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Auswirkungen von Mehrfachmandaten deutscher Vorstands- und Aufsichtsratsvorsitzender auf den Unternehmenserfolg

  • Balsmeier, Benjamin
  • Buchwald, Achim
  • Peters, Heiko

Mehrfachmandatsträger in Vorständen und Aufsichtsräten stehen seit langer Zeit in der öffentlichen Kritik. Anhand eines Paneldatensatzes für die größten deutschen Unternehmen im Zeitraum von 1996 bis 2006 wird der Einfluss von Mehrfachmandaten von Vorstands- und Aufsichtsratsvorsitzenden auf den Unternehmenserfolg untersucht. Die Ergebnisse legen den Schluss nahe, dass zwischen der Anzahl der Aufsichtsratsmandate des Vorstandsvorsitzenden und dem Erfolg seines Unternehmens ein konkaver positiver Zusammenhang besteht: zu viele Mandate wirken offenbar kontraproduktiv. Aufsichtsratsvorsitzende, die in einem anderen Unternehmen als Vorstand tätig sind, erhöhen hingegen tendenziell den Erfolg des kontrollierten Unternehmens. Zusätzliche Aufsichtsratsmandate des Aufsichtsratsvorsitzenden haben allerdings keine Assoziation mit der Leistung des kontrollierten Unternehmens.

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Paper provided by German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung in its series Working Papers with number 01/2009.

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Date of creation: 2009
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Handle: RePEc:zbw:svrwwp:012009
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