{"id":41524,"date":"2022-03-27T19:00:17","date_gmt":"2022-03-27T19:00:17","guid":{"rendered":"https:\/\/jums.academy\/a-boehle-3-2-3-2\/"},"modified":"2022-10-17T14:43:39","modified_gmt":"2022-10-17T14:43:39","slug":"c-ruhnke","status":"publish","type":"page","link":"https:\/\/jums.academy\/en\/c-ruhnke\/","title":{"rendered":"C. Ruhnke"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 hundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-overflow:visible;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#000000;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-unboxed\" id=\"accordion-41524-1\"><div class=\"fusion-panel panel-default panel-26592426310e030ae fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_26592426310e030ae\"><a aria-expanded=\"false\" aria-controls=\"26592426310e030ae\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-41524-1\" data-target=\"#26592426310e030ae\" href=\"#26592426310e030ae\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">All Papers sorted by Issue<\/span><\/a><\/h4><\/div><div id=\"26592426310e030ae\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_26592426310e030ae\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<ul style=\"list-style-type: none;\">\n<li><a href=\"https:\/\/jums.academy\/en\/v7i2\">Junior Management Science, Volume 7, Issue 2, June 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i1\">Junior Management Science, Volume 7, Issue 1, March 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i4\">Junior Management Science, Volume 6, Issue 4, December 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i3\">Junior Management Science, Volume 6, Issue 3, September 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i2\">Junior Management Science, Volume 6, Issue 2, June 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i1\">Junior Management Science, Volume 6, Issue 1, March 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i4\">Junior Management Science, Volume 5, Issue 4, December 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i3\">Junior Management Science, Volume 5, Issue 3, September 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i2\">Junior Management Science, Volume 5, Issue 2, June 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i1\">Junior Management Science, Volume 5, Issue 1, March 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i4\">Junior Management Science, Volume 4, Issue 4, December 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i3\">Junior Management Science, Volume 4, Issue 3, September 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i2\">Junior Management Science, Volume 4, Issue 2, June 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i1\">Junior Management Science, Volume 4, Issue 1, March 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i4\">Junior Management Science, Volume 3, Issue 4, December 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i3\">Junior Management Science, Volume 3, Issue 3, September 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i2\">Junior Management Science, Volume 3, Issue 2, June 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i1\">Junior Management Science, Volume 3, Issue 1, March 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i3\">Junior Management Science, Volume 2, Issue 3, December 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i2\">Junior Management Science, Volume 2, Issue 2, September 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i1\">Junior Management Science, Volume 2, Issue 1, June 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/v1i2\">Junior Management Science, Volume 1, Issue 2, December 2016<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/v1i1\">Junior Management Science, Volume 1, Issue 1, June 2016<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div>\n<div class=\"fusion-title title fusion-title-1 sep-underline sep-solid fusion-title-text fusion-title-size-five\" style=\"--awb-margin-top-small:0px;--awb-margin-right-small:0px;--awb-margin-bottom-small:20px;--awb-margin-left-small:0px;--awb-sep-color:#000000;\"><h5 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:18;--minFontSize:18;line-height:1.38;\"><\/h5><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-background-position:left top;--awb-border-sizes-top:0px;--awb-border-sizes-bottom:0px;--awb-border-sizes-left:0px;--awb-border-sizes-right:0px;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:0px;--awb-padding-bottom:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p data-fontsize=\"18\" data-lineheight=\"24\">Junior Management Science, Volume 7, Issue 1, March 2022, 150-184<\/p>\n<h4 data-fontsize=\"18\" data-lineheight=\"24\">Implications of the Creditors&#8217; Influence on Corporate Decisions<\/h4>\n<p><strong>Carsten S. Ruhnke, Leibniz Universit\u00e4t Hannover <\/strong><strong>(Masterthesis)<\/strong><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 hundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-margin-top:10px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-2\"><div id=\"docs-chrome\" class=\"docs-material companion-enabled\" tabindex=\"0\" role=\"banner\" aria-label=\"Men\u00fcleiste\">\n<div id=\"docs-additional-bars\">\n<div id=\"formula-bar-name-box-wrapper\" class=\"name-box-enabled formula-bar-with-name-box-wrapper\">\n<div id=\"formula-bar\" class=\"formula-bar\">\n<div id=\"t-formula-bar-input-container\">\n<div dir=\"ltr\">\n<div id=\"t-formula-bar-input\" spellcheck=\"false\">Debt-financing potentially causes frictions in firms, as the creditors represent an additional group of stakeholders creating conflicts of interest with other stakeholders. This raises the question how corporate performance is affected by the presence of creditors. Could it be in the firms\u2019 interest to let the creditors influence corporate decisions? In order to answer these questions, three theoretical models, depicting the influence of creditors on firms in the principal-agent-context, are analyzed, compared and discussed. Based on that, a model that combines and extends their assumptions is developed. The results show that it might be preferable to let the creditors influence the firm\u2019s decisions either permanently or at least in some situations. Also, firms should establish a trustworthy relationship with the creditors in order to minimize the costs due to information asymmetries. Overall, creditors should not be seen as a source of conflict and cost factor but rather as a strategic factor that enables firms to make optimal use of their information and thus, to create a sustainable competitive advantage.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><div class=\"fusion-text fusion-text-3\"><p><em>Keywords: Debt contracts; creditor influence; corporate performance; corporate governance; agency theory.<span data-sheets-value=\"{\" data-sheets-userformat=\"{\"><br \/>\n<\/span><\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-4\"><p><em>DOI: <a href=\"https:\/\/doi.org\/10.5282\/jums\/v7i1pp150-184\">https:\/\/doi.org\/10.5282\/jums\/v7i1pp150-184<\/a><\/em><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div style=\"width: 350px; height: 24px; \">\r\n\r\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-1 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2022\/03\/MA_Ruhnke.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read issue<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-2 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2022\/03\/A_Ruhnke.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-3 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/doi.org\/10.5282\/jums\/v7i1pp150-184\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Quote<\/span><\/a><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-4 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-background-position:left top;--awb-border-sizes-top:0px;--awb-border-sizes-bottom:0px;--awb-border-sizes-left:0px;--awb-border-sizes-right:0px;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:20px;--awb-padding-bottom:20px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-5 hundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-overflow:visible;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div style=\"width: 350px; height: 120px;\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":4889,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-41524","page","type-page","status-publish","hentry"],"jetpack_shortlink":"https:\/\/wp.me\/P7lBbr-aNK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/41524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/users\/4889"}],"replies":[{"embeddable":true,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/comments?post=41524"}],"version-history":[{"count":12,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/41524\/revisions"}],"predecessor-version":[{"id":41908,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/41524\/revisions\/41908"}],"wp:attachment":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/media?parent=41524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}