Mit Hilfe von Principal-Agent-Modellen werden Gestaltungsmöglichkeiten von Anreiz- und Vorgabesystemen als Instrumente des Controlling analysiert. Wenn ein Agent (z. B. Spartenleiter) mehr Informationen als der Principal (z. B. Unternehmensleitung) besitzt, muß eine derartige asymmetrische...

This paper studies the role of financial reporting in enhancing the credibility of other sources of information. We find that an interim accounting report can discipline management's investment behavior and its effectiveness increases with accounting quality. As a consequence, when accounting...

We ask whether the quality of internal information matters for investment decisions. We predict that investment is more sensitive to internal profit signals and less sensitive to external price signals when managers have higher quality internal information. Consistent with recent theoretical and...