Jon Krause

Falsche Versprechen der weltweiten Governance-Standards

CAMBRIDGE – Im Gefolge der Kernschmelze des Finanzsystems vom letzten Jahr setzte sich die Erkenntnis durch, dass ungenügender Anlegerschutz die Entwicklung von Aktienmärkten und Volkswirtschaften sowie die wirtschaftliche Leistung einzelner Firmen signifikant in Mitleidenschaft ziehen kann. Durch die zunehmende Konzentration auf die Verbesserung der Corporate Governance entstand weltweit  Bedarf an verlässlichen Standards zur Bewertung börsennotierter Unternehmen. Mitarbeiter der Weltbank, Aktionärsberater und Finanzökonomen haben unter beträchtlichen Anstrengungen diese Standards entwickelt.

Die Vorstellung einer einheitlichen Liste von Kriterien zur Bewertung der Unternehmensführung börsennotierter Unternehmen auf der ganzen Welt hat zweifellos etwas für sich. Sowohl Anleger als auch börsennotierte Unternehmen agieren auf zunehmend integrierten weltweiten Kapitalmärkten. Dennoch ist das Streben nach einer einheitlichen Liste globaler Standards für Corporate Governance widersinnig.

Ja, in den letzten zehn Jahren wurden zunehmend weltweite, vornehmlich in den USA entwickelte Standards für Corporate Governance angewendet, um zu beurteilen, wie Länder und Unternehmen auf der ganzen Welt Minderheitsanleger schützen. Allerdings hat man dabei die grundlegenden Unterschiede zwischen kontrollierten Unternehmen mit einem Mehrheitsaktionär und Firmen im Streubesitz, die über keinen Mehrheitsaktionär verfügen, nicht berücksichtigt. Unternehmen im Streubesitz dominieren die Kapitalmärkte in den USA und Großbritannien, während in den meisten anderen Ländern kontrollierte Unternehmen vorherrschen.

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