Agency-Theorie - Grundlagen und Anwendungen fuer die Unternehmensfuehrung

Abstract

The agency theory deals with the relationship between principal and agent. The principal is the person or party who engages another party - the agent - to act on behalf of him (delegation of decision-making). Concerning management problems this can be the order-relation between owner of the firm and CEO (manager) or between superior (head of a department) and subordinated (member of the department). Basic-problem is the fact, that the agent has own goals, which can be different from those of the principal, and that the principal is not perfect informed about the agent and his actions. In this paper, first a general description of the agency theory, and the information problems as well as solution-approaches belonging to it is provided. On this basis, for the solution-way of incentives by result-depending income, an agency model for the design of the incentives-system is described. By setting additional premisses this model is turned into the more concrete form of the LEN-Model. Finally these model-investigations are used to deduce general advices for the design of incentive-compatible compensation plans. (orig.)SIGLEAvailable from TIB Hannover: RR 5094(44) / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekDEGerman