Comment la comptabilité traditionnelle allemande protège les créanciers et les managers : une étude historique et sociologique

This article tries to show, with an historical and sociological analysis of the reglementary texts, that the traditional German accounting intends not only to protect the creditors but also to favour the long term interests of the managers and the "big" sharesholders at the detriment of the "small" shareholders. It also shows that this type of accounting permits a massive reinvestment of the profits at the beginning of the investment cycle. All these conclusions shock with the positivist traditional point of view.