Advanced Search
MyIDEAS: Login to save this paper or follow this series

Vorstandsvergütung in Deutschland - ist eine Trendwende in Sicht?

Contents:

Author Info

  • Koch, Rosemarie
  • Raible, Karl-Friedrich
  • Stadtmann, Georg
Registered author(s):

    Abstract

    In diesem Aufsatz untersuchen wir das Wachstum der Vorstandsvergütung in den vergangenen 15 Jahren und stellen uns die Frage, wie sich die Vorstandsvergütung in der Zukunft entwickeln könnte. Wir vermuten, dass die Einführung von Long-Term-Incentives (LTI) in Form von Aktienoptionsplänen, die erst nach Erlass des KonTraG im Jahre 1998 technisch einfach möglich waren, einen Grund für die großen Zuwachsraten darstellen. In einer empirischen Untersuchung analysieren wir die Vorstandsvergütung von DAX- und MDAX-Unternehmen in Bezug auf die LTIs. Wir stellen fest, dass 2009 78 % aller betrachteten Unternehmen einen LTI gewährten. Dieser machte 2009 durchschnittlich 20 % der Gesamtvergütung aus, während die Short-Term-Incentives (STI) mit rund 40 % immer noch die größte Vergütungskomponente darstellten. Die beliebtesten Formen zur Ausgestaltung des LTI waren Aktienoptionspläne und virtuelle Aktienoptionen, wobei die klassischen Aktienoptionspläne in den betrachteten vier Jahren an Gewicht verloren. Dies weist darauf hin, dass es in Bezug auf die zukünftige Entwicklung eine Trendwende geben könnte. Das im August 2009 erlassene Gesetz zur Angemessenheit der Vorstandsvergütung (VorstAG) wird diese Entwicklung nach unserer Erwartung noch beschleunigen. -- We examine German stock corporations' executive compensation's growth over the last 15 years. Furthermore, we investigate how executive compensation might develop in the future. Over the past 15 years we observe dynamic growth of executive compensation especially in large stock corporations such as those listed in the DAX and MDAX indices. We assume that one reason for these high growth rates in the past is the introduction of long-term incentives which has been technically easily implementable since the passing of the control and transparency business act in the year 1998. In an empirical analysis we explore executive compensation of companies listed in DAX or MDAX with regards to usage and arrangement of long-term incentives. While short-term incentives still represent the largest share of executive compensation constituting 40 % of total compensation, long-term incentives on average made up for 20 % of total compensation in 2009. The most popular forms of longterm incentives are stock option programs and stock appreciation rights. However, during the four years analyzed the classical stock option programs significantly lost importance. This alludes to an upcoming trend reversal in executive compensation. In our view the law on the adequacy of executive compensation passed in August 2009 will further speed up this future development.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://econstor.eu/bitstream/10419/45005/1/656635045.pdf
    Download Restriction: no

    Bibliographic Info

    Paper provided by European University Viadrina Frankfurt (Oder), Department of Business Administration and Economics in its series Discussion Papers with number 299.

    as in new window
    Length:
    Date of creation: 2011
    Date of revision:
    Handle: RePEc:zbw:euvwdp:299

    Contact details of provider:
    Postal: Grosse Scharrnstrasse 59, 15230 Frankfurt (Oder)
    Phone: +49 (0)335 5534 2387
    Fax: +49 (0)335 5534 2516
    Email:
    Web page: http://www.wiwi.euv-frankfurt-o.de/en/index.html
    More information through EDIRC

    Related research

    Keywords: Vorstandsvergütung; Wachstum; Aktienoptionen; Long-Term-Incentive; VorstAG; Trendwende; Executive Compensation; Growth; Stock Options; Long-Term Incentive; Law on Adequacy of Executive Compensation; Trend Reversal;

    Find related papers by JEL classification:

    This paper has been announced in the following NEP Reports:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Duran, Mihael, 2011. "Nachträgliche Reduktion von Vorstandsbezügen: Eine ökonomische Analyse der Herabsetzungsmöglichkeit von Vorstandsbezügen nach dem VorstAG
      [Ex post Reduction of Executive Compensation: An econo
      ," MPRA Paper 33815, University Library of Munich, Germany.

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:zbw:euvwdp:299. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.