Der zwang zum erfolg - management zwischen shareholderinteresse und stakeholderverpflichtung

• Autorzy: Assländer M.

Warianty tytułu

PL

Przede wszystkim sukces - interesy akcjonariuszy a grupy interesu

• Konferencja: Nowe tendencje w nauce o organizacji i zarządzaniu, Polanica Zdrój, 22-24 września 2003
• Języki publikacji: DE

Abstrakty

DE

Mit dem Zusammenbruch Enrons, des siebtgrößten Unternehmens weltweit, stürzten nicht nur die Vereinigten Staaten von Amerika in eine Finanzkrise ungeheurenen Ausmaßes. Weltweit war das Vertrauen in die "New Economy" nachhaltig zerstört worden. In mehreren Sitzungen ermittelte der stündige Untersuchungsausschuss des Komitees für Regierungsangelegeneheiten des US Senats gegen die Direktoren Enrons und die mit Enron in Beziehung stehenden Beratungs- und Prüfungsgesellschaften sowie gegen zahlreiche Investmentbanken. Dabei zeigte sich, dass der Finanzskandal durchaus hätte verhindert werden können. Schuld am Zusammenbruch Enrons waren in erster Linie nicht die negativen Entwicklungen des Aktienmarktes sondern in weit höherem Maße die Finanzspekulationen der Enron-Manager selbst. Um den Erwartungen der Anleger und der Börsenanalysten zu genügen, hatten diese ein hochkomplexes System aus Scheinfirmen, OfYshore-Gesetlschatten und Abschreibungsunternehmen gegründet, um so die Aktienkurse Enrons stetig in die Höhe zu treiben. Dabei hatten die an den Aktiengewinnen Enrons beteiligten Manager und Direktoren durchaus selbst massives Interesse an einer guten Kursentwicklung, beeinflusste diese doch indirekt ihre eigenen Bezüge. Letztlich jedoch zerbrach das System aus Bilanzierungstricks und Phantasiebuchungen an seiner eigenen Komplexität.

PL

Upadek Enrona doprowadził nie tylko w USA do dyskusji na temat funkcjonowania państwowych organów nadzorczych. Pojawiły się liczne nowe inicjatywy ustawodawcze, których celem jest wzmocnienie zaufania inwestorów do gospodarki amerykańskiej. Jednakże samo wzmocnienie stopnia uregulowania rynku i nadzoru giełdowego nie zapobiegnie pojawieniu się drugiego "Enronu". Obok lepszej kontroli państwowej wymaga to raczej zmiany nastawienia kierownictwa. W ekonomii, w której decyzje inwestycyjne zorientowane są przede wszystkim na oceny wiarygodności kredytowej i aktualne notowania giełdowe firmy, w której wysokość wynagrodzenia menedżerów zależy od wyników osiąganych przez przedsiębiorstwo i w której szczególną uwagę zwraca się na perspektywy wzrostu, wysoka jest pokusa uzyskiwania korzyści przez określone manipulacje finansowe. Brak odpowiedzialności, ignorowanie słusznych grup interesu i społeczeństwa były głównymi czynnikami kształtującymi zachowania kierownictwa Enronu. Przykład przedsiębiorstwa Neron ukazuje wyraźnie, że siła "niewidzialnej ręki" jest niewystarczająca, aby pohamować egoistyczne interesy. Potrzeba tu raczej zmiany moralności.

Słowa kluczowe

EN

börsenanalysten; Enron; investmentbanken; shareholder value; stakeholder

• Wydawca: Oficyna Wydawnicza Politechniki Wrocławskiej
• Czasopismo: Prace Naukowe Instytutu Organizacji i Zarządzania Politechniki Wrocławskiej. Konferencje
• Rocznik: 2003
• Tom: Vol. 73, nr 23
• Strony: 9--31
• Opis fizyczny: Bibliogr. 40 poz.

Twórcy

autor

Assländer M.

• Internationales Hochschulinstitut Zittau

Bibliografia

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