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Kapitalmarktverfassung, Managerentlohnung und Bilanzpolitik

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  • Franke, Günter

Abstract

In diesem Beitrag wird untersucht, welchen Einfluss die Entlohnung eines Managers mit Fixum und gewinnbezogenem Bonus auf seinen Arbeitseinsatz und seine Bilanzpolitik ausübt. Dazu wird das LEN-Modell auf die gesamte Lebensdauer des Unternehmens erweitert. Die Gewinnmanipulationen müssen sich über die gesamte Lebensdauer zu null addieren. Es zeigt sich, dass der Manager zu hoher Manipulation tendiert, wenn die Wahrscheinlichkeit, einen Bonus zu erzielen, im Zeitablauf stark schwankt. Durch Anpassung der Basiskurse der Bonuszahlungen an die erwarteten Gewinne kann das Manipulationsverhalten deutlich eingeschränkt werden. Einige Schlussfolgerungen für geeignete Entlohnungssysteme werden abgeleitet.

Suggested Citation

  • Franke, Günter, 2003. "Kapitalmarktverfassung, Managerentlohnung und Bilanzpolitik," CoFE Discussion Papers 03/08, University of Konstanz, Center of Finance and Econometrics (CoFE).
    • Handle: RePEc:zbw:cofedp:0308
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    References listed on IDEAS

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