Ansätze zur Reduzierung der Agenturkosten bei Aktiengesellschaften

In 2000, the government commission 'Corporate Governance - Management - Corporate Control - Modernization of Stock Corporation Law' was established by Gerhard Schröder. The introduction of the German Corporate Governance Code aimed to eliminate deficiencies in the system of German corporate governance and control, as well as to tighten and clarify stock corporation law in order to strengthen investor confidence in the capital market. A key theory in the field of corporate governance is the Principal-Agent Theory, which posits that the agent (contractor) has an information advantage over the principal (client). The information asymmetry becomes problematic when the interests and utility expectations of the contracting parties diverge. In a stock corporation, this occurs when the management board (agent) and the shareholders (principals) pursue different objectives. To monitor and control the agent, the principal incurs agency costs, which should be kept as low as possible. This book provides a more detailed definition of agency costs and explores approaches to reduce them in a stock corporation.