Corporate governance - Unternehmensführung
Management called in the business administration on the one hand of people exercised function for management of a company ( synonym : company management or management ) and also the activity of passing (a nominalization of the verb run ). Corporate management can be interpreted institutionally, functionally and procedurally.
The term leadership occurs in numerous sciences. In the social sciences , this term describes “planning, coordinating and controlling activities in groups and organizations” ( English leadership ).  An important part of the region of the guide, the leadership and personnel management . The term management is sometimes used synonymously, but more often refers to the disposition of things.
Leadership can be defined as the "direct and indirect influencing of behavior in order to achieve goals," which are derived from the overarching goals of an organization , the company and the expectations of the stakeholders .  The direct influence takes place through the personal relationship between leaders and those being led;  Structures such as incentive , planning and performance indicator systems can have an indirect influence on behavior. 
Corporate management tasks
The typical main leadership tasks of management include:
- the strategic corporate planning ; Definition of the long-term framework for the strategic business areas ;
- the conception, introduction and maintenance of essential high-performance system structures, e.g. B. planning system , control system , organizational system ;
- the setting of corporate goals .
Management of companies in the institutional sense describes the body, the person or group of people who are authorized to lead the organization , while the term company management in the functional sense stands for the related tasks (e.g. strategic planning , organizational design). In a procedural sense, corporate management can be seen as a bundle of management processes such as B. Development of objectives and controlling the achievement of objectives.
Corporate management - in the procedural, functional and institutional sense - has to do with effectiveness, systematisation, professionalization, targeted control, efficient and economic action. The task of a manager is the planning , implementation, control and control of measures for the benefit of the organization or the company and all those involved ( stakeholders ) using the operational resources available to him .
From the perspective of social psychology , the concept of corporate governance always encompasses three aspects: group , goal, and influence ( Bryman , 1992). According to this, leadership is the goal-oriented influencing of others ( Rosenstiel , 1988). Psychology distinguishes two types of leadership: leadership through structures or leadership through people. The terms leadership and management are often used synonymously, but are used more and more often to distinguish tool-based or tool-dominated administrative tasks ( management ) from the management of people.
The legal and other regulatory framework conditions for corporate management are set out in corporate governance .
The basic planning periods are short-term, medium-term or long-term corporate planning: short-term planning covers a year or less, medium-term planning usually relates to a period of one to five years, long-term planning covers a period of more than five years.
Strategic leadership tends to be long-term and, due to the relatively large amount of uncertainty in the information available, can only contain the rough overall planning of the company. It represents the link between the overarching corporate philosophy and non-strategic leadership.
While the goal of strategic corporate management is to build up new potential for success as well as to maintain existing ones, the focus of non-strategic corporate management is on the immediate achievement of success with the help of the existing success factors and the implementation of the established corporate strategy. It is used to define the programs, activities and resources required for the various areas in detail at short notice. The associated increase in the accuracy of the information available leads to a greater differentiation of the plans made.
Questions of the environment and environmental protection are increasingly at the fore. Many people are realizing that the natural foundations of life are endangered by sticking to the old rationalization and behavioral patterns. In this context, the importance of economic activities for the destruction of ecological systems is discussed. 
The company's environment with its various forms is therefore of particular importance for corporate management:
|Economic environment||Socio-cultural environment|
|Economic development||Values and attitudes in the population|
|Loan security||Lifestyle and population mix|
|Amount of disposable income||Work attitude|
|Consumption tendency||Demographics of the population|
|tax||Attitude of the population towards industry|
|Current exchange rate||Statussymbole|
|International economic development|
|gross domestic product|
|Distribution of income in the population|
|Wage and salary level|
|Ecological / technological environment||Political environment|
|Inventions in science||Federal, state and local legislation|
|Technical developments in alternative industries||Political ideology of the population|
|Ecological developments in industry||Political attitudes towards industry,|
The conflict between economy and ecology does not seem to be completely resolvable from the outset. However, there is definitely the possibility of defusing this conflict through consciously ecologically oriented corporate management . Business economies have recognized the importance of ecology and include environmentally-oriented goals in their overall objectives.
Traditional considerations focus on the inner workings of the company, e.g. B. the optimal combination of production factors to maximize profit. Correspondingly, the constitutive conditions are also viewed in an optimizing way without looking at the social relevance.
In recent discussions, a distinction is made between two predominant polarities of corporate policy that are associated with the determination of strategic corporate goals.
Value based approach
Value-oriented corporate management has become a key concept in modern corporate management. The company value in the sense of the value-based approach is a calculated value and therefore not an observed price (e.g. stock market price). Value -based corporate management puts the interests of investors in the foreground and concentrates as a shareholder value approach on the company's existence and survival policy. Value-oriented corporate management aims to increase the company's value now and in the future in such a way that the financial goals of the owners are achieved and the company value is increased permanently, thereby maximizing equity and, in turn, the returns of investors. This increases the attractiveness of the company and ensures the availability of the liquid funds required in the future. The company's financiers act as principals and corporate management as agents who control the company in the interests of the principals. [8th]The motivation of the managers to act in the interests of the owners is based on the fact that they create appropriate incentives by providing financial resources.
The enterprise value itself results from the discounting of the expected future income taking into account the actual risks.  This differs from the capital market-oriented company value, which can be derived from the company's stock market value. When calculating the company value in terms of value orientation, it must be ensured that the cost of capital is included in a risk-based manner  , that is, the available information regarding the risk of earnings is adequately assessed. Capital market and value orientation also differ in that the former is based on the often short-term capital market interests and the latter on the long-term increase in value of the company. From a short to medium-term perspective, value and capital market orientation can only match under the assumption of a perfect capital market , i.e. availability of all relevant information. Since capital markets are imperfect, however, there are certain information asymmetries, which are found in a principal agent- Represent the relationship in such a way that the agents, in a company the managers, have an information advantage. If these in turn are value-oriented, the information advantage is used to increase the company value in the long term. It can happen that information is withheld and the stock market value can develop negatively for a short time, which additionally distinguishes the value orientation from the capital market orientation. 
Strategies for increasing company value
- Increase in profitability through cost reduction, price increases and volume increases (also through internationalization, takeovers, mergers, etc.)
- Improvement of capital productivity, for example through the sale of non-operational assets, etc.
- Reduction of the cost of capital by optimizing the financing structure (the actual cost of capital is not included, but is calculated according to the opportunity cost principle )
- Optimizing the portfolio by investing in areas in which the return on investment is consistently higher than the cost of capital
- Expansion and retention of a customer base
- Increase in value through strong brands
- Economic Value Added (EVA)
- Market Value Added (MVA)
- Cashflow Return on Investment (CFROI)
- Cash Value Added (CVA)
- Discounted cash flow method (DCF)
Countless other key figures have been developed over the past 30 years. 
Approaches to the instrumentalization of value-oriented corporate management
- The stakeholder approach is to the interests of stakeholders addressed the company, ie z. B. the employees, customers, suppliers, banks, the state, and thus aims at the long-term corporate policy .
- The term stakeholder characterizes the people or groups who have claims on or opportunities to intervene in the company and who are therefore to be classified as relevant. The corporate policy aims particularly at the identification and creation of new potential for success, accordingly this approach is called development-oriented or progressive corporate policy.
- The balanced scorecard approach goes back to Robert S. Kaplan and David P. Norton , who use this term to name a management system for strategic management with key figures ( balanced = accounting or scorecard = result card ). With its key figures, the scorecard creates a framework for discussion and a language that tries to convey a value-oriented corporate strategy.
Socially oriented approach
The goal and path of corporate management is largely determined by the given social and economic order . They set the framework in which a company can operate. In addition, the social and behavioral sciences can provide a valuable theoretical basis for management. Discussions about the sense and purpose of value-oriented corporate management also consider the socially oriented approach of Konrad Mellerowicz  to be still topical and contemporary.
In his opinion, the task of corporate management is not only to achieve high profitability or productivity , but also to pay attention to the realization of humanity . When looking for a compromise , management should consider other consequences for the company and the people working in it:
- If the company's management ignores humane goals , employees (and possibly also customers of the company) can react dissatisfied and show their displeasure. Injustice can lead to public unrest.
- If humane goals are pursued unilaterally at the expense of the economic goal achievement , the profitability drops because the cost burden for the company is no longer acceptable. Declining earnings or losses endanger the existence of a company, which in turn will have a negative impact on the employment of employees.
The company management should always carefully weigh up the advantages and disadvantages associated with their decisions.
Approach based on the individual
Following demands and observations of Reinhard K. Sprenger and Ulrich Beck , there are also oriented approaches to the human individual, for example, at dm-drogerie markt practiced by Karl-Martin Dietz and Thomas Kracht worked Dialogic tour .  This is about the question of how as many employees as possible in a company or organization can get into an individual entrepreneurial disposition and work together fruitfully. 
Traditionally, the management levels form an essential approach to corporate governance or management. A management level is a structural characteristic that embodies one level of the entire operational organizational structure. In theory and practice, the levels of top, middle and lower management are considered to be essential management levels. In the German-language business literature, a distinction is made:
- The normative, strategic and operational management level according to Bleicher ,  Dillerup / Stoi, Hungenberg / Wulf. The normative level as a framework for corporate management is decoupled from the strategic level in the form of overarching goals, values and norms. The operators of the operational management level put the requirements of the above-mentioned levels into practice. This three-way division of management is part of the St. Gallen management model .
- The strategic, tactical and operational management level according to Bamberger / Wrona  Knöll / Schulz-Sacharow / Zimpel, Olfert / Pischulti, Rahn , Wild and Töpfer . Strategic corporate management is carried out by top management (e.g. the entrepreneur or company manager), who set the standards and strategies for the company.
The particular importance of the tactical level (e.g. middle management: department head) lies in the indispensable link between the strategic and operational level. The lower management in the latter management level (e.g. group leader, foreman) has the task of implementing the goals and plans of the higher levels through the use of the employees in concrete measures and actions, dividing them accordingly and monitoring their work processes and intervening correctly.
In business management, the order is or was defined in a different order in contrast to the order in military, from which these terms originate - strategic , tactical , operational. This means that the last two terms are used interchanged in it, since this does not include the concept of combat management as direct, effective leadership of people in a performance process. In some scientific considerations on business management, these terms are also used in the order of the original military application sequence. The hierarchy of civilian management levels , in spite of this different sequence, is based on the hierarchy levels of the military with the highest management level of the generals , over the upper management level of the staff officers , the middle management level of theTroop service officers down to the lower management level of the NCOs who lead the staff, in the military soldiers , also known as men . Each of these management levels is also graded in the civilian sector, mostly based on salary, but also, as in the military, with different job titles.
In the English-language literature, on the other hand, a distinction is only made between two management levels, the strategic and the operational.
Anticipating important future events is also part of the company's management duties . For example, timely succession planning is recommended in the event that a member of the company management wants or has to leave (e.g. retirement). A special case of succession planning is common in family businesses . There is often a company owner (e.g. the company founder) managing partner . Here it is advisable to take precautions in the event that the latter dies (e.g. enough liquidity for inheritance tax ) or wants to hand over his duties to a younger generation ("generation change").
- Adolf G. Coenenberg , R. Salfeld: Value-oriented corporate management. Schäffer-Poeschel, Stuttgart 2003, ISBN 3-7910-2586-4 .
- Ralf Dillerup, Roman Stoi: Unternehmensführung: Management & Leadership, 5th edition, Verlag Franz Vahlen, Munich 2016, ISBN 978-3-8006-5112-2 .
- Harald Hungenberg, Torsten Wulf: Fundamentals of corporate management. 4th edition. Springer, Berlin / Heidelberg 2011, ISBN 978-3-642-17784-2 .
- Horst-Joachim Rahn : Management. 9th edition. Kiehl, Herne 2015, ISBN 978-3-470-43019-5 .
- Horst Steinmann , Georg Schreyögg: Management. Corporate Governance Basics - Concepts - Functions - Case Studies. 6th edition. Gabler, Wiesbaden 2005, ISBN 3-409-63312-X .
- Wolfgang H. Staehle : Management. 7th edition. Munich 1994, p. 308.
- Waldemar Pelz: Leadership competently. Wiesbaden 2004, pp. 23 and 101.
- Michael MacCoby: The Leaders We Need and What Makes Us Follow. Boston 2007.
- Richard Lepsinger/Gary Yukl, Flexible Leadership. San Francisco, 2004.
- Erich Gutenberg, Fundamentals of Business Administration , Volume 1: Die Produktion , 1951, pp. 3 ff.
- Klaus Macharzina / Joachim Wolf: Corporate management: The international management knowledge - concepts - methods - practice . 6th edition. Gabler, 2008, ISBN 978-3-8349-1119-3 .
- A. Rappaport: Shareholder Value. 2nd Edition. Stuttgart 1999.
- Michael C. Jensen, William H. Meckling: Theory of the firm: Managerial behavior, agency costs and ownership structure. In: Journal of Financial Economics. Band 3 , No. 4, 1976, S. 305–360.
- Werner Gleißner: Capital market orientation instead of value orientation: Economic consequences of errors in company and risk assessments . Ed .: WSI Mitteilungen. tape 6, 2009, S. 310–318.
- Werner Gleißner: Risk analysis and replication for company valuation and value-oriented company management . Ed .: WiSt. tape 7, 2011, S. 345–352.
- Bernd Heesen: Participation management and evaluation for practitioners . Springer Gabler, 2014, ISBN 978-3-658-01252-6 .
- A comparison can be found in Hendrik Kunz, Tobias Teuscher: Key figures for value-oriented corporate management: A critical comparison. (= Studies on finance, banking and insurance management, Vol. 12.) TU Kaiserslautern 2007. (PDF)
- K. Mellerowicz: Socially oriented corporate management. 2nd Edition. Freiburg 1976.
- Karl-Martin Dietz, Thomas Kracht: Dialogical leadership. Basics - practice - case study: dm drugstore market. 4th edition. Campus-Verlag, Frankfurt an Main et al. 2016.
- Dietz: Everyone is an entrepreneur. Basics of a dialogic culture (= writings of the Interfacultative Institute for Entrepreneurship (IEP). The Karlsruhe Institute of Technology. Volume 18). Universitäts-Verlag Karlsruhe, Karlsruhe 2008, p. 6.
- K. Bleicher: The concept of integrated management. 7th edition. Frankfurt am Main / New York 2004.
- Ingolf Bamberger, Thomas Wrona: Strategic corporate management. Munich 2004, p. 9.