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Fusionsanreize, strategische Managerentlohnung und die Frage des geeigneten Unternehmensziels

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  • Neus, Werner

Abstract

Im klassischen Beitrag von Salant, Switzer und Reynolds (1983) wird für symmetrische Unternehmungen gezeigt, daß bei Verfolgung einer Mengenpolitik Fusionen zur Einschränkung des Wettbewerbs nur dann für die beteiligten Unternehmungen lohnend sind, wenn wenigstens 80 % der Unternehmungen an der Fusion beteiligt sind. Jüngere Ansätze, zum Beispiel von Ziss (2001), belegen, daß dieses Ergebnis relativiert werden muß, wenn berücksichtigt wird, daß die Anteilseigner der Unternehmungen die Managerentlohnung als strategische Variable zur Beeinflussung des Wettbewerbs einsetzen. Im vorliegenden Beitrag wird nachgewiesen, daß bei schon vor der Fusion abgestimmt handelnden Unternehmungen die Fusionsanreize strikt positiv sind. Ein solches abgestimmtes Verhalten wird zum Beispiel durch eine Klientelbildung unter den Anteilseignern hervorgerufen. Die nähere Diskussion zeigt, daß die in Oligopolmodellen regelmäßig ohne nähere Begründung verwendete Zielsetzung Maximierung des Gewinns einer einzelnen Unternehmung in Zweifel zu ziehen ist.

Suggested Citation

  • Neus, Werner, 2002. "Fusionsanreize, strategische Managerentlohnung und die Frage des geeigneten Unternehmensziels," Tübinger Diskussionsbeiträge 244, University of Tübingen, School of Business and Economics.
  • Handle: RePEc:zbw:tuedps:244
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    Cited by:

    1. Hager, Svenja & Schöbel, Rainer, 2006. "Deriving the dependence structure of portfolio credit derivatives using evolutionary algorithms," Tübinger Diskussionsbeiträge 300, University of Tübingen, School of Business and Economics.
    2. Pitterle, Ingo & Steffen, Dirk, 2004. "Welfare Effects of Fiscal Policy under Alternative Exchange Rate Regimes : The Role of the Scale Variable of Money Demand," Tübinger Diskussionsbeiträge 284, University of Tübingen, School of Business and Economics.
    3. Koepke, Nikola & Baten, Joerg, 2005. "The biological standard of living in Europe during the last two millennia," European Review of Economic History, Cambridge University Press, vol. 9(01), pages 61-95, April.
    4. Rostek, Stefan & Schöbel, Rainer, 2006. "Risk preference based option pricing in a fractional Brownian market," Tübinger Diskussionsbeiträge 299, University of Tübingen, School of Business and Economics.
    5. Stadler, Manfred, 2003. "Innovation and growth: The role of labor-force qualification," Tübinger Diskussionsbeiträge 255, University of Tübingen, School of Business and Economics.
    6. James Gaisford & Stefan Lutz, 2007. "A Multi-Product Framework Generating Waves of Mergers and Divestitures," ICER Working Papers 36-2007, ICER - International Centre for Economic Research.
    7. Baten, Jörg & Wallusch, Jacek, 2003. "Market integration and disintegration of Poland and Gemany [Germany] in the 18th century," Tübinger Diskussionsbeiträge 268, University of Tübingen, School of Business and Economics.

    More about this item

    Keywords

    Fusion;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other

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