haku: @indexterm CASH FLOW / yhteensä: 488
viite: 31 / 488
| Tekijä: | Velthuis, L. J. |
| Otsikko: | Managemententlohnung auf Basis des Residualgewinns: theoretische Anforderungen und praxisrelevante Konzepte |
| Lehti: | Zeitschrift für Betriebswirtschaft
2003 : VOL. 73:4, Ergänzungsheft, p. 111-135 |
| Asiasana: | Investment incentives Financial management Cash flow |
| Kieli: | ger |
| Tiivistelmä: | Incentive provisions for a manager's investment decisions are considered in a general dynamic framework. It is shown that preference similarity is necessary and sufficient for financial unanimity. Conditions for sharing rules and performance measures to fulfill preference similarity are derived. Intertemporal differences between accrual accounting and cash accounting must be compensated in the performance measure, where the interest charge must be based on the (endogenous) time preference of shareholders. If compensation is based on income and the time preference is given for each period, then the present value of the performance measure must be equal to the present value of cash flows, both discounted in accordance to the time preference of shareholders. Residual income fulfills this property only if all cash flows are taken into account and the capital charge is based on the riskless interest rate. In practice, residual income does not fully reflect all cash flows, mainly due to the usual conversions. Furthermore, the cost of capital is calculated on the basis of a risk adjusted rate, so that preference similarity does not hold (original in German). |
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