Companies are bound to centra- lise (e.g

2I[;SVOMRK8MQI1SHIPW7GSTIJSV5YEPMJMGEXMSR4VSGIWWIW#

8LI)\EQTPISJ/RS[PIHKI-RXIRWMZI%GXMZMXMIWMR+IVQER]

'SRXVMFYXMSRXSXLI^XL-RXIVREXMSREP7]QTSWMYQSR;SVOMRK8MQI7-88 ,IPHMR%QWXIVHEQXLrXL1EVGL

-RXVSHYGXMSR

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

XLI[SVOMRKXMQIWSJLMKLUYEPMJMIHTIVWSRRIPGSRXMRYIXSMRGVIEWI[LIVIEWXLI[SVO MRKXMQIWSJPS[UYEPMJMIHWXEJJGSRXMRYIXSHIGPMRI

%WMQMPEVMQFEPERGIGERFISFWIVZIH[MXLVIWTIGXXSXLITEVXMGMTEXMSRMRJYVXLIVXVEMRMRK QIEWYVIW-JWYGLXVEMRMRKMWWSYKLXEXEPPMX[MPPFIXLIQENSVMX]SJEPVIEH][IPPUYEPMJMIH IQTPS]IIW[LS[MPPTEVXMGMTEXIMRUYEPMJMGEXMSRQIEWYVIW'SVVIWTSRHMRKP]XLI-RJSVQE XMSR7]WXIQl*YVXLIV8VEMRMRKzVIZIEPWXLEXXLITEVXMGMTEXMSRMRWYGLQIEWYVIWWXVSRKP]

ZEVMIWHITIRHMRKSRFYWMRIWWWXERHMRK;LIVIEWMRXLI]IEVSRP]SJXLIYR WOMPPIHERHWIQMWOMPPIH[SVOIVWXSSOTEVXMRWYGLQIEWYVIWXLMWVEXIEQSYRXWXSMR XLI KVSYT SJ UYEPMJMIH IQTPS]IIW ERH MX VMWIW XS MR XLI GSLSVX SJ QEREKIVMEP IQTPS]IIW GSLSVX /Y[ER -R KIRIVEP XLI TEVXMGMTEXMSR MR JYVXLIV XVEMRMRK QIEWYVIWLEWGSRWMHIVEFP]MRGVIEWIHSZIVXLITEWXJI[]IEVWEQSRKEPP+IVQERWMRXLI EKIKVSYTFIX[IIRERH]IEVW-RXLITEVXMGMTEXMSRVEXI[EW[LIVIEW XLIJMKYVIEPVIEH]EQSYRXIHXS8LMWMRGVIEWIMWQEMRP]EXXVMFYXEFPIXSXLI

7MRGI XLI TEVXMGMTEXMSR MR JYVXLIV XVEMRMRK SJ XLI IRXMVI +IVQER TSTYPEXMSR LEW FIIR WYVZI]IH )EVPMIVJMKYVIWWSPIP]VIJIVVIHXSXLSWIMRHMZMHYEPW[LS[IVIKEMRJYPP]IQTPS]IHEXXLIXMQISJXLIWYVZI]SV IEVPMIVSR8LMWI\XIRWMSRSJXLIXEVKIXKVSYTLS[IZIVMRGVIEWIHXLITEVXMGMTEXMSRVEXIF]SRP]SRITIV GIRX-XMWGSRWIUYIRXP]XLIKEMRJYPP]IQTPS]IH[LSXEOITEVXMRJYVXLIVXVEMRMRKQIEWYVIW

JSPPS[MRKQIEWYVIWl7TIGMEPFVIEOMRKMRGSYVWIWzERHlGSYVWIWJSVEHETXEXMSRXSRI[

[SVOXEWOWz8LITIVQERIRXHIQERHJSVYTHEXMRKNSFVIPEXIHUYEPMJMGEXMSRWXLYWEPVIEH]

QMVVSVW WXEXMWXMGEPP] 8LI -%& 'SQTER] 4ERIP WYTTPMIW GYVVIRX JMKYVIW SR JYVXLIV XVEMRMRK%GGSVHMRKXSXLIMVJMRHMRKWXLIWMKRMJMGERGISJJYVXLIVXVEMRMRKLEWWPMKLXP]MR GVIEWIH GSQTEVIH [MXL ,S[IZIV XLI 4ERIP EPWSSFWIVZIH XLEX MX MW QEMRP] XLI UYEPMJMIHIQTPS]IW[LSWIIOJYVXLIVXVEMRMRKMR;IWX+IVQER]MR)EWX+IVQER]

'SQTEVI8SXEPIQTPS]IIWMR;IWX+IVQER]MR)EWX+IVQER]

(IWTMXIERMRGVIEWMRKTEVXMGMTEXMSRMRJYVXLIVXVEMRMRKQIEWYVIWEWYFWXERXMEPWLSVXEKI SJWTIGMEPMWXWMWFIMRKHITPSVIH[LMGLHSIWRSXEJJIGXXLI-8XVEHIEPSRI8LIVIJSVIJYV XLIVXVEMRMRKMRZIWXQIRXWQYWXFIGSRXMRYEPMWIHERHERIRJSVGIEFPIGPEMQJSVTEVXMGMTE XMSRMRJYVXLIVXVEMRMRKQIEWYVIWQYWXFIEKVIIH

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lMRZIWXMZI[SVOMRKXMQITSPMG]zMR XLI%PPMERGIJSV0EFSYV)HYGEXMSRERH'SQTIXMXMZIRIWWz-XGSRXEMRIHWYKKIWXMSRWEWXS LS[ [SVOMRKXMQI TSPMG] ERH UYEPMJMGEXMSR TSPMG] EW [IPP EW XLI RIGIWWMX] SJ PMJIPSRK PIEVRMRKGSYPHFIQIVKIHMRXSSRIWMRKPITSPMG]GSRGITX%GEPPJSVUYEPMJMGEXMSRHYVMRK XLI IRXMVI [SVOMRK PMJI MW FIMRK WYTTSVXIH ERH JSWXIVIH [LMGL MR ZMI[ SJ XLI VETMHP]

GLERKMRK [SVO GSRXIRXW [SVO IUYMTQIRX ERH [SVO WXVYGXYVIW MW FSXL RIGIWWEV] ERH HIWMVEFPI l0SRKXIVQ [SVOMRKXMQI GVIHMXWz EVI GSRWMHIVIH E XSSP JSV lWMXYEXMSR SVMIRXIHMRZIWXQIRXWMRXSJYVXLIVXVEMRMRKSPHEKITVSZMWMSRWERHMRXSIEVP]VIXMVIQIRXMR XLIJVEQI[SVOSJSPHEKITIRWMSRIVWTEVXXMQIIQTPS]QIRXWz4VIWWERH-RJSVQEXMSR 3JJMGI%XXLIWEQIXMQIMXMWXLISVHIVSJXLIHE]XSGSYRXIVEGXXLIJVIUYIRXP]

HITPSVIH WLSVXEKI SJ WTIGMEPMWX WXEJJ IWTIGMEPP] MR XLI KVS[XL WIGXSVW [LMGL MW EKKVE ZEXIHJYVXLIVF]HIQSKVETLMGXVIRHW

8LI'SRXVMFYXMSRMRLERH[MPPJSGYWSRXLIUYIWXMSR[LIXLIVEJPI\MFMPMWEXMSRSJ[SVOMRK XMQIWERHJPI\MFPI[SVOMRKXMQIW]WXIQWGERFIYWIHJSVEFMRHMRKVIKYPEXMSRSJWXYH]

'J-%&(SGYQIRXEXMSR2S*YVXLIV8VEMRMRK5YEPMJMGEXMSRSJXLI5YEPMJMIHT

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

'SQTER] TVEGXMGI %VI VISVKERMWEXMSR QIEWYVIW ERH XLI MRXVSHYGXMSR SJ JPI\MFPI [SVOMRKXMQIQSHIPWFIMRKTYXXSYWIJSVHIZIPSTMRKEW]WXIQEXMGJYVXLIVXVEMRMRKWXVEX IK]#

8LIMRXVSHYGXMSRSJJPI\MFPI[SVOMRKXMQIQSHIPWYWYEPP]KSIWEPSRK[MXLTVSGIWWIWSJ VISVKERMWEXMSRPIERTVSHYGXMSRHIGIRXVEPMWEXMSRWXVEXIKMIWSJGSQTERMIWERHQEVOIXMWE XMSR -X MW XLI YPXMQEXI KSEP SJ EPP SJ XLIWI QIEWYVIW XS JSWXIV MQTVSZIH EFWSVTXMSR SJ QEVOIXJPYGXYEXMSRWXSLIPTGSVTSVEXIEGXSVWVIEGXQSVIGSRXMKYSYWP]ERHJEWXIVrMI QSVIJPI\MFP]rXSGLERKMRKERHWSTLMWXMGEXIHGYWXSQIVVIUYMVIQIRXWERHXSWEZIGSWXW EXXLIWEQIXMQI3RXLISRILERHXLMWMWHSRIF]QIERWSJEQSVIIJJIGXMZIERHQSVI I\XIRWMZIYXMPMWEXMSRSJTVSHYGXMSRQEGLMRIV]JSVI\EQTPIF]ERI\XIRWMSRSJQEGLMRI VYRRMRKSVSTIVEXMRKXMQIWSRXLISXLIVLERHF]EQSVIMRXIRWMZIYXMPMWEXMSRSJXLIPE FSYVTSXIRXMEPEZEMPEFPI

-RXLIJVEQI[SVOSJXLIWIJPI\MFMPMWEXMSRVIUYMVIQIRXWIQTPS]IIWGSQIXSTPE]EHIGM WMZIVSPI(YIXSXLIETTPMGEXMSRSJPIERTVMRGMTPIWXSGSQTER]WXVYGXYVIW[LMGLSJXIR KSIWEPSRK[MXLTIVWSRRIPGYXFEGOWHYIXSXLIKVEHYEPIPMQMREXMSRSJGSQTER]LMIVEV GLMIW [LMGL IRXEMP HIGIRXVEPMWEXMSR SJ VIWTSRWMFMPMX] ERH E XVERWJIV SJ HIGMWMSRQEOMRK TVSGIWWIW XS XLI TPEGI [LIVI ZEPYIEHHIHTVSGIWWIW EVI EX [SVO JPI\MFMPMWEXMSR EX XLI SYXWIXEP[E]WQIERWGSRXMRYSYWP]MRGVIEWMRKJPI\MFMPMX]SJIQTPS]IIW)QTPS]IIWEVIRSX SRP]VIUYMVIHXSFIJPI\MFP]YXMPMWEFPIMRXIVQWSJXMQIXSFIEGLMIZIHZMEJPI\MFPI[SVOMRK XMQIWFYXXSERMRGVIEWMRKI\XIRXEPWSMRXIVQWSJGSRXIRX8LMWHMQIRWMSRTEVXMGYPEVP]

EHHVIWWIWXLIJYRGXMSREPJPI\MFMPMX]SJIQTPS]IIWMIXLIMVPIZIPSJUYEPMJMGEXMSRERHQYP XMJYRGXMSREP TPEGIQIRX XS XLI LMKLIWX TSWWMFPI HIKVII l1YPXMWOMPPMRKz %W [I ORS[

JVSQVIWIEVGL[SVOSRXIEQ[SVOEWERI[SVKERMWEXMSREPXSSPXLIWYGGIWWJYPMRXVSHYG XMSR SJ XIEQ[SVO HITIRHW SR [LIXLIV SV RSX XLI UYEPMJMGEXMSR IQTPS]IIW [SVOMRK [MXLMREKVSYTEXIEQMWEXEWMQMPEVPIZIPWSXLEXQYXYEPWYFWXMXYXMSRFIGSQIWTSWWMFPI

%XXLMWTSMRXGSQTERMIWVIEPMWIXLEXEVISVKERMWEXMSRSJ[SVOTVSGIWWIW[MPPRSXFITSW WMFPI[MXLSYXUYEPMJMGEXMSRQIEWYVIW,S[IZIVXLIWIUYEPMJMGEXMSRQIEWYVIWYWYEPP]XEOI TPEGIMRXLIJSVQSJXVEMRMRKSRXLINSFGJ0MRHIGOI[LMGLQIERWXLEXXLI]

JEPPMRXSXLIGEXIKSV]SJEHETXEXMSRXVEMRMRKVEXLIVXLERMRXSEWXVEXIXK]SJTIVQERIRXP]

MRXIKVEXIHJYVXLIVXVEMRMRKWXVEXIKMIW

%PXLSYKLXLIMRXVSHYGXMSRSJJPI\MFPI[SVOMRKXMQIQSHIPWEP[E]WKSIWEPSRK[MXLXLI GLERKISJ[SVOSVKERMWEXMSRERHZMGIZIVWEEPXLSYKLGLERKIWMR[SVOTVSGIWWIWEP[E]W LEZIERIJJIGXSRXLI[SVOMRKXMQIWXVYGXYVIWSJGSQTERMIWXLIOMGOIHSJJTVSGIWWIWHS RSX TVSKVIWW EW W]WXIQEXMGEPP] EW XLI] EVI GPEMQIH XS LEZI MR VIXVSWTIGX -R GSQTER]

TVEGXMGI RS WMQTP] WXVYGXYVIH GEYWIIJJIGXGLEMRW GER FI HIXIGXIH 8LIVI EVI VEXLIV GSQTPI\ TVSGIWWIW MR XLI GSYVWI SJ [LMGL QYGL I\TIVMQIRXEP [SVO MW HSRI I\XIVREP EHZMGIGSRWYPXEXMSR WSPPMGMXIH ERH XLI EXXIQTX QEHI XS MRGVIEWI MRXIVREXMSREP GSQTIXM XMZIRIWWF]QIERWSJRI[QEREKIQIRXGSRGITXWWYGLEWXLIlFVIEXLMRKGSQTER]zSV XLIlPIEVRMRKSVKERMWEXMSRz

8LI GSQTPI\MX] SJ GSSVHMREXMSR VIUYMVIQIRXW [MXL VIWTIGX XS TVSGIWWIW SJ GLERKI MR GSQTERMIWHIJMRMXIP]MRGVIEWIWEXWIZIVEPPIZIPW'LERKMRK[SVOGSRXIRXWVIUYMVIGLERK MRKJSVQWXSKSEPSRK[MXLXLIQMRGPYHMRKGSVVIWTSRHMRKP]EHETXIHJSVQWSJ[SVOMRK XMQISVKERMWEXMSR-RZIVWIP]XLIMRXVSHYGXMSRSJRI[[SVOMRKXMQIW]WXIQWMWRSXESRI MWWYISVWMRKPIQIEWYVIIZIRX-XVIUYMVIWMRZSPZIWWYTTSVXMRKQIEWYVIW-JJSVI\EQTPI MQTVSZIHGSSVHMREXMSRSJ[SVOMRKXMQIERH[SVOPSEHMWXSFIEGLMIZIHMRXLIJVEQI [SVOSJSTXMQMWMRKMRLSYWITVSHYGXMSRTVSGIWWIWEX]TISJ[SVOMRKXMQIJPI\MFMPMWEXMSR [MPP FI MRHMWTIRWEFPI [LMGL EPPS[W XLI GSSVHMREXMSR SJ HMJJIVIRXP] PSGEXIH STIVEX MRK[SVOMRK XMQIW [MXLMR WTIGMJMG HITEVXQIRXWJYRGXMSREP EVIEW SJ XLI GSQTER] 2SX SRP]QYWXXLI[SVOMRKXMQIWXVYGXYVIWSJZEPYIGLEMREVIEWSVKERMWIHEGGSVHMRKXSXLI TVMRGMTPI SJ PEFSYV HMZMWMSR FI GSSVHMREXIH JSV I\EQTPI MR SVHIV XS MQTVSZI HIPMZIV]

*YRGXMSREPJPI\MFMPMX]QIERWXLEXGLERKIWMR[SVOGSRXIRX[SVOIUYMTQIRXERH[SVOSVKERMWEXMSREVI QEWXIVIH[MXLSYXGLERKMRKWXEJJWXVIRKXLERHWXVYGXYVI-RHMZMHYEPEHETXEXEFMPMX]ERH[MPPMRKRIWWXSPIEVR EVIOI]GLEVEGXIVMWXMGWI\TIGXIHSJIQTPS]IIW[MXLEZMI[XSQEMRXEMRMRKJPI\MFMPMX]-XMWEKIRIVEPXVIRH

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

7MRGIXLIWITVSGIWWIWEWHIWGVMFIHEFSZISJXIRVIWIQFPIElQYHHPMRKXLVSYKLzTVSG IWW[LMGLQIERWXLEXXLI]HSRSXSTIVEXIW]WXIQEXMGEPP]FYXEXFIWXTVEKQEXMGEPP]MQ TSVXERXGLERKIWSJFEWMGGSRHMXMSRWEVISJXIRRSXWIXMRQSXMSRSVWYJJMGMIRXP]XEOIRMRXS EGGSYRX 8LMW SFWIVZEXMSR MW TEVXMGYPEVP] XVYI SJ E PEWXMRK UYEPMJMGEXMSR TSPMG] FIGEYWI PSRKXIVQWXVEXIKMIWLEZIRSXLMRK[LEXWSIZIVXSHS[MXLEHLSGQIEWYVIWJSVEHETXE XMSRUYEPMJMGEXMSRFYXVIUYMVIJMVQVSSXMRKSJUYEPMJMGEXMSRXMQIWMRXLI[SVOTVSGIWW 8LMWXIRHIRG]MWGSRWMHIVEFP]WXVIRKXLIRIHF]XLIMRGVIEWMRKHIPIKEXMSRSJVIWTSRWMFMPMX]

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lPIEVRMRKSVKERMWEXMSRz

8LIVIUYMVIQIRXSJGSQTERMIWXSGSRXMRYIMRXLIMVPIERTVSHYGXMSRTVSGIWWJSVVIEWSRW SJGSQTIXMXMSRERHMRSVHIVXSKIEV[SVOMRKXMQIERH[SVOSVKERMWEXMSRXSXLMWKSEPMR XLISTXMQYQQERRIVYWYEPP]KSIWEPSRK[MXLERMRXIVIWXSJGSQTERMIWMRWEZMRKTIV WSRRIPI\TIRWIW8SQER]GSQTERMIWGSWXWEZMRKWIIQWXSFIXLISRP]OI]XSGSQTIXM

XLEXETEVXJVSQXIGLRMGEPUYEPMJMGEXMSRWSGEPPIHOI]UYEPMJMGEXMSRWWYGLEW[MPPMRKRIWWERHGETEFMPMX]XSGS

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

5YMXI MR GSRXVEWX XS XLMW MRGVIEWIH WMKRMJMGERGI SJ GSVTSVEXI JYVXLIVXVEMRMRK TVSGIWWIW ERHXLIRI[KYMHMRKTVMRGMTPISJXLIPIEVRMRKlSVKERMWEXMSRzGSRNYVIHJSV]IEVWXLIVIEP WMXYEXMSR MR XLI GSQTERMIW MW PEKKMRK JEV FILMRH XLIWI MHIEPW 8LI lPIEVRMRK SVKERMWE XMSRz XLYW FIGSQIW E TIVJIGX MRGEVREXMSR SJ IYTLIQMWQ *YVXLIVXVEMRMRK TVEGXMGIW MR GSQTERMIW HS RSX SRP] HITIRH SR MRRSZEXMZI KYMHMRK TVMRGMTPIW [LMGL EVI VMKLXP]

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6 Management literature holds in store another fitting term to describe this contradictoriness: „Management of dualities, i.e. the ability to pursue contrary directions of action at the same time. Companies are bound to centra- lise (e.g. in order to maintain a consistent strategic orientation) and they are bound to decentralise at the same time (for example in order to be near to the customer).“ (Oechsler 2000, 47).

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