Gregor Gossy, Univ.-Prof. Dr. Paul Wentges's A Stakeholder Rationale for Risk Management: Implications PDF

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

ISBN-10: 3834909858

ISBN-13: 9783834909855

In general, purely the pursuits of shareholders, debtholders, and company administration are taken under consideration whilst interpreting company monetary judgements whereas the pursuits of non-financial stakeholders are usually missed. Gregor Gossy develops a so-called stakeholder motive for hazard administration arguing that enterprises that are extra depending on implicit claims from their non-financial stakeholders, reminiscent of clients, providers, and staff, want conservative monetary guidelines. with a view to practice panel facts analyses of the determinants of company monetary judgements, the writer makes use of information 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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Only be developed over time (so-called path dependency). This means that the development of resources depends upon a unique series of events in a firm's history. e. causal ambiguity). Hence, competitors are unable to imitate the resource responsible. Third, sometimes the resources the firm builds its superior performance on are socially complex (Barney and Hesterly, 1996: 134; Barney, 2001: 645). By socially complex, resource-based theorists mean that a firm's resources are built on complex social phenomena.

2 Conceptualizing firm value through Net Organizational Capital The central insight of a modern understanding of the firm is the fact that all stakeholders contribute to the creation of firm value because they are both valuable resources per se, as well as suppliers of valuable resources. As residual claimants, equityholders consequently benefit from value enhancing firm-specific investments made by NFS. , 2003: 51). Cornell and Shapiro (1987) were the first authors analyzing these corporate financial implications of a modern contractual understanding of the firm and the contributions of non-financial stakeholders to firm value (Speckbacher, 1997: 633).

Causal ambiguity). Hence, competitors are unable to imitate the resource responsible. Third, sometimes the resources the firm builds its superior performance on are socially complex (Barney and Hesterly, 1996: 134; Barney, 2001: 645). By socially complex, resource-based theorists mean that a firm's resources are built on complex social phenomena. In contrast to the causal ambiguity characteristic, it is known what drives the firm's outperformance. However, the ability to actively manage these resources is limited.

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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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