreneurship and Speculation Revisited," Journal of Business Ethics, Springer, vol. 171(3), pages 459-473, July.

    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • N80 - Economic History - - Micro-Business History - - - General, International, or Comparative

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