Kapitalmarktorientiertes Wertmanagement. Zum Werk: Die Frage, wonach sich der Wert eines Unternehmens bemisst, hat in den letzten Jahren besonders an Aktualität gewonnen. Gründe hierfür sind u.a. die zunehmende Globalisierung der Kapitalmärkte und die Intensivierung des Wettbewerbs um...

Der Begriff des Shareholder Values wurde seit den 1980er-Jahren ausgehend von den Arbeiten Alfred Rappaports in die betriebswirtschaftliche Diskussion eingeführt. Zentrales Merkmal ist die Forderung nach der strikten Orientierung sämtlicher unternehmerischer Dispositionen an den Zielsetzungen...

[...]A fundamental objective of governance research inaccounting is to investigate the properties of accountingsystems and the surrounding institutional environmentimportant to the effective governance of firms. Bushman andSmith (2001) provide an extensive survey and discussion ofgovernance...

[...]In this paper, we study the strength of incentive featuresin banks’ top-management compensation contracts. Weexamine the properties of bank-management compensationstructures, including pay-performance sensitivity, using datafrom 1992 to 2000. Based on existing theory, we hypothesizethat...

[...]We discuss the potential benefits and costs associated withsome of the corporate governance variables for an average firm.However, we stress that all of these variables are ultimately partof a simultaneous system that determines the corporation’svalue and the allocation of such value...

Purpose-The purpose of this paper is to show how Japanese companies are assimilating the Anglo-Saxon model of corporate governance, by focusing on the changes in accounting and auditing in post-war Japan. Design/methodology/approach-It delineates the three key stages in the process by which...

In the literature, growth is discussed as a key value lever within the framework of value-basedmanagement as it creates opportunities to generate additional free cash flow and thus to increase thevalue of the company. However, opportunities for high growth rates, for example through...

For years, “improving business processes” has been and is the primary business priority of IT. In business process management (BPM), common criteria to evaluate the improvement of a process are time, costs, customer satisfaction and output quality. In contrast, the management of companies...

We empirically study the use of value–based management systems in listed German firms and examineimplications for firms’ stock market performance. Using a novel, hand–collected data set covering1,083 firm years from 2002 to 2008, we find that value–based management systems become...