Read e-book online A Stakeholder Rationale for Risk Management: Implications PDF

By Gregor Gossy, Univ.-Prof. Dr. Paul Wentges

ISBN-10: 3834909858

ISBN-13: 9783834909855

In most cases, purely the pursuits of shareholders, debtholders, and company administration are taken under consideration while studying company monetary judgements whereas the pursuits of non-financial stakeholders are usually overlooked. Gregor Gossy develops a so-called stakeholder reason for chance administration arguing that organisations that are extra depending on implicit claims from their non-financial stakeholders, comparable to buyers, providers, and staff, desire conservative monetary regulations. so that it will practice panel facts analyses of the determinants of company monetary judgements, the writer makes use of info from Austrian and German commercial businesses.

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Extra resources for A Stakeholder Rationale for Risk Management: Implications for Corporate Finance Decisions

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20 21 30 Withouth referring to strategic management theory, Shapiro and Balbirer (2000) argue similarly to the RBV proponents, when stating that intangible assets such as brand names, reputation for quality and reliability, and specific human capital are important factors for building organizational capital, since they require specialized investments on the part of corporate stakeholders (Shapiro and Balbirer, 2000: 482). This is similar to Zingales' (1998) definitions of the firm as "a nexus of specific investments" and "a network of specific investments that cannot be replicated by the market" (Zingales, 1998: 498).

2 Holdup and moral hazard As already specified, opportunistic actions intend to expropriate wealth from the other party of a contractual agreement. This attack against the higher-than-market value of the specific investment is referred to as hold up. What is attacked is the quasi-rent of the investor, which is simply the excess above the return necessary to maintain a resource's current service flow. A typical example in the literature of a holdup situation is a steel mill that is located near a public utility.

As shown above, 19 this conflict may occur when firm-specific resources are not all owned in common (Alchian and Woodward, 1988: 70–71). According to transaction cost theory, the firm is just one alternative mode of governance. The firm is a means to integrate assets and thereby reduce the potential for opportunism of otherwise independent contractual parties. Williamson regards the essence of the firm as teamwork that requires long-term contractual agreements restraining the behavior of the participants (Alchian and Woodward, 1988: 70).

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A Stakeholder Rationale for Risk Management: Implications for Corporate Finance Decisions by Gregor Gossy, Univ.-Prof. Dr. Paul Wentges

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