The paper discusses the role of various constituencies in the corporate governance of a corporation from the perspective of incomplete contracts. A strict shareholder value orientation in the sense of a rule that at any time firm decisions should be made strictly in the interest of the present...

Die Empfehlung, das Shareholder-Value-Konzept zur Grundlage der Unternehmenspolitik zu machen, erscheint um so überzeugender und wird vermutlich um so eher akzeptiert, (1) je lohnender die Shareholder-Value-Orientierung für die Aktionäre ist, (2) je eindeutiger es ist, wie die Empfehlung...

Nationale rechtliche Rahmenbedingungen beeinflussen die Möglichkeiten für wirtschaftliche Aktivitäten multinationaler Unternehmen (MNU) in einem Gastland und der Koordination zwischen den Unternehmensteilen in verschiedenen Ländern. Sie sind damit wichtige Bestimmungsfaktoren für...

Although the world of banking and finance is becoming more integrated every day, in most aspects the world of financial regulation continues to be narrowly defined by national boundaries. The main players here are still national governments and governmental agencies. And until recently, they...

Ich möchte in diesem Vortrag Beziehungen zwischen Gutenbergs Theorie der Unternehmung, die in seiner Habilitationsschrift angelegt und in den Grundlagen der Betriebswirtschaftslehre entfaltet ist, und aktuellen Entwicklungen in der Theorie der Unternehmung herstellen. Obwohl der Anlaß für...

At least in the past, banking in continental Europe has been characterised by a number of features that are quite specific to the region. They include the following: (1) banks play a strong role in their respective financial systems; (2) universal banking is prevalent; (3) not strictly...

Financial development and financial institution building are important prerequisites for economic growth. However, both the potential and the problems of institution building are still vastly underestimated by those who design and fund institution building projects. The paper first underlines...

In the early 1990s, a consensus emerged among the leading experts in the field of small and micro business finance. It is based on three elements: The focus of projects should be on improving the entire financial sector of a given developing country; a commercial approach should be adopted,...

This paper aspires to provide an overview of the issue of diversity of banking and financial systems and its development over time from a positive and a normative perspective. In other word: how different are banks within a given country and how much do banking systems and entire financial...