Unternehmenssteuerung in Aktienbanken nach dem Shareholder-Value-Konzept

Summary

Are shareholder value and stakeholder value conflicting concepts? My answer is “no”. Even the majority of the institutional investors seem to maximize shareholder value in the long run rather than over a short period. It is true that shareholders in Germany gain in the process of introducing this concept, but once a new balance of power is reached, managers will follow the traditional stakeholder value concept again.

Does creating value according to the shareholder value concept differ in nonbanks and banks? My answer is “no” again because business units and investments in banks as well as in nonbanks are controlled by the spread between the (internal) rate of return and the WACC modified by individual risk premiums.

Is the application of capital costs according to the shareholder value concept consistent with the “Marktzinsmethode” (market rates method)? My answer is “yes”. In the “one period” model it is irrelevant for the investor whether his or her profit requirements are an element of the WACC or an add on to market rates (which both serve as benchmarks for investments). In the “more periods” model both benchmarks may be used in discounting future cash flows of real investments and market investments to compare their present values.