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Kapitalmarktkonforme Unternehmensführung: Eine Analyse im Lichte der jüngeren Strategieprozesslehre

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Summary

This article examines recent developments that cause an increasingly tight coupling between the capital markets and top management decision-making. As a consequence, a so-called capital marked-oriented type of strategy development is gaining ground. This type is characterised by a CEO-focus, a rational planning process, and the idea of generic strategies. Recent research on the strategy process disputes the descriptive and prescriptive validity of this concept. In this view it becomes evident that the tight coupling is connected to strategy issues that go beyond the agency-problem. One of the shortcomings of the agency perspective is the neglect of the entrepreneurial content of the strategy process.

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Authors and Affiliations

  1. Lehrstuhls für Betriebswirtschaftslehre, insb. Management kleiner und mittlerer Unternehmen, Hölderlinstr. 3, 57068, Siegen, Deutschland

    Alexander T. Nicolai (Vertreter)

  2. Institute for Mergers & Acquisitions, Lehrstuhl für Kapitalmärkte und Corporate Governance, Private Universität Witten/Herdeckew, Alfred-Herrhausen-Str 50, 58448, Witten, Deutschland

    Thomas W. Thomas

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  1. Alexander T. Nicolai
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  2. Thomas W. Thomas
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Nicolai, A.T., Thomas, T.W. Kapitalmarktkonforme Unternehmensführung: Eine Analyse im Lichte der jüngeren Strategieprozesslehre. Schmalenbachs Z betriebswirtsch Forsch 56, 452–469 (2004). https://doi.org/10.1007/BF03372745

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