Shareholder Kapitalismus und das Casino-Spiel an den Aktienbörsen

Hegelich S, Young B

Research article (journal)

Abstract

The concept of shareholder value has come in for heavy criticism as a result of the recent developments in the corporate governance sector, particularly the revelations of false accounting by global corporate titans & the subsequent large lay-offs in the workforce. In the debates, two models of capitalism are contrasted. On the one hand, the 'Stakeholder' capitalism (as in the 'rhinish' model) &, on the other, the model of Shareholder Value (Anglo-Saxon model), which emerged as a result of the liberalization of the US financial markets at the end of the 1970s. The purpose of the paper is to analyze the contradictions & theoretical confusion about the concept of Shareholder Value, in order to demonstrate how Shareholder Value has initiated changes in Anglo-Saxon capitalism since the l970s, & why Shareholder Value is increasingly accepted as a corporate governance strategy in Europe.

Details zur Publikation

Pages: 20
Release year: 2003