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Aktienkursorientierte Management-Entlohnung: Ein Wettbewerbshemmnis im Boom?

  • Neubecker, Leslie
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    In bisherigen Untersuchungen der Auswirkungen aktienkursorientierter Management-Entlohnung auf den Preiswettbewerb wurden Nachfrageschwankungen nicht berücksichtigt. Der vorliegende Beitrag zeigt, dass Manager auch dann eine größere Kollusionsneigung besitzen als Eigentümer, wenn sich die Nachfrage nach einem differenzierten Gut sowie die Erwartungen über ihre zukünftige Entwicklung ändern. Durch Berücksichtigung von Nachfragefluktuationen können auch Veränderungen der Wettbewerbsintensität erklärt werden. Entwickelt sich die Nachfrage rein stochastisch, ist die Kollusionsneigung der Manager in Rezessionen höher. Schwankt die Nachfrage dagegen zyklisch, können die Manager bei steigender Nachfrage höhere kollusive Preise durchsetzen, da im Boom die entgangenen Gewinne bei Bestrafung größer sind.

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    File URL: http://econstor.eu/bitstream/10419/47524/1/343991446.pdf
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    Paper provided by University of Tübingen, School of Business and Economics in its series Tübinger Diskussionsbeiträge with number 225.

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    Date of creation: 2001
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    Handle: RePEc:zbw:tuedps:225
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