Skip to main content
SpringerLink
Log in

Finanzierung

  • Conference paper
Die Theorie der Unternehmung in Forschung und Praxis

  • 105 Accesses

Zusammenfassung

Ziel war die Begriindung der Optimalitiit des Einsatzes von Beteiligungs- und (risikobehafteten) Forderungstiteln rum Zweck der Untemehmensfmanzierung im Rahmen eines agency-theoretischen Ansatzes mit risikoneutralen Entscheidungssubjekten und beschriinkter Haftung aller Beteiligten. Konkret sollten Bedingungen hergeleitet werden, unter denen sich der simultane Einsatz von extemer Eigen- und Fremdfinanzierung als einzig optimale Verhaltensweise ergab. Dazu wurden neben detaillierten Steuerungsmoglichkeiten seitens des Untemehmers Kosten bei der Schaffung von Finanzierungstiteln sowie bei der Informationsiibermittlung vom Untemehmer an Exteme unterstellt.

This paper aims to bring to attention special aspects of corporate governance in banking. In so doing it points out that banking differs in significant ways from industrial activities in terms of the nature of the business and context. Regarding the first, it is stressed that the core business of loan granting requires a much more careful customer selection. In terms of context, it is pointed out that long-term relationships are common and that banks are under special supervision. The mentioned characteristics have some important implications for corporate governance. First, the delegation of credit decisions may have unfortunate effects on the control exercised by the board, while board members still have full responsibility. Second, the need to protect business secrets may restrict the material provided for decisions. Third, customer representation on boards may lead to boards that are too large and to conflicts-of-interest. Fourth, the special supervision may give bank board members a false feeling of certainty. In conclusion the paper suggests solutions to the mentioned problems.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 44.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 59.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Literatur

  • Breuer, W.(1995): Lineäritaten in Anreizvertriigen bei groben Infonnationsstrukturen, Wiesbaden.

    Google Scholar 

  • Dewatripont, M./Tirole, J. (1994):A Theory of Debt and Equity: Diversity of Securities and Manager-Shareholder Congruence, in:Quarterly Journal of Economics, Vol. 109, S. 1027–1054.

    Article  Google Scholar 

  • Franke, G./Hax. H. (1994): Finanzwirtschaft des Untemehmens und Kapitalmarkt, 3. Auflage, Berlin usw.

    Google Scholar 

  • Gillenkirch, R. (1997): Gestaltung optimaler Anreizvertriige, Wiesbaden.

    Google Scholar 

  • Gutenberg, E. (1980):Grundlagen der Betriebswirtschaftslehre, BandIII. Die Finanzen, 8. Auflage, Berlin usw.

    Book  Google Scholar 

  • Harris, M./Raviv, A.(1989):The Design of Securities, in:Journal of Financial Economics, Vol. 24, S. 255–287.

    Article  Google Scholar 

  • Hart, O.D./Holmstrom, B. (1987):The Theory of Contracts, in: T.F. Bewley (Hrsg.),Advances in Economic Theory, Fifth World Congress, Cambridge usw., S. 71–155.

    Chapter  Google Scholar 

  • Hartmann-Wendels, T. (1986): Dividendenpolitik bei asymmetrischer Informationsverteilung, Wiesbaden.

    Google Scholar 

  • Holmström, B./Milgrom, P.(1987): Aggregation and Linearity in the Provision of Intertemporal Incentives, in: Econometrica, Vol. 55, S. 303–328.

    Article  Google Scholar 

  • Holmström, B./Milgrom, P. (1991): Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design,in: Journal of Law, Economics and Organization, Vol. 7, S. 24–52.

    Google Scholar 

  • Innes, R. D. (1990): Limited Liability and Incentive Contracting with Ex-ante Action Choices, in: Journal of Economic Theory, Vol. 52, S. 45–67.

    Article  Google Scholar 

  • Jensen, M. C./Meckling, W. H. (1976): Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, in: Journal of Financial Economics, Vol. 3, S. 305–360.

    Article  Google Scholar 

  • Laux, Christian (1996): Kapitalstruktur und Verhaltenssteuerung, Wiesbaden.

    Google Scholar 

  • Modigliani, F./Miller, M. (1958): The Cost of Capital,Corporation Finance, and the Theory of Investment,in:American Economic Review, Vol. 48, S. 261–297.

    Google Scholar 

  • Myers, S. C. (1977): Determinants of Corporate Borrowing, in: Journal of Financial Economics,Vol.5, S. 147–175.

    Article  Google Scholar 

  • Myers, S. C./Majluf, N. S. (1984): Corporate Financing and Investment Decisions when Firms have Infonnations that Investors do not have, in: Journal of Financial Economics, Vol. 13, S. 187–221.-

    Article  Google Scholar 

  • Nachman, D. C./Noe, T. H. (1994): Optimal Design of Securities under Asymmetric Information, in: Review of Financial Studies, Vol. 7. S. 1–44.

    Article  Google Scholar 

  • Takayama, A. (1985): Mathematical Economics, 2. Auflage, Cambridge usw.

    Google Scholar 

  • Albach,H. (ed.), 1996, "Governance Structures. Umbruch in der Führung von Groβuntemehmen"Zeitschrijt für Betriebswirtschaft,Ergänzunsheft 3/96, Wiesbaden: Gabler.

    Google Scholar 

  • Albach, H. & Brockhoff, K. (eds.),1997, "Betriebswirthschaftslehre und Rechtsentwicklung"Zeitschrijt für Betriebswirtschaft,Ergänzunsheft 4/97, Wiesbaden: Gabler.

    Google Scholar 

  • Alchian, A.A. & Demsetz, H.,1972, "Production, Information Costs and Economic Organization,"American Economic Review,62, December, pp. 777–795.

    Google Scholar 

  • Bergström, R., Engwall, L. & Wallerstedt, E.,1994, "Organisational Foundations and Closures in a Regulated Environment: Swedish Commercial Banks 1831–1990,"Scandinavian Journal of Management,10, No.1, pp. 29–48.

    Article  Google Scholar 

  • Berle, A.A. Jr. & Means, G.C.,1932The Modern Corporation and Private Property,New York: MacMillan.

    Google Scholar 

  • Bökmark, J.,1994Bankboken.Kommentar till bankrorelselagen, bankaktiebolagslagen och lagen om atgtirder mot penningtvtitt(The Bank Book. Comments on the Law of Banking, the Banking Company Law and the Law on Measures against Money Laundering), Stockholm: Fritzes.

    Google Scholar 

  • Burnham, J.,1941The Managerial Revolution,New York: John Day.

    Google Scholar 

  • Cadbury C&tee, 1992Cadbury C&tee Report: Financial Aspects of Corporate Governance,Basingstoke: Burgess Science Press.

    Google Scholar 

  • Eisenbeis, R.,1985, "Inflation and Regulation: The Effects on Financial Institutions and Structure," In: Aspinwall, R.C. & Eisenbeis, R.A. (eds.), Handbook for Banking Strategy, New York: Wiley, pp. 65–123.

    Google Scholar 

  • Engwall, L.,1968,"En undersokning av vissa styrelsekaraktiiristika" [An Examination of Certain Characteristics of Boards]Affärsekonomi, 41, No.2, pp. 74–76 and 89.

    Google Scholar 

  • Engwall, L., 1994, "Bridge, Poker and Banking," In: Fair, D.E. & Raymond, R. (eds.)The Competitiveness of Financial Institutions and Centres in Europe, Dordrecht: Kluwer, pp. 227–239.

    Google Scholar 

  • Engwall, L.,1995a, "Banks as Organizations,"Zeitschrijt for Betriebswirtschaft 65(1995), No.4, pp. 99–122.

    Google Scholar 

  • Engwall; L.,1995b,"Bankkris och bankorganisation" I:Bankerna under krisen. Fyra rapporter till Bankkrisk&ten[Banking Crisis and Bank Organisation. I: Banks in Crisis: Four Reports to the Banking Crisis C&tee], Stockholm: Fritzes, pp. 131–206.

    Google Scholar 

  • Engwall, L. & Johanson, J.,1990, "Banks in Industrial Networks,"Scandinavian Journal of Management,6, No.3, pp. 231–244.

    Article  Google Scholar 

  • Engwall, L. & Morgan, G., 1997, "Regulatory Regimes", Paper for the Final EMOT Conference 11-14 September 1997 at ISTUD, Stresa, Italy.

    Google Scholar 

  • Engwall, L. & Wallenstal, M.,1988, "Tit for Tat in Small Steps. The Internationalization of Swedish Banks,"Scandinavian Journal of Management 4,No. 3/4, pp. 147–155.

    Article  Google Scholar 

  • Fama, E.,1980, "Agency Problems and the Theory of the Firm,"Journal of Political Economy,88, April, pp. 288–307.

    Article  Google Scholar 

  • Fligstein, N.,1990The Transformation of Corporate Control, Cambridge, MA: Harvard University Press.

    Google Scholar 

  • Galbraith, J.K., 1967The New Industrial State,Boston, MA: Houghton, Mifflin.

    Google Scholar 

  • Gordon, R.A.,1945Business Leadership in the Large Corporation, Washington, DC: Brookings.

    Google Scholar 

  • Jensen, C.M. & Meckling, W.H.,1976, "Theory of the Firm: Managerial Behavior, Agency Costs, and Capital Structure,"Journal of Financial Economics, 3, October, pp. 305–360.

    Article  Google Scholar 

  • Keasey, K., Thompson, S. & Wright, M. (eds.),1997Corporate Governance.Economic, Management, and Financial Issues,Oxford: Oxford University Press.

    Google Scholar 

  • Khoury, S.J.,1990The Deregulation of the World Financial Markets.Myths, Realities, and Impact,London: Pinter.

    Google Scholar 

  • Leeson, N. & Whitley, E., 1996Rogue Trader, London: Little, Brown.

    Google Scholar 

  • Lorsch, J. & Graff, S.K.,1996, "Corporate Governance," In: Warner, M. (ed.)International Encyclopedia of Business and Management, London: Routledge, pp. 772–782.

    Google Scholar 

  • Lybeck, J. & Hagerud, G.,1988Penningmarknadens instrument(The Instruments of the Money Market), Stockholm: Raben & Sjogren.

    Google Scholar 

  • Macey, J.,1994Svenskt bankvasendes framtida reglering och utveckling[Future Regulation and Development of Swedish Banking], Stockholm: SNS.

    Google Scholar 

  • Marris, R.L.,1964The Economic Theory of Managerial Capitalism, London: MacMillan.

    Google Scholar 

  • Monks, R.A.G. & Minow, N.,1996Watching the Watchers : Corporate Governance in the 21st Century, London: Blackwell.

    Google Scholar 

  • Morgan, G. & Knights, D.(eds.), 1997Deregulation and European Financial Systems,London: Macmillan.

    Google Scholar 

  • Nygren, I.,1985Fran Stockholm Banco till Citibank. Svensk kreditmarknad under 325 ar(From Stockholm Banco to Citibank. The Swedish Credit Market During 325 Years), Stockholm. Liber.

    Google Scholar 

  • NOU 1992:30Bdnkkrisen. Utredningfra et utvalg oppnevnt ved kongelig resolusjon 4. oktober1991.Avgitt till Finans- og tolldepartementet31augusti1992 [The Banking Crisis. Report from a Commission Appointed through a Royal Decision 4 October 1991. Delivered to the Ministry of Finance and Taxes 31 August 1992], Oslo: Statens F orvahningstj eneste.

    Google Scholar 

  • Oberbeck, H. & D’Alessio, N.,1997, "The End of the German Model? Developmental Tendencies in the German Banking Industry," In: Morgan, G. & Knights, D. (eds.)1997 Deregulation and European Financial Systems, London: Macmillan, pp. 86–104.

    Google Scholar 

  • Parkinson, J.E.,1993Corporate Power and Responsibility, Oxford: Oxford University Press.

    Google Scholar 

  • Quack, S. & Hildebrandt, S.,1997, "Bank Finance for Small and Medium Sized Enterprises in Germany and France," In: Morgan, G. & Knights, D. (eds.), 1997Deregulation and European Financial Systems,London: Macmillan, pp. 105–132.

    Google Scholar 

  • Rydbeck, O.,1993Om styrelseansvar m.m. Slutrapport om ansvar for Nordbankens styrelse avseende bankens kreditgivning /ramst under tidsperioden 1988-1990[On Board Responsibility, etc. Final Report on the Responsibility of Nord bank en’ Board Regarding the Bank’s Lending, primarily during the Period of 1988-1990], Stockholm: Setterwalls.

    Google Scholar 

  • Siebert, F., Peterson, T. & Schramm, W.,1956Four Theories of the Press, Urbana, lll.: University of Illinois Press.

    Google Scholar 

  • Sinkey, J. F., Jr.,1986Commercial Bank Management in the Financial Services Industry, New York: Macmillan (2. ed., 1. ed. 1983).

    Google Scholar 

  • Swary, L. & Topf, B.,1992Global Financial Deregulation . Commercial Banking at the Crossroads,Oxford: Blackwell.

    Google Scholar 

  • Thompson,J.D., 1967Organizations inAction,New York: McGraw-Hill.

    Google Scholar 

  • Thunman, C.G.,1992, "Corporate Banking: Service and Relationships,"International Journal of Bank Marketing, 10, No.2, pp. 10–16.

    Article  Google Scholar 

  • Wallander, J., 1994, "Styrelsearbete och styrelseansvar i banker," I:Bankkrisen. Rapporter av Hdkan Lindgren, Jan Wallander och GustqfSjoberg[Board Work and Board Responsibility at Banks, I: The Banking Crisis. Reports by Hakan Lindgren, Jan Wallander, and GustafSjoberg], Stockholm: Fritzes, pp. 33–66.

    Google Scholar 

  • Woodward,J.,1965Industrial Organization : Theory and Practice,London: Oxford University Press.

    Google Scholar 

Download references

Authors
  1. Wolfgang Breuer
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. Institut für Unternehmenstheorie und Unternehmenspolitik, Humboldt Universität zu Berlin, Spandauer Str. 1, D-10178, Berlin, Germany

    Horst Albach

  2. Geschäftsführender Gesellschafter, VWH Vorrichtungs- und Werkzeugbau GmbH, Bahnhofstr. 104, D-56414, Herschbach, Germany

    Egbert Eymann

  3. Lehrstuhl Betriebswirtschaftslehre, insbes. Controlling, Universität Magdeburg, Universitätsplatz 2, D-39106, Magdeburg, Germany

    Alfred Luhmer

  4. Lehrstuhl für Angewandte BWL I (Produktionswirtschaft), Ruhr-Universität Bochum, D-44780, Bochum, Germany

    Marion Steven

Rights and permissions

Reprints and permissions

Copyright information

© 1999 Springer-Verlag Berlin Heidelberg

About this paper

Cite this paper

Breuer, W. (1999). Finanzierung. In: Albach, H., Eymann, E., Luhmer, A., Steven, M. (eds) Die Theorie der Unternehmung in Forschung und Praxis. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-60067-8_11

Download citation

  • DOI: https://doi.org/10.1007/978-3-642-60067-8_11

  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-642-64242-5

  • Online ISBN: 978-3-642-60067-8

  • eBook Packages: Springer Book Archive

Publish with us

Policies and ethics

Search

Navigation