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Nachträgliche Reduktion von Vorstandsbezügen: Eine ökonomische Analyse der Herabsetzungsmöglichkeit von Vorstandsbezügen nach dem VorstAG

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  • Duran, Mihael

Abstract

In der vorliegenden Arbeit wird eine modelltheoretische Untersuchung der verschärften sogenannten Herabsetzungsmöglichkeit von Vorstandsbezügen nach dem VorstAG anhand der Turniertheorie vorgenommen. Hierzu wird ein Modell entwickelt, um mögliche ökonomische Auswirkungen der Verminderung von Vorstandsbezügen zu untersuchen. Das Modell zeigt einige Implikationen zu den Entscheidungen von Vorstand und Aufsichtsrat. -- This paper examines the possibility of reducing executive compensation following the German VorstAG. To examine the potential economic impact of the reduction, a tournament model is introduced. The model shows some implications on the decisions of the Executive Board ans Supervisory Board.

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Paper provided by University of Tübingen, School of Business and Economics in its series Tübinger Diskussionsbeiträge with number 332.

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Date of creation: 2011
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Handle: RePEc:zbw:tuedps:332

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Keywords: executive compensation; tournaments;

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  1. Edward P. Lazear & Sherwin Rosen, 1979. "Rank-Order Tournaments as Optimum Labor Contracts," NBER Working Papers 0401, National Bureau of Economic Research, Inc.
  2. Alannah Orrison & Andrew Schotter & Keith Weigelt, 2004. "Multiperson Tournaments: An Experimental Examination," Management Science, INFORMS, INFORMS, vol. 50(2), pages 268-279, February.
  3. Green, Jerry & Stokey, Nancy, 1983. "A Comparison of Tournaments and Contracts," Scholarly Articles 3203644, Harvard University Department of Economics.
  4. Brian J. Hall & Kevin J. Murphy, 2000. "Stock Options for Undiversified Executives," NBER Working Papers 8052, National Bureau of Economic Research, Inc.
  5. Robert Gibbons, 1997. "An Introduction to Applicable Game Theory," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 127-149, Winter.
  6. Sherwin Rosen, 1985. "Prizes and Incentives in Elimination Tournaments," NBER Working Papers 1668, National Bureau of Economic Research, Inc.
  7. Ehrenberg, Ronald G & Bognanno, Michael L, 1990. "Do Tournaments Have Incentive Effects?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(6), pages 1307-24, December.
  8. O'Keeffe, Mary & Viscusi, W Kip & Zeckhauser, Richard J, 1984. "Economic Contests: Comparative Reward Schemes," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 2(1), pages 27-56, January.
  9. Bull, Clive & Schotter, Andrew & Weigelt, Keith, 1987. "Tournaments and Piece Rates: An Experimental Study," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 95(1), pages 1-33, February.
  10. Christopher Ferrall, 1996. "Promotions and Incentives in Partnerships: Evidence from Major U.S. Law Firms," Canadian Journal of Economics, Canadian Economics Association, vol. 29(4), pages 811-27, November.
  11. Koch, Rosemarie & Raible, Karl-Friedrich & Stadtmann, Georg, 2011. "Vorstandsvergütung in Deutschland - ist eine Trendwende in Sicht?," Discussion Papers 299, European University Viadrina Frankfurt (Oder), Department of Business Administration and Economics.
  12. Eriksson, Tor, 1999. "Executive Compensation and Tournament Theory: Empirical Tests on Danish Data," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 17(2), pages 262-80, April.
  13. Ronald G. Ehrenberg & Michael L. Bognanno, 1990. "The incentive effects of tournaments revisited: Evidence from the European PGA tour," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 43(3), pages 74-88, February.
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