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

Aktienkursorientierte Management-Entlohnung bei korrelierter Entwicklung der Marktnachfrage


Author Info

  • Neubecker, Leslie
Registered author(s):


    Dieser Beitrag zeigt, dass aktienkursabhängige Entlohnung bei korrelierter Nachfrageentwicklung die Neigung der Manager erhöht, eine implizite Preisabsprache einzuhalten. Die geringeren Gewinne in der Strafphase führen bereits in der Ausbruchsperiode zu einem niedrigeren Aktienkurs und damit zu einer geringeren Vergütung. Der Anreiz abzuweichen ist daher kleiner als bei anderen Entlohnungsverträgen. Ändert sich die Nachfrage durch stochastischen Wechsel zwischen einer höheren und einer niedrigeren Wachstumsrate, führt unverzögerte aktienkursabhängige Entlohnung zu einer schwach prozyklischen bei positiver und zu einer schwach antizyklischen Preisentwicklung bei negativer Korrelation. Durch verzögerte Entlohnung werden die Manager zu perfekter Kollusion veranlasst. In diesem Fall setzen sie die Preise azyklisch. -- We show that stock-based management compensation increases the incentive to uphold a collusive agreement when market demand fluctuates stochastically. Lower profits in the punishment phase already reduce the share price and thereby remuneration in the period of deviation. The incentive to deviate is thus lower than with other types of compensation. If demand changes stochastically between a high and low growth rate, managers with undeferred stock-based remuneration set prices weakly procyclically with positive and weakly anticyclically with negative correlation. Deferred compensation induces managers to collude perfectly. In this case prices are acyclical.

    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:
    Download Restriction: no

    Bibliographic Info

    Paper provided by University of Tübingen, School of Business and Economics in its series Tübinger Diskussionsbeiträge with number 235.

    as in new window
    Date of creation: 2002
    Date of revision:
    Handle: RePEc:zbw:tuedps:235

    Contact details of provider:
    Postal: Keplerstr. 17, 72074 Tübingen
    Phone: 07071/29-72563
    Fax: 07071/29-5179
    Web page:
    More information through EDIRC

    Related research

    Keywords: Lohn; management compensation; dynamic competition; collusion;

    Find related papers by JEL classification:


    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Kandori, Michihiro, 1991. "Correlated Demand Shocks and Price Wars during Booms," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 58(1), pages 171-80, January.
    2. Conyon, Martin & Gregg, Paul & Machin, Stephen, 1995. "Taking Care of Business, Executive Compensation in the United Kingdom," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 105(430), pages 704-14, May.
    3. Jensen, M.C. & Murphy, K.J., 1988. "Performance Pay And Top Management Incentives," Papers, Rochester, Business - Managerial Economics Research Center 88-04, Rochester, Business - Managerial Economics Research Center.
    4. Rotemberg, Julio J & Saloner, Garth, 1986. "A Supergame-Theoretic Model of Price Wars during Booms," American Economic Review, American Economic Association, American Economic Association, vol. 76(3), pages 390-407, June.
    5. Hamilton, James D, 1989. "A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle," Econometrica, Econometric Society, Econometric Society, vol. 57(2), pages 357-84, March.
    6. Fershtman, Chaim & Judd, Kenneth L, 1987. "Equilibrium Incentives in Oligopoly," American Economic Review, American Economic Association, American Economic Association, vol. 77(5), pages 927-40, December.
    7. Reitman, David, 1993. "Stock Options and the Strategic Use of Managerial Incentives," American Economic Review, American Economic Association, American Economic Association, vol. 83(3), pages 513-24, June.
    8. Kyle Bagwell, 1992. "Commitment and Observability in Games," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1014, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    9. Abreu, Dilip, 1986. "Extremal equilibria of oligopolistic supergames," Journal of Economic Theory, Elsevier, Elsevier, vol. 39(1), pages 191-225, June.
    10. Yermack, David, 1995. "Do corporations award CEO stock options effectively?," Journal of Financial Economics, Elsevier, Elsevier, vol. 39(2-3), pages 237-269.
    11. Neubecker, Leslie, 2001. "Aktienkursorientierte Management-Entlohnung: Ein Wettbewerbshemmnis im Boom?," Tübinger Diskussionsbeiträge 225, University of Tübingen, School of Business and Economics.
    Full references (including those not matched with items on IDEAS)



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


    Access and download statistics


    When requesting a correction, please mention this item's handle: RePEc:zbw:tuedps:235. 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.