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Aktienoptionsprogramme als Managementvergütung: – Einige kritische Anmerkungen –

Author

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  • Lucke Claus

    (Dipl. Wirt.-Ing., Wissenschaftlicher Mitarbeiter an der Universität Karlsruhe)

Abstract

Viele Unternehmen haben in letzter Zeit Aktienoptionsprogramme als Vergütungsinstrument für das Management eingeführt. Diese Programme verursachen Kosten in bis zu dreistelliger Millionenhöhe und sollen die Interessen des Managements besser mit den Interessen der Aktionäre in Einklang bringen. Der vorliegende Beitrag untersucht Möglichkeiten der Manager, die Motivationswirkungen der Programme zu neutralisieren. Falls das gelingt, trägt die AG zwar die erhöhten Personalkosten, erzielt aber keine Anreizwirkungen. Die Ausführungen werden am Beispiel des im Mai 1998 aufgelegten STAR-Programms der SAP AG konkretisiert. Der Verfasser erörtert Konsequenzen für die Ausgestaltung von Aktienoptionsprogrammen.

Suggested Citation

  • Lucke Claus, 1999. "Aktienoptionsprogramme als Managementvergütung: – Einige kritische Anmerkungen –," Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag, vol. 11(4), pages 205-212, August.
    • Handle: RePEc:bpj:zfbrbw:v:11:y:1999:i:4:p:205-212:n:1
    DOI: 10.15375/zbb-1999-0401
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