The paper investigates the impact of some features of the 90s in Germany: shareholder-value orientation and changes in the distribution of share capital, booming asset prices, profit-sharing schemes including option plans, increased capital funded old-age provisions. Two propositions are...

In the public discussion, the series of accounting scandals and bankruptcies which has taken place in the last years is primarily attributed to the greed of managers and institutional lacks in securing shareholder's interests. However, this article argues that it is precisely the proliferation...