CGG Working Paper - Fakultät Wirtschafts

Transcription

CGG Working Paper - Fakultät Wirtschafts
!"#$$"%&'()*!+,-"&'.'&/&*'-*(%+0"%)1*2"3-4*
5+1&)6&"&'+1*317*5+16&'&3&'+1"%'6'),31(!
"#$%&!'(&#&)!
*#(+&),($-$!./012)3!
!
4)56&,,2)!67)!458($(9:(,,&#,;</6$=!(#,1&,5#>&)&!?851/8!?5+&)#/#;&!@!
!"#$%&'()#*%+,--./!>&)!A589,:/3&#,$(6$2#3!BCDEFGCDEHI!
!
J/928$-$!'()$,;</6$,G!2#>!K5L(/8:(,,&#,;</6$&#!
*#(+&),($-$!./012)3!
"88&#>&!48/$L!E!
CDEMN!./012)3!
?OPQ"RS!
O0/(8T!/#$%&U:(&#&)V:(,5U2#(G</012)3U>&!
!
81$"%&*
O(#8&($2#3 UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU E!
W(&!X<&5)(&!>&)!Y5#$&,$/$(5#UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU C!
"#:&#>2#3T!?851/8&!Y5#,$($2$(5#/8(,(&)2#3 UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU M!
"2,18(;9T!Y5#$&,$/$(5#,65),;<2#3 UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU H!
P&6&)&#L&# UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU ED!
"#$%&!'(&#&)!
R/;<</8$(3&!R5)0/$(+($-$!(0!3851/8&#!P/20T!Y5#$&,$/$(5#!2#>!Y5#,$($2$(5#/8(,(&)2#3!
9'1%)'&31(1
W(,,(>&#L=! 458($(,(&)2#3! 2#>! Y5#$&,$/$(5#! ,$&88&#! >)&(! 2#$&),;<(&>8(;<&! Z2/8($-$&#! +5#! '(>&),$/#>!
1&L(&<2#3,:&(,&! '(>&),[)2;<! (#! 4)5L&,,&#! 3851/8&)! ?5+&)#/#;&! >/)U! W(&! >)&(! Y5#L&[$&!
2#$&),;<&(>&#! ,(;<! 1&L738(;<! (<)&,! ,[&L(6(,;<&#! 95#,$($2$(+&#! \&($)/3,! L2)! R5)0/$(+($-$! (0! 3851/8&#!
P/20U!]1:5<8!(#!>&)!4)/^(,!>&2$8(;<!+&),;<(&>&#!1&(,[(&8,:&(,&!/#</#>!>&)!Q/$&)(/8($-$!2#>!Z2/8($-$!
>&,! '(>&),$/#>,! ,(#>! /88&! >)&(! (#,56&)#! /8,! _&3($(0($-$,</#>82#3&#! 3851/8&)! ?5+&)#/#;&! L2!
>&6(#(&)&#=!/8,!>&)&#!R/;<</8$(39&($!0($<(86&!>(&,&)!Y5#L&[$&!L2!1&,$(00&#!1&L(&<2#3,:&(,&!/2;<!L2!
95))(3(&)&#! (,$U! '-<)&#>! W(,,(>&#L! 0($! \&L23! /26! >&#! .&)),;</6$,1&3)(66! /#! )&+582$(5#-)&!
*0:-8L2#3&#![58($(,;<&)!K`,$&0&!/#9#7[6$=!2#>!458($(,(&)2#3!>2);<!>(&!a#6)/3&,$&882#3!+5#!"2$5)($-$!
(0! 3851/8&#! P/20! Q/;<$+&)-#>&)2#3&#! 2#$&),2;<$=! (,$! Y5#$&,$/$(5#! /8,! #5)03&#&)(&)&#>&! 4)/^(,!
(#,1&,5#>&)&! (0! b2,/00&#</#3! 0($! Y5#,$($2$(5#/8(,(&)2#3! /8,! 3)2#>,-$L8(;<&! \&>(#32#3! L2)!
.&),$&882#3!8&3($(0&)!?5+&)#/#;&!>&6(#(&)$U!K(&!:()>!>/<&)!/8,!#5)0G3&#&)(&)&#>&!4)/^(,!+&),$/#>&#=!
>(&!67)!#/;<</8$(3&!R5)0/$(+($-$!95#,$($2$(+!(,$!BX288`!CDDCIU!!
W(&,&,! 4/[(&)! ,$&88$! >&#! \&3)(66! >&)! Y5#$&,$/$(5#! (0! b2,/00&#</#3! 0($! Y5#,$($2$(5#/8(,(&)2#3! (0!
3851/8&#! P/20! 0($! \&L23! /26! ,&(#&! Z2/8(6(9/$(5#=! ,&(#&! "#:&#>2#3! ,5:(&! ,&(#&! "2,:()92#3! /8,!
Y&)#1&3)(66! >&)! 3851/8&#! ?5+&)#/#;&! +5)U! c1&)! >(&! ?)2#>8/3&! >&)! X<&5)(&#! (#$&)#/$(5#/8&)!
\&L(&<2#3&#!Ba\I!)&92))(&)$!>&)! \&($)/3!/26! >&)! +5#! d/0&,!X288`!&#$:(;9&8$&#! 0#1-23%042-.$."45%2)%'%
6,/%7,5=!>(&!1&:2,,$!e!71&)!>(&!9)($(,;<&!"2,&(#/#>&),&$L2#3!<(#/2,!e!>(&!(#$&)/9$(+&!a#$&)+&#$(5#!
:(,,&#,;</6$8(;<&)! J5),;<2#3! (#! 3&,&88,;</6$8(;<&#! Y5#68(9$&#! +5),(&<$! B,(&<&! >/L2! X288`! CDDf/=! gGMh!
X288`! CDDf1IU! W&)! 6583&#>&! \&($)/3! 3&<$! >/L2! (#! >)&(! K;<)($$&#! +5)U! a0! ,8$9,)! K;<)($$! :()>! >&)!
Y5#$&,$/$(5#,1&3)(66! (0! P/<0&#! >&)! X<&5)(&! >&)! Y5#$&,$/$(5#! B'(&#&)! CDEMI! >&6(#(&)$! 2#>!
&(#3&67<)$=! ,5:(&! ,&(#&! "#:&#>2#3! /#</#>! >&,! b`982,! >&)! Y5#$&,$/$(5#! 2#>! ,&(#&)! >)&(! O8&0&#$&!
BK$/>(&#! >&)! R5)0(0[8&0&#$/$(5#=! "9$&2)&=! R5)0,&30&#$&I! &)8-2$&)$U! a0! :/,29,)! K;<)($$! :()>! >(&!
"#:&#>2#3! >&,! Y5#$&,$/$(5#,1&3)(66,! (0! P/<0&#! >&)! O)65),;<2#3! >&,! 4)5L&,,&,! 3851/8&)!
Y5#,$($2$(5#/8(,(&)2#3! 0($! \&L23! /26! >/,! R/))/$(+! 3851/8&)! Y5#,$($2$(5#/8(,(&)2#3! 2#>! 0i38(;<&)!
?&3&##/))/$(+&! +5)3&,$&88$U! .(&)! :()>! +5)3&,;<8/3&#=! /#</#>! 2#$&),;<(&>8(;<&)! Y5#$&,$/$(5#,05>(!
B3&)(;<$8(;<&! O#$,;<&(>2#3,+&)6/<)&#= 2 !W&8(1&)/$(5#=! "2,&(#/#>&),&$L2#3 3 !2#>! P&;<$6&)$(32#3I! >(&!
"2,</#>82#3!+5#!R5)0/$(+($-$!(#!/2,3&:-<8$&#!Y5#$&^$&#!BP&;<$=!458($(9=!?&,&88,;</6$=!'(,,&#,;</6$I!
3851/8&)! Y5#,$($2$(5#/8(,(&)2#3,[)5L&,,&! L2! 2#$&),2;<&#U! W/1&(! :()>! >&)! Y5#$&,$/$(5#,1&3)(66!
L2#-;<,$! (0! .(#18(;9! /26! >(&! "#:&#>2#3! (0! (#$&)>(,L([8(#-)&#! J5),;<2#3,6&8>! >&,! 3851/8&#!
Y5#,$($2$(5#/8(,02,!(0!P/<0&#!&0[()(,;<&)!J5),;<2#3!+5)3&,$&88$U4!K;<8(&j8(;<!:()>!(0!;8299,)!K;<)($$!
&(#&! K;<82,,6583&)2#3! 0($! \8(;9! /26! >(&! "2,3&,$/8$2#3! >&)! X<&5)(&! >&)! Y5#$&,$/$(5#! /8,! &(#&0!
Y&)#1&)&(;<!>&)!3851/8&#!?5+&)#/#;&!J5),;<2#3!&#$:(;9&8$U!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"!J7)!<(86)&(;<&!Y500&#$/)&!L2!>(&,&0!\&($)/3!>/#9&!(;<!d/#!'(89&#,!2#>!R(;58&!W&($&8<566U!J7)!W(,92,,(5#&#!
L20!Y5#L&[$!>&)!Y5#$&,$/$(5#!(#!>&)!R5)0&#65),;<2#3!2#>!>&)!"#:&#>2#3!(#!>&)!)&;<$,:(,,&#,;</6$8(;<&#!
:(&!/2;<!(#!>&)![58($(9:(,,&#,;</6$8(;<&#!J5),;<2#3!>/#9&!(;<!>&0!J5),;<2#3,$&/0!(0!P/<0&#!>&,!4)5%&9$&,!
kl5#,$($2$(5#/8(,0!*#152#>m!/#!>&)!*#(+&),($-$!./012)3=!(#,1&,5#>&)&!K$&6/#!]&$&)=!Q/)92,!Y5$L2)=!4&$&)!
R(&,&#=!l<)(,$(#&!_/#>6)(&>=!J85)(/#!d&j1&)3&)=!Y/),$&#!R5:)5$!2#>!R&8&!R5&,,&8$U!W/,!'5)9(#3!4/[&)!:2)>&!
:-<)&#>!0&(#&,!J5),;<2#3,/26&#$</8$&,!/8,!O*Pa"K!K&#(5)!J&885:!BCDEMGCDEFI!/0!R&$<&)8/#>,!a#,$($2$&!65)!
">+/#;&>!K$2>(&,!>&)!P5`/8!";/>&0`!56!$<&!K5;(/8!K;(&#;&,!(#!'/,,&#//)=!>&0!W/#9!67)!6(#/#L(&88&!
*#$&),$7$L2#3!3(8$=!6&)$(33&,$&88$U!J7)!J5),;<2#3,/,,(,$&#L!3&<$!W/#9!/#!],;/)!];/0[5U!W(&!+5)8(&3&#>&!A&),(5#!
2#$&)8(&3$!/2,,;<8(&j8(;<!>&)!A&)/#$:5)$2#3!>&)!"2$5)(#U!
#!c1&),&$L2#3!>&,!&#38(,;<&#!])(3(#/81&3)(66,!>&)!'81298'92.)<!
$!c1&),&$L2#3!>&,!&#38(,;<&#!])(3(#/81&3)(66,!>&)!3.)9,)92.)<%!
%!A38U!#&1&#!+(&8&#!Y8/11&),!BCDDNI=!_523<8(#@'/89&)!BCDDHIh!W&!\2);/!BCDDnIh!W2#566@!X)/;<$0/#!BCDDnIh!
_523<8(#!BCDEDI!/#>!!4&$&),!/#>!")0(#3$5#!BCDDnIU!
!
"
l??!'5)9(#3!4/[&)!R5U!C=!R5+&01&)!CDEF!
'-<)&#>!>/,!Y5#L&[$!>&)!3851/8&#!?5+&)#/#;&!,&($!>&#!6)7<&#!EnnD&)!d/<)&#!>(&!A&),$&$(32#3!+5#!
P&3(&)2#3,[)5L&,,&#! /2;<! %&#,&($,! >&,! b23)(66,! +5#! K$//$8(;<9&($! 1&L&(;<#&$&! BP5,&#/2@lL&0[(&8!
EnnCI=! </$! ,(;<! (#! >&#! +&)3/#3&#&#! L:&(! W&9/>&#! &(#! /266/88&#>! 2#$&),;<(&>8(;<&,! A&),$-#>#(,! +5#!
?5+&)#/#;&! (#! >&)! 458($(9:(,,&#,;</6$! &#$:(;9&8$T! K5! 1&L&(;<#&$! (.=,8)')3,! &(#&),&($,! >(&!
>9,#,81'8?,29! +5#! 458($(9[)5L&,,&! /2j&)</81! >&,! 05>&)#&#! P/>(2,! ,$//$8(;<&)! Q/;<$! 2#>! 206/,,$!
/#>&)&),&($,!P&3(&)2#3,[)5L&,,&!(0!)2349@$9''9$(,1#);,),8![58($(,;<&#!P/20!B'/8$&),!CDDNIU!W/0($!
3&<$! >&)! "26,/$L! /26! >(&! L:/)! 95#$(#3&#$&=! %&>5;<! $&0[5)-)! #(;<$! 1&3)&#L$&! 4)5L&,,&! >&)!
Y5#,$($2$(5#!+5#!R5)0/$(+($-$!>2);<!Y5#$&,$/$(5#!(0!3851/8&#!P/20!&(#U!
:')*;$)+,')*7),*5+1&)6&"&'+1*
"8,! #5)03&#&)(&)&#>&! 4)/^(,! (,$! Y5#$&,$/$(5#! 3&#&)&88! /8,! (#>(+(>2&88! 05$(+(&)$&)! "2,>)2;9! >&)!
"18&<#2#3! +5#! R5)0&#! >&6(#(&)$U! W(&,&! "18&<#2#3! 206/,,$! >(&! K[/##1)&($&! 953#($(+&)!
"2,>)2;9,65)0&#! +5#! ,[5#$/#&)! 1(,! <(#! L2! ,$)/$&3(,;<&)! Y)($(9U! K(&! (,$! 3&#&)&88! :&##! /2;<! #(;<$!
/2,,;<8(&j8(;<! 0($<(86&! +5#! K[)/;<&! 65)028(&)$! B'(&#&)! CDEMIU! W/0($! (,$! >(&! Y5#$&,$/$(5#! +50!
,$)29$2)&88&#!4)/^(,1&3)(66!>&)!o3.*",9,)9%",8A.8*')3,B!B">8&)@!4528(5$!CDECh!K&#>(#3!CDECI!(#,56&)#!
98/)! /1L23)&#L&#=! /8,! ,(&! )&G@95#,$($2$(+! 2#>! >/0($! 95#$(#2(&)8(;<! ,5:5<8! R5)0&)</8$&#>! :(&! /2;<!
R5)03&#&)/$(+! :()9$U 5 !W/3&3&#! ,$7$L$! ,(;<! >(&! 950[&$&#$&! 4&)65)0/#L! +5)! /88&0! /26! >(&!
,$/1(8(,(&)&#>&! '()92#3! +5)</#>&#&)! A&)</8$&#,02,$&)=! >(&! >2);<! :(&>&)<58$&! "#:&#>2#3!
K(;<&)<&($! +&),[)&;<&#U! O#$,[)&;<&#>! (,$! >(&,&! R5)03&#&)/$(+&! 4)/^(,! /8,! 95#,$($2$(+! 67)! 8&3($(0&!
3851/8&!?5+&)#/#;&!&(#L25)>#&#U!W&##!k;5#$&,$/$(5#!6/;(8($/$&,!$<&!5[[5)$2#($`!65)!,$/9&<58>&),!$5!
[/)$(;([/$&! (#! #&35$(/$(#3! $<&! #5)0/$(+($`! 56! 35+&)#/#;&! (#! $<&! 3851/8! )&/80Up! B'(&#&)! CDEM=! MNI!
O#$,[)&;<&#>! ,$&88$! ,(;<! >(&! ?&:-<)2#3! >&,! P&;<$,! /26! b23/#3! L2! )&328-)&)! Y5#$&,$/$(5#=! 20!
>/>2);<! >(&! X&(8#/<0&! /#! >&)! A&)</#>82#3! 3851/8&)! R5)0/$(+($-$! L2! 3&:-<)8&(,$&#=! /8,! &(#&!
#5)0/$(+&!.&)/2,65)>&)2#3!/#!>(&!3851/8&!?5+&)#/#;&!J5),;<2#3U!!
!"#$%&"#'()'(*$&"+,-./#0(1$23$4"#'()'/'."#$
'-<)&#>!>(&!\&L&(;<#2#3!20,$)($$&#&)!:(,,&#,;</6$8(;<&)!Y5#L&[$&!/8,!k;5#$&,$&>!;5#;&[$,m!B?/88(&!
EnFNI! /883&0&(#! 3&8-26(3! (,$=! 20! 95#L&[$(5#&88&! *#98/)<&($&#=! 20,$)($$&#&! ./#>82#3,/#:&(,2#3&#!
,5:(&!?)2#>8/3&#!:(,,&#,;</6$8(;<&)!W&1/$$&#!L2!1&#&##&#=!$/2;<$!>&)!Y5#$&,$/$(5#,1&3)(66!(#!>&#!
X<&5)(&#! (#$&)#/$(5#/8&)! \&L(&<2#3&#! &),$! ,&($! >&0! Q(88&##(20,:&;<,&8! +&),$-)9$! /26U! W&)! \&3)(66!
:()>! L2#-;<,$! (0! \&)&(;<! >&)! l50[8(/#;&GJ5),;<2#3! +&):&#>&$U! K5! #5$(&)$! >(&! \&51/;<$2#3! +5#!
k;5#$&,$&>!;50[8(/#;&m!1&(,[(&8,:&(,&!0($!>&#!Y5#>($(5#&#!(0!O):&($&)2#3,[)5L&,,!(#$&)#/$(5#/8&)!
])3/#(,/$(5#&#! >(&! 0/#3&8#>&! b2,$(002#3! L2! >&#! R5)0,&$L2#3&#! $)/#,#/$(5#/8! </#>&8#>&)!
R5)0&#2#$&)#&<0&)! B'(&#&)! CDDMIU! \&(,[(&8&! ,58;<! 20,$)($$&#&)! R5)0&#! ,(#>! 2#$&)! /#>&)&0!
Q50&#$&! >&)! [/,,(+&#! 2#>@5>&)! /9$(+&#! "18&<#2#3! +5#! R5)0(0[8&0&#$/$(5#! (0! b2,/00&#</#3!
0($! >&#! Y5#>($(5#/8($-$&#! +5#! O):&($&)2#3,[)5L&,,&#! (#$&)#/$(5#/8&)! ])3/#(,/$(5#&#! 5>&)! 3&#&)&88
0($! \&L23! /26! >(&! *0,&$L2#3! +5#! Ai89&))&;<$,#5)0&#! L2! 6(#>&#U 6 !W(&! "2,3&,$/8$2#3! >&,!
Y5#$&,$/$(5#,1&3)(66,! 6(#>&$! +5)! /88&0! >2);<! ,&(#&! L2#&<0&#>&! A&):&#>2#3! /8,! L&#$)/8&,! Y5#L&[$!
1(659/8&)! "#,-$L&! >&)! 9)($(,;<&#! R5)0&#65),;<2#3=! >(&! R5)0&#! ,5:5<8! /8,! X)-3&)! 2#(+&),&88&)!
"##/<0&#!:(&!/2;<!/8,!P&68&9$(5#!,5L(/8&)!4)/^(,!95#L([(&)&#=!,$/$$U7
5(6$4"#'()'/'."#)278-3)$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
5
K(&<&!L20!\&(,[(&8!>(&!A&):&#>2#3!1&(!BY5)#[)51,$!CDECI!BX288`!CDDCIh!2#>!B]:&#!CDDHIU!
&!A38U!L20!\&(,[(&8!BK;<:&88#2,!CDDMIh!B_(&,&!CDDnIh!BA&#L9&!CDDnIh!B42&$$&)!/#>!'(&#&)!CDDnIh!B\)5,(3!CDECIh!
BQ2&88&)!/#>!'2#>&)8(;<!CDEgIU!
'!A38U!W&($&8<566!BCDDnI=!W&($&8<566@!b(00&)0/##!BCDEgI=!'(&#&)!BCDDfIh!.56(2,!&$!/8U!BCDEMIU!
!
#
"#$%&!'(&#&)!
R/;<</8$(3&!R5)0/$(+($-$!(0!3851/8&#!P/20T!Y5#$&,$/$(5#!2#>!Y5#,$($2$(5#/8(,(&)2#3!
W(&! X<&5)(&! >&)! Y5#$&,$/$(5#! #(00$! >(&,&#! 1(659/8&#! "#,/$L! /26! 0($! >&0! "#,[)2;<=! &(#&#!
$<&5)&$(,;<&#! b23)(66! /26! >(&! A&)</#>82#3! +5#! R5)0/$(+($-$! L2! &#$:(;9&8#U! W(&,&)! :()>! >2);<! >&#!
L()928-)!>/)3&,$&88$&#!Y5#$&,$/$(5#,L`982,!>/)3&,$&88$!B+38U!?)/[<!E!2#$&#IU!W(&!3)/[<(,;<&!W/),$&882#3!
+5#! Y5#$&,$/$(5#! /8,! L`98(,;<! 2#>! 38&(;<L&($(3! L()928-)! +&)/#,;</28(;<$! >(&! Qi38(;<9&($!
2#$&),;<(&>8(;<&)!Y5#,$&88/$(5#&#!>&,!b2,/00&#:()9&#,!+5#!"9$&2)&#=!K$/$(5#&#!2#>!K&30&#$&#!(0!
4)5L&,,!>&)!*0,&$L2#3!+5#!R5)0&#!(#!>&#!(#$&)G#/$(5#/8&#!\&L(&<2#3&#8!<&)+5)U!K(&!&)8/21$!&,=!>/,!
,[&L(6(,;<&! b2,/00&#:()9&#! :&;<,&8#>&)! Y5#,$&88/$(5#&#! L2! 2#$&),2;<&#=! >(&! >2);<! >(&!
Y5#$&,$/$(5#! +5#! R5)0&#! /#3&L&(3$! :&)>&#U! W/0($! 1(&$&$! >(&! X<&5)(&! >&)! Y5#$&,$/$(5#! &(#&#!
"2,3/#3,[2#9$!67)!>(&!BP&G@IY5#,$($2$(5#!+5#!R5)0/$(+($-$!/26!>&)!Q(9)5G=!Q&,5G!2#>!Q/9)5&1&#&U!
!
<,"=$*>T!W&)!b`982,!>&)!Y5#$&,$/$(5#!
C#,--,T!'(&#&)!CDEM=!CE!
W(&! Y5#,$&88/$(5#! >&)! >)&(! #5)0/$(+&#! K&30&#$&! BY)&(,T! 65)0/8&! ?&8$2#3=! ,5L(/8&! "#&)9&##2#3! 2#>!
928$2)&88&! ?&8$2#3I! (,$! /2,! >&)! R5)0&#65),;<2#3! /13&8&($&$! 2#>! 1&L(&<$! ,(;<! /26! >(&! '()92#3!
2#$&),;<(&>8(;<&)! R5)0$`[&#! B+38U! >/L2! X/1&88&! EIU! W(&! 2#$&),;<(&>8(;<&#! "9$&2)&! BO),$&! K[/8$&T!
?&0&(#,;</6$=! ,5L(/8&! ?)2[[&=! a#>(+(>220I! 1&#&##&#! >(&! "9$&2),+(&86/8$! &#$,[)&;<&#>! >&)! ,5L(/8!
,$)29$2)(&)$&#!*03&12#3=!>(&!(#!>&)!R5)0&#65),;<2#3!/8,!&(#!a#>(9/$5)!>&)!R5)0:()92#3!3(8$U9!*#>!
,;<8(&j8(;<! +&):&(,&#! >(&! +&),;<(&>&#&#! K$/>(&#! >&)! "#:&#>2#3! +5#! R5)0&#! BO),$&! P&(<&T!
Y5#,$($2$(5#=! P&6&)&#L=! a0[8&0&#$/$(5#I! /26! >(&! K[/##1)&($&! >&)! $&0[5)/8&#!
a#$&)+&#$(5#,0i38(;<9&($&#=! >(&! ,(;<! >&#! "9$&2)&#! >&)! 3851/8&#! ?5+&)#/#;&! 1(&$&#U! W&)!
Y5#$&,$/$(5#,L`982,!&)8/21$!&,=!>2);<!>(&!51&#!1&#/##$&#!+&),;<(&>&#&#!Y5#,$&88/$(5#&#!1&,$(00$&!
Y5#$&,$/$(5#,05>(!L2!1&,$(00&#!B+38U!X/1&88&!CI=!>(&!"26,;<82,,!71&)!>(&!\&$&(8(32#3!>&)!>9'?,4.-;,8!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
8!"#>&),!/8,!>/,!3&0&(#<(#!+&):&#>&$&!">%&9$(+!k(#$&)#/$(5#/8m=!>/,!(#!>&#!a\!3&#&)&88!0($!k(#$&),$//$8(;<m!
,`#5#`0!+&):&#>&$!:()>=!1&$5#$!>(&!A&):&#>2#3!>&,!\(#>&,$)(;<,!1&(!>&)!b2,;<)&(12#3!k(#$&)G#/$(5#/8m!>(&!
/26!(#>(+(>2&88&)!O)6/<)2#3!1&3)7#>&$&!?#-9#8,--,!*#$&),;<(&>8(;<9&($=!>(&!,(;<!/2,!&)9&##1/)&)!#/$(5#/8&)!
b2,;<)&(12#3!/18&($&$=!2#>!>(&!67)!>(&!Y5#$&,$/$(5#!+5#!R5)0&#!/2,,;<8/33&1&#>!(,$!B+38U!>/L2!/2,67<)8(;<T!
'&#3&)!Ennfh!X288`!EnnFh!'(&#&)!CDDf=!CDDnh!CDEMIU!!
9
!A38U!J(##&05)&@X55[&!@CDDEI!,5:(&!\)2##&&@X55[&!BCDDEIU!
!
$
l??!'5)9(#3!4/[&)!R5U!C=!R5+&01&)!CDEF!
3&1&#U! W/>2);<! :()>! >(&! R/;<</8$(39&($! >&)! +&)</#>&8$&#! R5)0/$(+($-$! 71&)[)761/)U! W(&,! ,588! (0!
J583&#>&#!92)L!&)8-2$&)$!2#>!>/##!(#!"1,;<#($$!L:&(!>&$/(88(&)$&)!/2,3&67<)$!:&)>&#U!!
K5! +&):&(,$! 1&(,[(&8,:&(,&! &(#! b2,/00&#:()9&#! >&,! >,(*,)9$! 65)0/8&)! ?&8$2#3! 2#>! >&,!
?&0&(#,;</6$,GD?9,#8$! (0! >9';2#*! >&)! Y5#,$($2$(5#! +5#! R5)0&#! /26! >(&! ")1($)/$(5#! ,5:(&! >&)!
W&8(1&)/$(5#! /8,! Y5#$&,$/$(5#,05>(U! W/,! ,5L(/8&! *06&8>! >&)! Y5#$&,$/$(5#! (,$! >2);<! 65)0/8&!
a#,$($2$(5#/8(,(&)2#3!2#>!71&):(&3&#>!,$/1(8&!Q2,$&)!>&)!Y5#,$($2$(5#/8(,(&)2#3!>2);<!>&#!\&L23!/26!
J2#>/0&#$/8#5)0&#! 1&,$(00$U! *03&9&<)$! L&(3$! ,(;<! /#</#>! +5#! e! 65)0/8! e! (#,$($2$(5#/8(,(&)$&#!
J5)0&#! >&)! Y5#$&,$/$(5#! :(&! 1&(,[(&8,:&(,&! (#! *06&8>! (#$&)#/$(5#/8&)! ])3/#(,/$(5#&#! 5>&)!
(#$&)#/$(5#/8&)! ?&)(;<$,<i6&! &1&#! >(&,&! Y5#,$&88/$(5#U! O#$,[)&;<&#>! :()>! :&#(3! Y5#$&,$/$(5#!
&):/)$&$U! W(&,! -#>&)$! ,(;<! %&>5;<=! :&##! >(&! Y5#,$&88/$(5#! (0! >9';2#*! >&)! Y5#,$($2$(5#! >2);<! >/,!
b2,/00&#:()9&#!+5#!a#>(+(>2/8GD?9,#8,)!(#!&(#&0!*06&8>!5<#&!3&$&(8$&!?)2[[&#L23&<i)(39&($!(,$U!
a#!>(&,&)!Y5#,$&88/$(5#!(,$!>(&!O(#:()92#3!+&),;<(&>&#&)!2#>!0i38(;<&):&(,&!/2;<!:(>&),[)7;<8(;<&)!
(#>(+(>2&88&)! .(#$&)3)2#>,&)6/<)2#3&#! B'&#3&)! EnnfI! L2! &):/)$&#U! W(&! '/<),;<&(#8(;<9&($! >&)!
Y5#$&,$/$(5#! (,$! <5;<U! W(&! J583&! (,$! (0! 1&,$&#! J/88&! W&8(1&)/$(5#! 5>&)! "2,&(#/#>&),&$L2#3U! a#! >&)!
Y5#,$&88/$(5#! 6583$! (0! #&3/$(+&#! J/88! >(&! "#L&(3&! +5#! Y5#68(9$! >2);<! '(>&),[)2;<U! W(&,&)! 0/3! 5<#&!
Q&>(/$(5#!0i38(;<&):&(,&!>(&!K;<:&88&!L2)!W(,,(>&#L!71&),;<)&($&#U!O),$!>2);<!>(&!\&)7;9,(;<$(32#3!
>&,!>,(*,)9$!>&)!?#-9#8,--,)%E'-2;2,8#)(!:()>!>(&!95#68(9$(+&!a#$&)[)&$/$(5#!+5#!R5)0&#!9/8928(&)1/)U!
'/,! 1&>&2$&$! >(&,! #2#! 67)! >(&! *0,&$L2#3! (#! >(&! J5),;<2#3q! W&)! L&#$)/8&! ",[&9$! >&)! 1&:&38(;<&#!
%&>5;<! L()928-)! /#3&8&3$&#! Y5#,$&88/$(5#&#! +5#! Y5#$&,$/$(5#! 8(&3$! (#! >&)! [82)/8(,$(,;<&#! ?)2#>8/3&!
>&)!R5)03&#&)(&)2#3U!W/,!<&(,,$!R5)03&#&)(&)2#3!(,$!:&>&)!$&0[5)-)!#5;<!859/8!&(#3&,;<)-#9$U!K(&!
</$! %&>5;<! (#! (<)&)! 8&3($(0(&)&#>&#! Z2/8($-$! >2);</2,! 2#$&),;<(&>8(;<&! '()92#3U! O#$,[)&;<&#>! >&,!
1(659/8&#! J5),;<2#3,/#,/$L&,=! >&)! >&)! 0#1-23% 042-.$."45! &#$8&<#$! (,$=! 3(8$! &,=! >(&,&! &0[()(,;<! L2!
1&,$(00&#=!20!>/,! #5)0/$(+&! b(&8!>&,![)(#L([(&88&#!38&(;<&#!b23/#3,!L2!)&328-)&)! Y5#$&,$/$(5#!67)!
/88&! X&(8</1&)@(##&#! /#L2,$)&1&#U! a0! O)3&1#(,! :-)&#! <(&)! 1&(,[(&8,:&(,&! K$)/$&3(&#! L2)!
a#,$($2$(5#/8(,(&)2#3=! r#>&)2#3&#! +5#! 458(;`! Y5#L&[$&#! 5>&)! [58($(,;<&! a##5+/$(5#&#! >&#91/)U! W&)!
6583&#>&! L:&($&! K;<)($$! :&#>&$! ,(;<! >&0! 95#,$($2$(+&#! '&;<,&8+&)<-8$#(,! >&)! \&L(&<2#3! +5#!
7.)9,$9'92.)!/8,!,5L(/8&)!#5)03&#&)/$(+&)!4)/^(,!&(#&),&($,!2#>!7.)$929#92.)'-2$2,8#)(!/8,!4)5L&,,!>&)!
.&)/2,1(8>2#3!3851/8&)!A&)6/,,2#3,#5)0&#!/#>&)&),&($,!L2U!!
?1@)1731(4*<%+0"%)*5+16&'&3&'+1"%'6'),31(*
K&($! >&0! Q(88&##(20,:&;<,&8! :&)>&#! 4)5L&,,&! 3851/8&)! Y5#,$($2$(5#/8(,(&)2#3! L2#&<0&#>! (#!
(#$&)>(,L([8(#-)&#! J5),;<2#3,L2,/00&#<-#3&#! 2#$&),2;<$U! W(&! *0,&$L2#3! +&)6/,,2#3,-<#8(;<&)!
Y5#L&[$&! >2);<! Q(,;<65)0&#! ,53&#/##$&)! K$//$G[82,! "9$&2)&=! >(&! #&1&#! K$//$&#=! R?],=! a],=!
a#>(+(>2&#! ,5:(&! a#$&)&,,&#3)2[[&#! 206/,,&#=! ,$&88$! >(&! J)/3&! #/;<! #(;<$! ,$//$8(;<! 3&12#>&#&#!
A&)6/,,$<&($&#! (0! 3851/8&#! P/20U! \&(,[(&8&! ,(#>! >(&! A&)0(,;<2#3! +5#! P&;<$=! 3&,&88,;</6$8(;<&0!
4)5$&,$!,5:(&![58($(,;<&!a#$&)+&#$(5#&#U!*#$&)!/#>&)&0!(,$!<(&)!>(&!4)/^(,!+5#!kD*23#$%F#82,!\)(&6,m10!
L2! #&##&#U! O(#&! :&($&)&,! Y5#L&[$=! >/,! >(&! Y501(#/$(5#! +5#! P&;<$! 2#>! 458($(9! /8,! J5)0! >&)!
Y5#$&,$/$(5#! +&)1(#>&$=! (,$! >/,! k,$)/$&3(,;<&! _($(3/$(5#,#&$L:&)9m=! >/,! /26! 4)5$&,$8($&)/$2)! 2#>!
(#$&)#/$(5#/8&0! K$)/6)&;<$! 62j$! Bd&j1&)3&)! CDEMIU! "#3&,(;<$,! >(&,&)! [<-#50&#/8&#! r#>&)2#3&#!
:&)>&#! >(,L([8(#-)! 1&3)7#>&$&! *#$&),;<&(>2#3&#! >&,! Y5#,$($2$(5#/8(,(&)2#3,1&3)(66,! >2);<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"(!A38U!67)!>(&!W&6(#($(5#!>&,!,53&#/##$&#!6)&2#>,;</6$8(;<&#!P/$&,!"2j&#,$&<&#>&)!/#!>(&!P(;<$&)!>&,!
K2[)&0&!l52)$,!(#!>&#!*K"!L2&),$!Y)(,85+!BEnNg=!NnMIh!2#>!67)!>(&!W(,92,,(5#!>&,!Y5#L&[$,!2#>!,&(#&)!
"#:&#>2#3!(0!CEU!d/<)<2#>&)$!_`#;<!BCDDMIh!Q(/8<&!BCDEEIU!
!
%
"#$%&!'(&#&)!
R/;<</8$(3&!R5)0/$(+($-$!(0!3851/8&#!P/20T!Y5#$&,$/$(5#!2#>!Y5#,$($2$(5#/8(,(&)2#3!
b2,;<)&(12#3&#! :(&! k,5;(&$/8=m! k,5;(/8m! 5>&)! k(#,$($2$(5#/8m 11 !>&#! "#65)>&)2#3&#! &(#&,!
(#$&)>(,L([8(#-)&#! /9/>&0(,;<&#! b23/#3,! (00&)! :&#(3&)! 3&)&;<$U! W&##! ,(&! </1&#! 1(,<&)! +5)! /88&0!
>/L2! 3&67<)$=! >/,,! #/<&L2! %&>&)! O(#L&81&($)/3! L2! >(&,&0! X<&0/! 0($! O(3&#>&6(#($(5#&#! 1&3(##$U! "8,!
<&2)(,$(,;<&)!$<&5)&$(,;<&)!P/<0&#!3)&(6$!<(&)!>(&!X<&5)(&!>&#!k2#3&12#>&#&#!Y5#,$($2$(5#/8(,02,m=!
>&)! >(&! P&95#,$)29$(5#! +5#! 3851/8&)! Y5#,$($2$(5#/8(,(&)2#3! $)5$L! >(&,&)! "1:&(;<2#3! +5#!
$)/>($(5#&88&#! Y5002#(9/$(5#,)&3&8#! 2#>! e65)0&#! B1&(,[(&8,:&(,&! >2);<! >/,! &'""2)(! +5#!
Y5#$&,$/$(5#&#!71&)!A&)6/,,2#3,#5)0&#!(0!3851/8&#!P/20I!&)0i38(;<$U!
"#3&,(;<$,! >&)! X/$,/;<&=! >/,,! /2,3&)&(6$&! X<&5)(&#! 3851/8&)! Y5#,$($2$(5#/8(,(&)2#3! #/;<! :(&! +5)!
/2,,$&<&#! 20! >/,! 4<-#50&#! >&)! 2#3&12#>&#&#! Y5#,$($2$(5#/8(,(&)2#3! L2! &)6/,,&#! 2#>! L2!
&)65),;<&#=! (,$! >(&! *#$&),;<&(>2#3! &#$,[)&;<&#>! >&)! b2,;<)&(12#3! >&,! b23)(66,! /26! >&#!
J5),;<2#3,3&3&#,$/#>!>&)! 3851/8&#! Y5#,$($2$(5#/8(,(&)2#3!>2);<! $`[5853(,;<&!Z2/8(6(9/$(5#!B?55>(#!
/#>! X(88`! CDDNI! e! LU\U! #5)0/$(+=! 62#9$(5#/8(,$(,;<=! [82)/8(,$(,;<! e! (0! 3&0&(#,/0&#! (#$&)>(,L([8(#-)&#!
J5),;<2#3,6&8>! >&,! k?851/8! l5#,$($2$(5#/8(,0m! ,(##+588U 12 !W&0#/;<! ,(#>=! 51:5<8! &,! >2);</2,!
c1&)8/[[2#3&#! 3(1$=! >)&(! 2#$&),;<(&>8(;<&! K$)-#3&! (#! >(&,&0! J&8>! L2! 2#$&),;<&(>&#! B'(&#&)! CDECIU!
W(&!#5)0/$(+&!4&),[&9$(+&!3&<$!+5#!>&)!2#(+&),&88&#!?&8$2#3!62#>/0&#$/8&)!A&)6/,,2#3,#5)0&#!/2,!
2#>!,(&<$!&#$,[)&;<&#>!&(#!o&#$:&>&)@5>&)s!Q5>&88!+5#!3&,&88,;</6$8(;<&)!A&)6/,,$<&($!/263)2#>!+5#!
J2#>/0&#$/8#5)0&#! /26! >&)! Q/9)5&1&#&! +5)! B&#$:&>&)! R/$(5#/8,$//$! 5>&)! ?851/8,$//$IU 13 !W(&!
62#9$(5#/8(,$(,;<&! 4&),[&9$(+&! 0/;<$! ,(;<! >(&! #5)0/$(+&! P&(;<:&($&! 62#>/0&#$/8&)!
A&)6/,,2#3,#5)0&#!(#!>&)! "2,3&,$/8$2#3!>&)!_&3($(0($-$,3)2#>8/3&#! (#$&)#/$(5#/8&)! ])3/#(,/$(5#&#!
L2#2$L&! (#! >&)! O#$:(;982#3! +5#! K$)/$&3(&#! L2)! Y50[&#,/$(5#! 5>&)! L20! O),/$L! +5#!
_&3($(0($-$,+&)82,$&#!>2);<!A&)8/3&)2#3!+5#!P&328/$(5#,[)5L&,,&#!(#!>&#!L2#&<0&#>!P/20!%&#,&($,!
+5#! K$//$8(;<9&($! BQ&#,;<&#)&;<$,,$/#>/)>,=! P&;<$,,$//$8(;<9&($=! W&059)/$(&,$/#>/)>,IU 14 !W(&!
[82)/8(,$(,;<&! 4&),[&9$(+&! ,(&<$! >/,! b2,/00&#,[(&8! ,5:(&! >(&! 4/)/88&8&^(,$&#L! +&),;<(&>&#&)!
A&)6/,,2#3,65)0&#!2#>! e05>&88!/8,!#5)0/$(+&!:7#,;<&#,:&)$!,5:(&![58($(,;<!2#>!)&;<$8(;<! 8&3($(0!
/#U15!!
4"#'()'/'."#$.+$4"#'(9':$!(6;/#*(-'($<"6+/'.=.'>'$
W&)! 1(659/8&! "#,/$L! >&)! Y5#$&,$/$(5#,$<&5)(&! 6592,,(&)$! /26! >(&! 20,$)($$&#&! ?&8$2#3! +5#!
J2#>/0&#$/8#5)0&#=! >(&! 67)! %&>&#! >&)! >)&(! 51&#! 3&#/##$&#! K$)-#3&! >&)!
Y5#,$($2$(5#/8(,(&)2#3,65),;<2#3! /2,,;<8/33&1&#>! (,$U! O)! &)8/21$! %&>5;<! >/)71&)! <(#/2,! >&#!
95#$(#2(&)8(;<&#! \8(;9! /26! >(&! ?8&(;<L&($(39&($! 2#(+&),&88&)! R5)0&#! 2#>! (<)&)! [/)$(928/)&#!
.(#$&)6)/32#3U! K50($! :()>! &,! 0i38(;<=! >/,! #5)0/$(+! 3&,&$L$&! b(&8=! /8,5! >(&! \&,$(002#3! +5#!
Y5#>($(5#&#! #/;<</8$(3&)! R5)0/$(+($-$! (0! 3851/8&#! P/20! >2);<! &0[()(,;<&! 2#>! +&)38&(;<&#>&!
J5),;<2#3! /#L2+(,(&)&#U! W(&,&,! 8-,,$! ,(;<! >2);<! +&)38&(;<&#>&! *#$&),2;<2#3&#! #/;<! ?5+&)#/#;&!
K&9$5)&#!20,&$L&#!B+38U!>/L2! '(&#&)!CDEM=!Y/[U! FIU! O0[()(,;<! :()>!>(&,&!>2);<! >(&! P&95#,$)29$(5#!
+5#!Q50&#$&#!>&,!'(>&),$/#>&,!3&3&#!62#>/0&#$/8&!A&)6/,,2#3,#5)0&#!0i38(;<U!W(&,&!+/)((&)&#!
L:(,;<&#! >&#! &(#L&8#&#! ?5+&)#/#;&! K&9$5)&#! (#! >&)! ")$=! ,(#>! %&>5;<! +50! X`[! <&)! (#,56&)#!
+&)38&(;<1/)! /8,! (#! /88&#! K&9$5)&#! >(&! *0,&$L2#3! +5#! J2#>/0&#$/8#5)0&#! BX`[! E! R5)0I! >2);<!
,$/#>/)>(,(&)$&!A&)6/<)&#!BX`[!g!R5)0I!/#,$&<$!B+38U!X/1&88&!EIU!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!BY%/&)!CDEMI!BK;<:i1&8!CDEEI!BX<5)#<(88!CDEEI!
11
"#!A38U!<(&)L2!/2;<!>(&!38&(;<#/0(3&!(#$&)>(,L([8(#-)&!b&($,;<)(6$!G-.1'-%F.)$929#92.)'-2$*%H%I#*')%J2(49$K%
L,*.38'35%');%94,%J#-,%.A%M'/=!,&($!CDECh!l/01)(>3&!d52)#/8,!BW&$/(8,T!
<$$[T@@%52)#/8,U;/01)(>3&U5)3@/;$(5#@>(,[8/`d52)#/8q%(>t?lR!IU!
"$!A38U!>/L2!1&([(&8</6$!B4&$&),!CDDnIh!B./1&)0/,!CDEEIh!B?)(00!CDECIU!
14
!A38U!>/L2!1&(,[(&8</6$!BW2#566!/#>!X)/;<$0/#!CDDnIU!
15
!A38U!1&(,[(&8</6$!'/89&)!CDDD!B'/89&)!CDDDIh!B'/89&)!CDEDIU!
!
)
l??!'5)9(#3!4/[&)!R5U!C=!R5+&01&)!CDEF!
!
;"0)%%)*>4!R5)0$`[&#!2#>!>(&!_&3($(0($-$,87;9&!(#!(#$&)G#/$(5#/8&#!\&L(&<2#3&#!
Kategorie
Normen
Moralische Reichweite
Grad der Kontestation
Typ 1
Fundamentalnormen
Breit
Niedrig
Typ 2
Organisationsprinzipien
Typ 3
Standardisierte
Verfahren
Legitimitätslücke
Eng
Hoch
C#,--,N!'(&#&)!BCDEM=!X/1&88&!MI!
W(&! Y5#$&,$/$(5#&#! :&(,&#! /26! >(&! 6&<8&#>&! 3&,&88,;</6$8(;<&! 5>&)! (#>(+(>2&88&! P&,5#/#L! 0($! >&#!
%&:&(8(3&#! L&#$)/8&#! J2#>/0&#$/8#5)0&#! :(&! 1&(,[(&8,:&(,&! Q&#,;<&#)&;<$&=! W&059)/$(&=!
R/;<</8$(39&($! (#! >&)! J(,;<&)&(! 5>&)! P&;<$,,$//$8(;<9&($! <(#U! K(&! ,(#>! &(#&),&($,! /8,! a#>(9/$5)! 67)!
'(>&),$/#>! 3&3&#! #5)0/$(+&! R/))/$(+&! /26! >&)! Q/9)5&1&#&! L2! +&),$&<&#! 2#>! +&):&(,&#! >/1&(!
/#>&)&),&($,!38&(;<L&($(3!/26!>(&!(#+58+(&)$&#!"9$&2),3)2[[&#!/26!>&)!Q(9)5&1&#&U!.(&)!:()>!>&2$8(;<=!
>/,,! >(&! Q&,5&1&#&=! >(&! >(&! _&3($(0/$(5#,87;9&! 206/,,$=! (#! >&)! _($&)/$2)! 9/20! 1&)7;9,(;<$(3$!
18&(1$U16!*0!>&#! &0[()(,;<&#!b23)(66!/26!>(&,&! Y5#$&,$/$(5#&#!L2![)-L(,(&)&#=!</1&#! :()!/#>&)#5)$,!
+5)3&,;<8/3&#=!>&#!'(>&),$/#>!#/;<!+(&)!Y5#$&,$/$(5#,05>(!L2!2#$&),;<&(>&#!B+38U!X/1&88&!CIU!!
;"0)%%)*AT!Y5#$&,$/$(5#,05>(!2#>!"9$&2)&!
Modi
Umfeld
Akteure
Schlichtung
(Arbitration)
Gerichtsverfahren
Gerichte
Staaten
Gruppen
Deliberation
Internationale
Organisationen
Staaten
IOs
NGOs
Auseinandersetzung
(Contention)
Gesellschaftliche
Protestformen
Gruppen
Netzwerke
Rechtfertigung
Akademische
Öffentlichkeit
Individuen
Gruppen
Debatten,
C#,--,N!'(&#&)@]&$&)!BCDEMI 17!
K5! ,$&<$! 1&(,[(&8,:&(,&! (0! *06&8>! +5#! ?&)(;<$&#! 2#>! ?&)(;<$,+&)6/<)&#! +5)#&<08(;<! >(&!
Y5#$&,$/$(5#! >2);<! K;<8(;<$2#3! 5>&)! W&8(1&)/$(5#! L2! &):/)$&#U! .(#3&3&#! 71&):(&3$! (0! *06&8>!
(#$&)#/$(5#/8&)! ])3/#(,/$(5#&#! &<&)! >(&! Y5#$&,$/$(5#! >2);<! W&8(1&)/$(5#! 1&L(&<2#3,:&(,&! >2);<!
[58($(,;<&!J5)0&#!>&)!"2,&(#/#>&),&$L2#3=!>(&!>2);<!#(;<$G,$//$8(;<&!"9$&2)&!203&,&$L$!:()>!BP(,,&!
/#>!Y8&(#&!CDEDIh!BW&($&8<566!/#>! Q788&)!CDDFIh! W&($&8<566@b(00&)0/##!BCDEgIU!K;<8(&j8(;<! :()>!(0!
3&,&88,;</6$8(;<&#! *06&8>! &<&)! >(&! Y5#$&,$/$(5#! >2);<! J5)0&#! >&)! [58($(,;<&#! "2,&(#/#>&),&$L2#3!
:(&! 4)5$&,$! &):/)$&$! BQ;">/0! &$! /8U! EnnNh! X/))5:! CDDFIU! '-<)&#>! (0! *06&8>! /9/>&0(,;<&)!
W&1/$$&#! &<&)! >(&! Y5#$&,$/$(5#! >2);<! P&;<$6&)$(32#3! 5>&)! W&8(1&)/$(5#! :/<),;<&(#8(;<! (,$! BJ5),$!
CDDHIh!BQ788&)@'2#>&)8(;<!CDEgIU!"263)2#>!>&)!a>&#$(6(9/$(5#!>(&,&)!Y5#$&,$/$(5#&#!>2);<!&'""2)(!
B0($! \&L23!/26!O^[&)$&#(#$&)+(&:,=!W5920&#$&#/#/8`,&!2,:UI! (#! &(#&0! &),$&#!J5),;<2#3,/1,;<#($$!
1&(,[(&8,:&(,&! ! 0($! \&L23! /26! ?&)(;<$,+&)6/<)&#=! A&)</#>82#3&#=! /9/>&0(,;<&#! W&1/$$&#! 5>&)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
16
!.(&)!:()>!,$/$$>&,,&#!<-26(3!+50!oW&059)/$(&>&6(L($s!3&,[)5;<&#=!>/,!>&0!A&)38&(;<!L20!P&3(&)&#!(0!
R/$(5#/8,$//$!&#$,[)(#3$!2#>!>/<&)!>&2$8(;<!+5#!>&#!,[&L(6(,;<&#!Y5#>($(5#&#!+&)</#>&8$&)!R5)0/$(+($-$!(#!>&)!
3851/8&#!?5+&)#/#;&!/1:&(;<$U!!
"'!W(&,&!X/1&88&!&#$,$/#>!(#!J583&!+5#!W(,92,,(5#&#!0($!d/#!'(89&#,!2#>!K$&6/#!]&$&)!(0!b2,/00&#</#3!>&,!
4)5%&9$,!kl5#,$($2$(5#/8(,0!*#152#>m!/#!>&)!*#(+&),($-$!./012)3U!
!
&
"#$%&!'(&#&)!
R/;<</8$(3&!R5)0/$(+($-$!(0!3851/8&#!P/20T!Y5#$&,$/$(5#!2#>!Y5#,$($2$(5#/8(,(&)2#3!
4)5$&,$1&:&32#3&#! :()>! (#! &(#&0! L:&($&#! "1,;<#($$! >(&! Y50[/$(1(8($-$! 2#$&),;<(&>8(;<&)!
O)6/<)2#3,<(#$&)3)7#>&!>&)!$9'?,4.-;,8!>2);<!&^[)&,,(+&!(#>(+(>2&88&!a#$&)+(&:,!)&95#,$)2(&)1/)U!!
"#</#>! >(&,&)! &0[()(,;<&#! c1&)[)762#3! 8-,,$! ,(;<! (0! K&9$5)! >&)! Y5#,$($2$(5#/8(,(&)2#3! L:&(&)8&(!
6&,$,$&88&#T! &),$&#,=! 51=! 2#>! :&##! %/=! :&8;<&! A&)6/,,2#3,#5)0&#! (0! '(>&),[)2;<! L20! %&:&(8,! /8,!
>50(#/#$! /#3&#500&#&#! Y5#,$($2$(5#/8(,(&)2#3,#/))/$(+! ,$&<&#=! 2#>! L:&($&#,=! 51=! 2#>! :&##! %/=!
:&8;<&!?&3&#&#$:7)6&!L2!>(&,&0!R/))/$(+!1&,$&<&#U!.(&)!3(8$!&,!>/##!/#</#>!>&)!*#$&),2;<2#3!>&)!
%&:&(8(3&#! Y5#$&,$/$(5#&#=! &),$&#,! >(&! A&)</#>82#3! >(&,&)! R5)0/$(+($-$! /#</#>! >&)! $&(8</1&#>&#!
"9$&2)&!L2![)76&#!2#>!,;<8(&j8(;<!6&,$L2,$&88&#=!51!>(&!3&8$&#>&!R5)0!>(&!O):/)$2#3&#!>&)!Q&<)L/<8!
3&,&88,;</6$8(;<&)! "9$&2)&! ,[(&3&8$=! 5>&)! 51! >(&! Y5#$&,$/$(5#&#! 0i38(;<&):&(,&! >/,! >50(#(&)&#>&!
R/))/$(+!,$/1(8(,(&)&#!B+38U!L2!>&#!>)&(!J5),;<2#3,/1,;<#($$&#!X/1&88&!gIU!!
!
;"0)%%)*B4*P&G@95#,$($2$(&)2#3!+5#!R5)0/$(+($-$!(0!3851/8&#!P/20!
Nr.
Frage
Fokus
Leitende Annahmen
1
Welche
Fundamentalnormen
sind umstritten?
Verfassungsnormen
2
Welche Akteure sind
involviert?
Modi der
Kontestation
3
Welche normativen
Bedeutungen
werden generiert,
sind sie geteilt?
(Gegen-) Narrative
Im Kontext ungebundener Konstitutionalisierung
zeigt die Kontestation von Verfassungsnormen
Schwächen des Narrativs globaler
Konstitutionalisierung auf.
Da ungebundene Konstitutionalisierung ‚stateplus’ Akteure involviert, fokussiert die empirische
Forschung auf spezifische Modi der Kontestation.
Da die Macht möglicher (Gegen-)Narrative von der
gesellschaftlichen Resonanz der Normativität
abhängt, sind die aktuellen normativen
Bedeutungen bestimmend für die Auswirkung von
Konstitutionalisierung.
C#,--,T!'(&#&)@]&$&)!BCDEM=!FI!
W(&! :&($&)67<)&#>&! J)/3&! )(;<$&$! ,(;<! /26! >(&! #5)0/$(+&#! ?)2#>8/3&#! 2#>! >(&! >/0($! +&)9#7[6$&#!
Qi38(;<9&($&#! (#,$($2$(5#&88&)! "2,3&,$/8$2#3! +5#! A&)</#>82#3,[)5L&,,&#! B1&(,[(&8,:&(,&! >2);<! >(&!
W&6(#($(5#! +5#! 3&)&3&8$&)! X&(8#/<0&=! 4/)$(L([/$(5#,)&;<$&#=! >(&! O(#)(;<$2#3! +5)3&8/3&)$&)!
Y5#$&,$/$(5#,)-20&! 5>&)! >(&! O(#)(;<$2#3! >&,! \7)5,! &(#&)! ]012>,[&),5#I=! 20! >&#! b23/#3! L2)!
Y5#$&,$/$(5#!>2);<!>(&!1&$)566&#&#!$9'?,4.-;,8!L2!5[$(0(&)&#U!W&)!6583&#>&!>)($$&!K;<)($$!3&<$!>(&,&)!
J)/3&! /8,! Y&)#6)/3&! >&)! A&)</#>82#3! #/;<</8$(3&)! R5)0/$(+($-$! (#! >&#! (#$&)G#/$(5#/8&#!
b2,/00&#$)&66&#!>&)!3851/8&#!?5+&)#/#;&!#/;<U
?360%'#C4*5+1&)6&"&'+16D+,6#$31(*
"#>&),! /8,! >(&! ,5L(5853(,;<! &):&($&)$&! R5)0&#65),;<2#3=! >(&! ,(;<! +5)! /88&0! /26! ./#>82#3,853(9&#!
1&L(&<$! BP(,,&! CDDDI! 9#7[6$! >(&! Y5#$&,$/$(5#,65),;<2#3! /#! >(&! k9)($(,;<&! R5)0&#65),;<2#3m! /#U18!
O#$,[)&;<&#>! 8(&3$! >/,! 3)2#>,-$L8(;<&! b(&8! (#! >&)! \&,$(002#3! #5)0/$(+&)! ?)2#>8/3&#! 3851/8&)!
?5+&)#/#;&!2#>!(<)&)!*0,&$L2#3!>2);<!(#,$($2$(5#&88&!a##5+/$(5#U!W(&,&!&)6583$!2#$&)!>&#!6583&#>&#!
L:&(! \&>(#32#3&#T! O),$&#,!18&(1$!$)5$L! ?851/8(,(&)2#3!2#>! P&3(5#/8(,(&)2#3!>(&! Y5#>($(5#!>&)! a#$&)G
#/$(5#/8($-$! 2#>! >&)! >/0($! &(#<&)3&<&#>&#! a#$&)G928$2)/8($-$! 95#,$/#$! Ba#$&)G#/$(5#/8($-$,[)(#L([IU!
b:&($&#,! :()>!>/+5#!/2,3&3/#3&#=!>/,,! R5)0&#!(0! 3851/8&#! P/20!!/263)2#>!+5#! (#$&)G#/$(5#/8&#!
b2,/00&#$)&66&#! 2#>! >&#! >/0($! &(#<&)3&<&#>&#! (#$&)G928$2)&88! 1&3)7#>&$&#! O):/)$2#3&#! (00&)!
20,$)($$&#! ,(#>! B*0,$)($$&#<&($,[)(#L([IU! O,! 3&<$! /8,5! >/)20=! Y5#68(9$&! >2);<! >(&! )&328-)&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
18
K(&<&!<(&)L2!+5)!/88&0!>(&!%7#3,$&!ba\!W&1/$$&!0($!\&($)-3&#!+5#!O#3&89/0[=!?8//1=!P&##&)=!W&($&8<566=!
b(00&)0/##=!.56(2,=!'(89&#,=!./#,&#GQ/3#2,,5#=!?<58(/3</U!
!
'
l??!'5)9(#3!4/[&)!R5U!C=!R5+&01&)!CDEF!
Y5#$&,$/$(5#! /8,! Q&$<5>&! >&)! "2,</#>82#3! +5#! R5)0/$(+($-$! L2! )&>2L(&)&#U! Q($! >&)! X<&5)(&! >&)!
Y5#$&,$/$(5#! :()>! &#$,[)&;<&#>! +5)3&,;<8/3&#=! >/,,! >(&,&,! Y5#68(9$[5$&#$(/8! >2);<! >/,! [)(#L([(&88&!
"#)&;<$!/26!b23/#3!L2!)&328-)&)!Y5#$&,$/$(5#!67)!>(&!1&$&(8(3$&#!>9'?,4.-;,8!/>)&,,(&)$!:&)>&#!9/##U!
W&##!>2);<!)&328-)&!Y5#$&,$/$(5#!:()>!&(#&),&($,!>&)![5$&#$(&88&!Y5#68(9$!)&>2L(&)$=!2#>!/#>&)&),&($,!
>2);<!>(&!A&)</#>82#3!+5#!R5)0/$(+($-$!>(&!O#$,$&<2#3!+5#!])3/#(,/$(5#,[)(#L([(&#!BX`[!C!R5)0&#I!
0($!/2,)&(;<&#>&)!3&,&88,;</6$8(;<&)!P&,5#/#L!/26!>&)!Q&,5&1&#&!3&6i)>&)$!B+38U!X/1&88&!MIU!!
;"0)%%)*E4*W/,!*0,$)($$&#<&($,[)(#L([*
Norm
Type 1
Kontestation
Niedrige Kontestation
Legitimität
Geteilte Anerkennung
Type 2
Reguläre Kontestation
Legitimtätslücke
Type 3
Hohe Kontestation
Potentieller Konflikt
C#,--,N%'(&#&)!CDEM=!X/1&88&!N%
W(&! O)65),;<2#3! +5#! b23/#3,95#>($(5#&#! (,$! >2);<! >(&! *#$&),2;<2#3! /2,3&:-<8$&)! ?5+&)#/#;&!
K&9$5)&#! L2! 71&)[)76&#U! "263)2#>! >(&,&)! &0[()(,;<&#! ?)2#>8/3&! 9i##&#! _&3($(0/$(5#,87;9&#!
(>&#$(6(L(&)$! 2#>! 3&6788$! B#(;<$T! 71&)1)7;9$I! :&)>&#U! W(&! #5)0/$(+&! _&3($(0($-$,87;9&! (#! X/1&88&! M! (,$!
0&$/[<5)(,;<! L2! +&),$&<&#U! K(&! 1&L&(;<#&$! 6&<8&#>&! o./#>82#3,/#:&(,2#3&#s! L2)! *0,&$L2#3! +5#!
J2#>/0&#$/8#5)0&#! BX`[! EI! :(&! W&059)/$(&=! .5<&($,)&;<$&=! Q&#,;<&#)&;<$&! 5>&)!
P&;<$,,$//$8(;<9&($U! W(&,&! "1:&,&#<&($! +5#! ./#>82#3,/#:&(,2#3&#! (,$! >&)! 6&<8&#>&#! c1&)8/[[2#3!
(#>(+(>2&88! 3&65)0$&)! .(#$&)3)2#>&)6/<)2#3&#! 3&,;<28>&$U! "263)2#>! >&)! ,5! &#$,$&<&#>&#!
#5)0/$(+&#!_7;9&!,$&<$!L2!&):/)$&#=!>/,,!>/,!$)/#,[5)$(&)$&!(#>(+(>2&88!3&[)-3$&!o#5)0/$(+&!?&[-;9s!
>&#! "2,3/#3,[2#9$! +5#! Y5#68(9$&#! 1(&$&$U! "#</#>! >&,! Y5#$&,$/$(5#,L`982,! 8/,,&#! ,(;<! >(&,&! >2);<!
>(&!3&L(&8$&!4&),[&9$(+&!/26!>/,!K&30&#$!>&)!o928$2)&88&#!A/8(>(&)2#3s!+&)0&(>&#U!a#!>&)!J583&!,$&88$!
,(;<! >/,! +5#! >&)! 95#,$)29$(+(,$(,;<&#! R5)0&#65),;<2#3! />)&,,(&)$&! 4)518&0! >&)!
R5)0(0[8&0&#$/$(5#! BP(,,&! &$! /8U! EnnnIh! BP(,,&! &$! /8U! CDEgIh! B.5;<,$&$8&)! CDECIU! "8,! 1&,5#>&),!
[)518&0/$(,;<!</$!,(;<!1&(!>(&,&)!R5)0&#65),;<2#3!>(&!J)/3&!>&)!P7;9G@Y5[[82#3!L:(,;<&#!3851/8&)!
4&),[&9$(+&! BR5)0,&$L2#3I! 2#>! \(##&#[&),[&9$(+&! BR5)020,&$L2#3I! &):(&,&#U! .(&)! </1&#! >(&!
Y5#L&[$&!>&,!R5)0&#L`982,!>&)!1&(>&!4&),[&9$(+&#!>2);<!,$)/$&3(,;<&!a#$&)+&#$(5#!2#>!0($!>&0!b(&8!
>&)! a#$&)#/$(5#/8(,(&)2#3! +5#! R5)0/$(+($-$! +&)1(#>&$ 19 !,(;<&)8(;<! &(#&! \)7;9&! 71&)! >(&!
_&3($(0($-$,87;9&! 95#,$)2(&)$U! '-<)&#>! >(&,&! [58($(,;<! ,$)/$&3(,;<&! _i,2#3! 2#$&)! b2<(86&#/<0&! +5#!
,5L(5853(,;<&0!Y5#L&[$&#!L20!A&)</8$&#!B"#3&0&,,&#<&($,853(9I!,5:(&![<(85,5[<(,;<&#!Y5#L&[$&#!
>&)! _&3($(0($-$! >2);<! A&)6/<)&#! B")320&#$/$(5#,853(9I! (#,1&,5#>&)&! (#! 2#38&(;<&#!
Q/;<$95#,$&88/$(5#&#! &)6583)&(;<! (,$=! 18&(1$! >(&! J)/3&! >&)! R/;<</8$(39&($! >(&,&)! c1&)1)7;92#3! >&)!
_&3($(0($-$,87;9&=!>(&!,(;<! L:(,;<&#! Q/9)5G! 2#>! Q(9)5&1&#&!>&)!R5)020,&$L2#3!/26$2$=!1&,$&<&#U!
a0!J583&#>&#!:()>!>/,!4)518&0!92)L!/263&3)(66&#!2#>!0($!\&L23!/26!>(&!51&#!,9(LL(&)$&#!4/)/0&$&)!
>&)!Y5#$&,$/$(5#,$<&5)(&!/>)&,,(&)$U!!
!
;"0)%%)*F4*P&95#,$)29$(5#!+5#!])3/#(,/$(5#,[)(#L([(&#!?851/8&)!?5+&)#/#;&*
Schritt 1: Mapping von Kontesationen
(Makro- und Mesoebene)
ImplementionsKonstitutions Stadium
Stadium
Indikator: umstrittene
Indikator: umstrittene
Typ 3 Norm
Typ 1 Norm
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Schritt 2: Normenbestimmung
(Mesoebene)
Referenz-Stadium
Filling the
Indikator:
Legitimacy Gap?
Verhandelte
Forschungsfrage
Normativiät
!
"+!BK(99(#9!EnngIh!BJ(##&05)&!/#>!K(99(#9!EnnfIh!BP(,,&!&$!/8U!EnnnI
!
*
"#$%&!'(&#&)!
R/;<</8$(3&!R5)0/$(+($-$!(0!3851/8&#!P/20T!Y5#$&,$/$(5#!2#>!Y5#,$($2$(5#/8(,(&)2#3!
Mapping
Kontestationen von
Typ 3 Normen
Rekonstruktion
Kontestation von Typ
1 Normen
Rekonstruktion
Emergenz von Typ 2
Normen
Vergleich:
Typ 2 Normen in
ausgewählten
Sektoren globaler
Governance
C#,--,T!'(&#&)!CDEM=!X/1&88&!H!
'-<)&#>! >(&! O)65),;<2#3! >&)! J2#>/0&#$/8#5)0&#! BX`[! E! R5)0&#I! 2#>! >&)! ,$/#>/)>(,(&)$&#!
A&)6/<)&#!BX`[!g! R5)0&#I!>2);<!>&#!,5L(5853(,;<&#! Y5#,$)29$(+(,02,!,5:(&!>2);<!>(&! l50[8(/#;&G
J5),;<2#3! (#! >&#! a\! )&8/$(+! 206/#3)&(;<&! O)3&1#(,,&! L&(3$=! ,$&<$! >(&! \&,$(002#3! >&)!
])3/#(,/$(5#,[)(#L([(&#!#5;<!:&($3&<&#>!/2,U!a#!X/1&88&!F!:&)>&#!>(&!1&(>&#!J5),;<2#3,,;<)($$&!>&,!
&'""2)(!+5#!Y5#$&,$/$(5#&#!>&)!J2#>/0&#$/8#5)0&#!&(#&),&($,!2#>!>&)!,$/#>/)>(,(&)$&#!A&)6/<)&#!
/#>&)&),&($,!/8,!"#9#7[62#3,[2#9$&!(0!&),$&#!J5),;<2#3,,;<)($$=!,5:(&!>&)!R5)0&#1&,$(002#3!+5#!
])3/#(,/$(5#,[)(#L([(&#!/26!>&)!Q&,5&1&#&!(0!L:&($&#!K;<)($$!L2,/00&#6/,,&#>!>/)3&,$&88$U!!
W(&! \&,$(002#3! +5#! ])3/#(,/$(5#,[)(#L([(&#! /26! >&)! Q&,5&1&#&! (,$! /#3&,(;<$,! >&)! 20,$)($$&#&#!
_&3($(0($-$! 3851/8&)! (#$&)#/$(5#/8&)! ])3/#(,/$(5#&#! :(&! >&)! A&)&(#$&#! R/$(5#&#! 2#>! (<)&)!
X&(85)3/#(,/$(5#&#!+5#!3)5j&)!\&>&2$2#3U!"8,!"8$&)#/$(+&!L2)!c1&)1)7;92#3!+5#!_&3($(0($-$,>&6(L($&#!
,$&88$! >/,! "2,6788&#! >&)! _&3($(0($-$,87;9&! >2);<! >(&! (#,$($2$(5#&88! 3&,$7$L$&! A&)</#>82#3! +5#!
R5)0/$(+($-$!&(#&!#/;<</8$(3&!"8$&)#/$(+&!>/)U!J7)!>(&!Y5#$&,$/$(5#,65),;<2#3!,$&<&#!<(&)!(#!b292#6$!
1&(,[(&8,:&(,&! >(&! O)65),;<2#3! +5#! ])3/#(,/$(5#,[)(#L([(&#! (#! >&#! \&)&(;<&#! >&)! ?5+&)#/#;&! >&)!
]L&/#&=!>&)!K(;<&)<&($,G?5+&)#/#;&!,5:(&!>&)!*0:&8$G?5+&)#/#;&!/#U
!
+
l??!'5)9(#3!4/[&)!R5U!C=!R5+&01&)!CDEF!
2)D),)1G)1*
!
">8&)=! O0/#2&8=! /#>! A(#;&#$! 4528(5$=! &>,U! CDEEU! O)9,8)'92.)'-% 08'3923,$U! l/01)(>3&T! l/01)(>3&! *#(+&),($`!
4)&,,U!
\)5,(3=! Q/8$&U!CDECU!uR5!K[/;&!65)! l5#,$)2;$(+(,0q!"!l)($(;/8! "[[)/(,/8! 56!O2)5[&/#!l50[8(/#;&! P&,&/);<Uu!
0,8$",392=,$%.)%P#8.",')%0.-2923$%');%>.32,95!Eg!BMITgnDGMDHU!
\)2##&&=!d2$$/=!/#>!K$&[<&#!dU!X55[&U!CDDEU!ua#$&)/;$(5#/8!a#$&)#/$(5#/8!_/:Uu!!!!
!!!!!!!!!!!!!!!O)9,8)'92.)'-%M'/%+!JQ&%;#%;8.29%2)9,8)'92.)'-!gTEfNGnCU!
W&! \2);/=! ?)/v##&U! CDDnU! uX<&! O*=! $<&! O2)5[&/#! l52)$! 56! d2,$(;&! /#>! $<&! a#$&)#/$(5#/8! _&3/8! ])>&)! /6$&)!
Y/>(Uu!I'8='8;%O)9,8)'92.)'-%M'/%R.#8)'-!E!BFEIU!
W&($&8<566=!R(;58&=!/#>!./)/8>!Q788&)U!CDDFU!uX<&5)&$(;/8![/)/>(,&!G!&0[()(;/88`!85,$q!")32(#3!:($<!./1&)0/,Uu!
J,=2,/%.A%O)9,8)'92.)'-%>9#;2,$!gETENHGHnU!
W&($&8<566=!R(;58&U!CDDnU!uX<&!W(,;2),(+&!4)5;&,,!56!_&3/8(L/$(5#T!l</)$(#3!a,8/#>,!56!!!
!!!!!!!!!!!!4&),2/,(5#!(#!$<&!all!l/,&Uu!O)9,8)'92.)'-%!8(')2:'92.)!Ng!BEITggGNFU!
W&($&8<566=! R(;58&=! /#>! _(,1&$<! b(00&)0/##U! CDEgU! u"2,! >&0! .&)L&#! >&)! J(#,$&)#(,T! Y)($(,;<&,! _&,&#! 2#>!
:()98(;<&,! b2<i)&#! >&)! 95#,$)29$(+(,$(,;<&#! R5)0&#65),;<2#3Uu! S,29$3482A9% AT8% O)9,8)'92.)'-,%
U,:2,4#)(,)!.&6$E!@CDEg!BEITNEGHMU!
W2#566=!d&66)&`!_U=!/#>!d5&8!4U!X)/;<$0/#=!&>,U!CDDnU!J#-2)(%94,%V.8-;W%F.)$929#92.)'-2$*K%O)9,8)'92.)'-%M'/K%
');%G-.1'-%G.=,8)')3,U!l/01)(>3&T!l/01)(>3&!*#(+&),($`!4)&,,U!
O#3&89/0[=!KU=!&$!/8U!CDECU!ua#!>&)!K[)&;<,$2#>&T!'(&!B9)($(,;<&I!R5)0&#65),;<2#3!(<)&!K$(00&!:(&>&)6(#>&#!
9/##Uu!b&($,;<)(6$!67)!a#$&)#/$(5#/8&!\&L(&<2#3&#!EnBCIT!EDEeECfU!
www!CDEgU!uO(#!K;<)($$!+5)=!L:&(!K;<)($$&!L2)7;9q!O(#&!P&[8(9!/26!2#,&)&!!
!!!!!!!!!!!!!Y)($(9&)(##&#Uu!b&($,;<)(6$!67)!a#$&)#/$(5#/8&!\&L(&<2#3&#!CDBCIT!EDFGEEfU!
J(##&05)&=! Q/)$</=! /#>! Y/$<)`#! K(99(#9U! EnnfU! ua#$&)#/$(5#/8! R5)0! W`#/0(;,! /#>! 458($(;/8! l</#3&Uu!
O)9,8)'92.)'-%!8(')2:'92.)!FC!BMITffHGnEHU!
J(##&05)&=! Q/)$</=! /#>! K$&[<&#! dU! X55[&U! CDDEU! u"8$&)#/$(+&,! $5! x_&3/8(L/$(5#xT! P(;<&)! A(&:,! 56! _/:! /#>!
458($(;,Uu!O)9,8)'92.)'-%!8(')2:'92.)!FF!BgITHMgGFfU!
J5),$=!P/(#&)U!CDDHU!L'$%J,349%'#A%J,349A,892(#)(U!J)/#962)$@Q/(#T!K2<)9/0[U!
?/88(&=!'/8$&)!\)`;&U!EnFNU!u")$!/,!/#!&,,&#$(/88`!;5#$&,$&>!;5#;&[$Uu!042-.$."423'-%C#'89,8-5!nHGEEMU!
?55>(#=!P51&)$!OU=!/#>!l</)8&,!X(88`=!&>,U!CDDNU!X4,%!YA.8;%I');1..?%.A%F.)9,Y9#'-%0.-2923'-%D)'-5$2$U!]^65)>!
/#>!R&:!S5)9T!]^65)>!*#(+&),($`!4)&,,U!
?)(00=! W(&$&)U! CDECU! L2,% S#?#)A9% ;,8% E,8A'$$#)(% OON% D#$/28?#)(,)% =.)% P#8."Z2$2,8#)(% #);% G-.1'-2$2,8#)(U!
J)/#962)$!/0!Q/(#T!K2<)9/0[U!
./1&)0/,=!d7)3&#U!CDEEU!S#8%E,8A'$$#)(%P#8."'$<%P2)%P$$'5U!J)/#962)$!/0!Q/(#T!K2<)9/0[!A&)8/3U!
.5;<,$&$8&)=! Y/$<)`#U! CDECU! ul8(0/$&! P(3<$,! /#>! ]18(3/$(5#,! 65)! O0&)3(#3! K$/$&,T! X<&! l/,&,! 56! \)/L(8! /#>!
K52$<!"6)(;/Uu!>.32'-%J,$,'834!Hn!BMITnFHGfCU!
.56(2,=!QU=!&$!/8U!CDEMU!uW&#!K;<8&(&)!8(;<$&#q!Y)($(,;<&!R5)0&#65),;<2#3=!J)&(<&($!2#>!?8&(;<1&)&;<$(32#3!(0!
Y5#$&^$! >&,! y")/1(,;<&#! J)7<8(#3,z! G! O(#&! P&[8(9! /26! O#3&89/0[@?8//1@P&##&)=! *81&)$! 2#>!
W&($&8<566@b(00&)0/##Uu!b&($,;<)(6$!67)!a#$&)#/$(5#/8&!\&L(&<2#3&#!CE!BCITfFGEDFU!
d&j1&)3&)=!J85)(/#U!CDEMU!uK$)/$&3(;!_(3($/$(5#!R&$:5)9,T!.20/#!P(3<$,!/#>!?851/8!!!!!
!!!!!!!!!!!!d2,$(;&u=!2#+&)i66U!4)5%&9$/#$)/3=!*#(+&),($-$!./012)3U!
Y%/&)=!4528!JU!CDEMU!F.)$929#92.)'-2$*%2)%94,%G-.1'-%J,'-*<%D%>.32.-.(23'-%D""8.'34U!_5#>5#T!P52$8&>3&U!
Y8/11&),=!d/#U!CDDNU!uX<&!Q&/#(#3!56!P28&,Uu!O)9,8)'92.)'-%J,-'92.)$!CD!BgITCnFGgDEU!
Y5)#[)51,$=! Q/)&92,U! CDECU! uJ)50! 458($(;/8! d2>3&0&#$,! $5! 4218(;! d2,$(6(;/$(5#,! B/#>! A(;&! A&),/IT! .5:!
l5002#($($&,!?&#&)/$&!P&/,5#,!*[5#!'<(;<!$5!";$Uu!P#8.",')%R.#8)'-%.A%O)9,8)'92.)'-%J,-'92.)$!D!
BDITEGCFU!
Y)(,85+=!K/02&8U!EnNgU!uX<&!/0(;2,!;2)(/&!1)(&6!T!6)50!6)(&#>,<([!$5!/>+5;/;`u=!['-,%M'/%R.#8)'-!HC=!M=!NnMG
HCE!
_(&,&=!"#>)&/U!CDDnU!uO^;&[$(5#/8!R&;&,,($`T!.5:!8(1&)/8!>&05;)/;(&,!l5#$&,$!$<&!4)5<(1($(5#!56!X5)$2)&!/#>!
a88GX)&/$0&#$!:<&#!;52#$&)(#3!$&))5)(,0Uu!R.#8)'-%.A%O)9,8)'92.)'-%M'/%');%O)9,8)'92.)'-%J,-'92.)$!F!
BEITEHGMfU!
!
"(
"#$%&!'(&#&)!
R/;<</8$(3&!R5)0/$(+($-$!(0!3851/8&#!P/20T!Y5#$&,$/$(5#!2#>!Y5#,$($2$(5#/8(,(&)2#3!
_523<8(#=! Q/)$(#=! /#>! R&(8! '/89&)=! &>,U! CDDHU! X4,% 0'8';.Y% .A% F.)$929#92.)'-2$*N% F.)$929#,)9% 0./,8% ');%
F.)$929#92.)'-%+.8*U!]^65)>T!]^65)>!*#(+&),($`!4)&,,U!
_523<8(#=!Q/)$(#U!CDEDU!u'</$!(,!l5#,$($2$(5#/8(,/$(5#qu!a#!X4,%X/2-2(49%.A%F.)$929#92.)'-2$*W!]^65)>U!
_`#;<=! Y&88`! dU! CDDMU! \&,$! J)(&#>,q! K2[)&0&! l52)$! _/:! l8&)9,! 5#! O66&;$(+&! "0(;2,! l2)(/&! \)(&6,=% R.#8)'-% .A%
M'/%');%0.-2923$!CD=!ggGNC!
Q;">/0=!W523=!K(>#&`!X/))5:=!/#>!l</)8&,!X(88`U!EnnNU!uX5!Q/[!l5#$&#$(52,!458($(;,Uu!&.12-2:'92.)!ETEMGCfU!
Q(/8<&=!d5)3&!_U!CDEEU!uX<&!R?],!/,!"0(;(!l2)(/&!(#!$<&!a#$&)#/$(5#/8!X)(12#/8,=u!4/[&)![)&[/)&>!65)!
[)&,&#$/$(5#!/$!$<&!'5)8>!a#$&)#/$(5#/8!K$2>(&,!l500($$&&=!g)>!?851/8!a#$&)#/$(5#/8!K$2>(&,!
l5#6&)&#;&=!45)$5=!45)$23/8!"232,$!EHG!CD=!CDEE!!
Q2&88&)=!./)/8>=!/#>!l/)0&#!'2#>&)8(;<=!&>,U!CDEgU!6.8*%L5)'*23$%2)%&#-92-'9,8'-%D8*$%F.)98.-<%O)9,8,$9$K%
F.)A-239$K%');%R#$923,U!"$<&#,!/#>!_5#>5#T!?&5)3(/!*#(+&),($`!4)&,,U!
]:&#=! W/+(>U! CDDHU! uK&86G35+&)#0&#$! /#>! x>&05;)/;`! /,! )&68&^(+&! ;5G5[&)/$(5#x=! P&68&;$(5#,! 5#! .5##&$<x,!
,5;(/8!/#>![58($(;/8!(>&/8Uu!&>U!\U!+/#!>&#!\)(#9!/#>!WU!a:&#T!l*4U!
4&$&),=!"##&U!CDDnU! u.20/#($`!/,!$<&!/!/#>! {!56!K5+&)&(3#$`Uu!P#8.",')% R.#8)'-% .A%O)9,8)'92.)'-%M'/K%E.-<%
\]K%O$$#,%^K%""<%_`^@_aaK%\]]bU!
4&$&),=! "##&=! /#>! Y8/2,! ")0(#3$5#U! CDDnU! u?851/8! l5#,$($2$(5#/8(,0! 6)50! /#! a#$&)>(,;([8(#/)`! 4&),[&;$(+&Uu!
O);2')'%R.#8)'-%.A%G-.1'-%M,('-%>9#;2,$!EN!BCITgfFGnFU!
42&$$&)=!*:&=!/#>!"#$%&!'(&#&)U!CDDnU!ul5#$&,$&>!R5)0,!(#!a#$&)#/$(5#/8!P&8/$(5#,Uu!R.#8)'-%.A%O)9,8)'92.)'-%
M'/%c%O)9,8)'92.)'-%J,-'92.)$!F!BE!BK[&;(/8!a,,2&IIU!
P(,,&=!X<50/,=!/#>!Q/)&(9&!Y8&(#&U!CDEDU!uW&8(1&)/$(5#!(#!#&35$(/$(5#,Uu!R.#8)'-%.A%P#8.",')%0#1-23%0.-235!EH!
BFITHDfGCNU!
P(,,&=!X<50/,U!CDDDU!ux_&$x,!")32&|xT!l5002#(;/$(+&!";$(5#!(#!'5)8>!458($(;,Uu!O)9,8)'92.)'-%!8(')2:'92.)!FM!
BEITEGgnU!
P(,,&=!X<50/,=!K$&[<&#!lU!P5[[=!/#>!Y/$<)`#!K(99(#9U!EnnnU!X4,%"./,8%.A%4#*')%%%%
%%%%%%%%%%%%82(49$N%O)9,8)'92.)'-%).8*$%');%;.*,$923%34')(,U!l/01)(>3&T!l/01)(>3&!*#(+U!!!%
!!!!!!!!!!!!4)&,,U!
www=&>,U! CDEgU! X4,% 0,8$2$9,)9% 0./,8% .A% I#*')% J2(49$N% +8.*% F.**29*,)9% 9.% F.*"-2')3,U! l/01)(>3&T!
l/01)(>3&!*#(+&),($`!4)&,,U!
P5,&#/2=! dU! RU! /#>! OUG]U! lL&0[(&8U! EnnCU! ?5+&)#/#;&! '($<52$! ?5+&)#0&#$T! ])>&)! /#>! l</#3&! (#! '5)8>!
458($(;,U!l/01)(>3&=!l/01)(>3&!*#(+&),($`!4)&,,U!
K&#>(#3=!]U!dU!/#>!aU!\U!R&20/##U!CDDHU!\/#9(#3!5#!45:&)T!4)/;$(;&,!(#!/#!a#$&)#/$(5#/8!])3/#(L/$(5#h!"##2/8!
l5#6&)&#;&!56!$<&!a#$&)#/$(5#/8!K$2>(&,!",,5;(/$(5#=!l<(;/35U!
K;<:&88#2,=! ?2(>5U! CDDMU! u_559(#3! \/;9! /$! X&#! S&/),! 56! O*! Q(#5)($`! l5#>($(5#/8($`! +(,G/G+(,! l&#$)/8! /#>!
O/,$&)#!O2)5[&/#!l/#>(>/$&!K$/$&,Uu!P#8.",')%[,'81..?%.A%&2).8295%O$$#,$!MTgCEGMDU!
K;<:i1&8=! l<)(,$(#&! OU! CDEEU! G-.1'-% F.)$929#92.)'-2$*% 2)% O)9,8)'92.)'-% M,('-% 0,8$",392=,U! \5,$5#T! Q/)$(#2,!
R(%<566!4218(,<&),U!
K(99(#9=! Y/$<)`#U! EnngU! uX<&! 45:&)! 56! 4)(#;([8&>! a>&/,T! .20/#! P(3<$,! 458(;(&,! (#! $<&! *#($&>! K$/$&,! /#>!
'&,$&)#!O2)5[&Uu!a#!O;,'$%d%+.8,2()%0.-235<%U,-2,A$K%O)$929#92.)$K%');%0.-2923'-%F4')(,=!&>U!dU!?58>,$&(#!
/#>!PU!]U!Y&5</#&U!a$</;/=!RST!l5)#&88!*#(+&),($`!4)&,,U!
X/))5:=!KU!?U!CDDFU!X<&!R&:!X)/#,#/$(5#/8!";$(+(,0U!l/01)(>3&=!l/01)(>3&!*#(+&),($`!4)&,,U!
X<5)#<(88=!l<)(,U!CDEEU!"!K5;(5853`!56!l5#,$($2$(5#,=!]^65)>T!]*4U!!
X288`=!dU!EnnFU!K$)/#3&!028$([8(;($`T!;5#,$($2$(5#/8(,0!(#!/#!/3&!56!>(+&),($`U!l/01)(>3&=!l/01)(>3&!*#(+&),($`!
4)&,,U!
X288`=!d/0&,U!CDDCU!uX<&!*#6)&&>50!56!$<&!Q5>&)#,!(#!l50[/)(,5#!$5!$<&()!a>&/8,!56!l5#,$($2$(5#/8(,0!/#>!
W&05;)/;`Uu!&.;,8)%M'/%J,=2,/!NF!BCITCDMGCfU!
X288`=!dU!CDDfU!4218(;!4<(85,5[<`!(#!/!R&:!Y&`=!A58U!EU!l/01)(>3&=!l/01)(>3&!*#(+&),($`!4)&,,U!
X288`=!dU!CDDf1U!4218(;!4<(85,5[<`!(#!/!R&:!Y&`=!A58U!CU!l/01)(>3&=!l/01)(>3&!*#(+&),($`!4)&,,U!
*81&)$=! l5)#&8(/! CDECT! A50! Y8/#3! +(&8&)! K$(00&#U! .&)/2,65)>&)2#3&#! y9)($(,;<&)z! R5)0&#65),;<2#3U! O(#&!
P&[8(9!/26!K$&[</#! O#3&89/0[=!Y/$</)(#/! ?8//1!2#>! d2>($<! P&##&)=!(#T!b&($,;<)(6$!67)! a#$&)#/$(5#/8&!
\&L(&<2#3&#!EnT!C=!ECneEgDU!
A&#L9&=!a#35U!CDDnU!u_&3/8!l5#$&,$/$(5#!/152$!}O#&0`!l501/$/#$,sT!]#!$<&!O^&);(,&!!!
!!!!!!!!!!!!56!45:&)!(#!_&3/8!a#$&)[)&$/$(5#Uu!R.#8)'-%.A%O)9,8)'92.)'-%M'/%d%O)9,8)'92.)'-%%
%%%%%%%%%%%%J,-'92.)$!F!BEITEFHGfMU!
!
""
l??!'5)9(#3!4/[&)!R5U!C=!R5+&01&)!CDEF!
'/89&)=! R&(8U! CDDDU! uJ8&^(1(8($`! :($<(#! /! Q&$/;5#,$($2$(5#/8! J)/0&T! P&68&;$(5#,! 5#! $<&! J2$2)&! 56! _&3/8!
"2$<5)($`! (#! O2)5[&Uu! a#! F.)$929#92.)'-% F4')(,% 2)% 94,% PQ<% +8.*% Q)2=,8$295% 9.% +-,Y212-295W=! &>U! ?U! W&!
\2);/!/#>!dU!K;5$$U!]^65)>!/#>!45)$8/#>=!])&35#T!./)$!4218(,<(#3U!
www!CDEDU!u\&`5#>!$<&!.58(,$(;!l5#,$($2$(5#qu!a#!X4,%X/2-2(49%.A%F.)$929#92.)'-2$*=!&>U!4U!W51#&)!/#>!QU!
_523<8(#U!]^6)5>T!]^65)>!*#(+&),($`!4)&,,U!
!
'/8$&),=!'U!CDDNU!}P&$<(#9(#3!\5)>&),!\&`5#>!$<&!K$/$&s=!F.*"'8'92=,%P#8.",')%%%%%
%%%%%%%%%%%%%%%0.-2923$=!MBC@gIT!EMEGEFnU!
'&#3&)=!OU!EnnfU!l5002#($(&,!56!4)/;$(;&T!_&/)#(#3=!Q&/#(#3=!/#>!a>&#$($`U!!!!
!!!!!!!!!!!!!!l/01)(>3&=!l/01)(>3&!*#(+&),($`!4)&,,U!
'(&#&)=! "#$%&U! CDDMU! ul5#$&,$&>! ;50[8(/#;&T! a#$&)+&#$(5#,! 5#! $<&! #5)0/$(+&! ,$)2;$2)&! 56! :5)8>! [58($(;,Uu!
P#8.",')%R.#8)'-%.A%O)9,8)'92.)'-%J,-'92.)$!ED!BCITEfnGCgMU!
www!CDDfU!X4,%O)=2$21-,%F.)$929#92.)%.A%0.-2923$N%F.)9,$9,;%6.8*$%');%O)9,8)'92.)'-%P)3.#)9,8$U!l/01)(>3&T!
l/01)(>3&!*#(+&),($`!4)&,,U!
www!CDDnU!O#/;$(#3!Q&/#(#3G(#G*,&U!Z2/8($/$(+&!P&,&/);<!5#!R5)0,!/#>!!
!!!!!!!!!!!!!a#$&)#/$(5#/8!P&8/$(5#,U!P&+(&:!56!a#$&)#/$(5#/8!K$2>(&,!gFBEIT!EHFGEngU!
www!CDECU!u?851/8!l5#,$($2$(5#/8(,0Uu!a#!!YA.8;%U21-2.(8'"42,$%!)-2),U!]^65)>!/#>!!!
!!!!!!!!!!!!R&:!S5)9T!]^65)>!*#(+&),($`!4)&,,U!
www!CDEMU!D%X4,.85%.A%F.)9,$9'92.)U!.&(>&81&)3=!R&:!S5)9=!W5)>)&;<$=!_5#>5#T!K[)(#3&)U!
'(&#&)=! "#$%&! 2#>! K$&6/#! ]&$&)U! CDEMU! l5#,$($2$(5#/8(,0! *#152#>T! X<&! l5#$&,$&>! R/))/$(+&! 56! B?851/8I!
l5#,$($2$(5#/8(,/$(5#=!2#+&)i66U!J5),;<2#3,/#$)/3=!*#(+&),($-$!./012)3U!
!
!
"#

Similar documents