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What Explains the Rise in Executive Pay in Germany? A Panel Data Analysis for 1977–2009

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  • Francesca Fabbri
  • Dalia Marin

Abstract

Executive compensation in Germany has become highly controversial since Vodafone's hostile takeover of Mannesmann in 2000. It has again been in the spotlight since the outbreak of the 2008-2009 global financial crisis. Using a unique panel dataset of the 500 largest firms in Germany in the period 1977-2009, we find that executives tend to be rewarded when the sector is doing well rather than the firm they work for. Furthermore, we find that CEO pay and the demand for managers increases in Germany in difficult times when the typical firm size shrinks. Finally, domestic and global competition for managers appear to contribute to the rise in executive pay.
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  • Francesca Fabbri & Dalia Marin, 2016. "What Explains the Rise in Executive Pay in Germany? A Panel Data Analysis for 1977–2009," Scandinavian Journal of Economics, Wiley Blackwell, vol. 118(2), pages 235-263, April.
    • Handle: RePEc:bla:scandj:v:118:y:2016:i:2:p:235-263
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    File URL: http://hdl.handle.net/10.1111/sjoe.2016.118.issue-2
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    Cited by:

    1. Stephanie Houle & Pau Pujolas & Michael Veall, 2019. "The Curious Incident of Luxury Imports during the Top-Income Surge," Economics Bulletin, AccessEcon, vol. 39(2), pages 1479-1487.
    2. Marin, Dalia & Schymik, Jan & Tarasov, Alexander, 2018. "Trade in tasks and the organization of firms," European Economic Review, Elsevier, vol. 107(C), pages 99-132.
    3. Manika Kohli, 2018. "Impact of Ownership Type and Board Characteristics on the Pay–Performance Relationship: Evidence from India," Indian Journal of Corporate Governance, , vol. 11(1), pages 1-34, June.
    4. Patricia Kotnik & Mustafa Erdem Sakinc & Dejan Guduras, 2018. "Executive compensation in Europe: Realized gains from stock-based pay," Working Papers Series 78, Institute for New Economic Thinking.
    5. Ester Manna, 2023. "Bad NGOs? Competition in the market for donations and workers' misconduct," UB School of Economics Working Papers 2023/457, University of Barcelona School of Economics.

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