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Aktienkursorientierte Management-Entlohnung bei korrelierter Entwicklung der Marktnachfrage

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  • Neubecker, Leslie

Abstract

Dieser Beitrag zeigt, dass aktienkursabhängige Entlohnung bei korrelierter Nachfrageentwicklung die Neigung der Manager erhöht, eine implizite Preisabsprache einzuhalten. Die geringeren Gewinne in der Strafphase führen bereits in der Ausbruchsperiode zu einem niedrigeren Aktienkurs und damit zu einer geringeren Vergütung. Der Anreiz abzuweichen ist daher kleiner als bei anderen Entlohnungsverträgen. Ändert sich die Nachfrage durch stochastischen Wechsel zwischen einer höheren und einer niedrigeren Wachstumsrate, führt unverzögerte aktienkursabhängige Entlohnung zu einer schwach prozyklischen bei positiver und zu einer schwach antizyklischen Preisentwicklung bei negativer Korrelation. Durch verzögerte Entlohnung werden die Manager zu perfekter Kollusion veranlasst. In diesem Fall setzen sie die Preise azyklisch.

Suggested Citation

  • Neubecker, Leslie, 2002. "Aktienkursorientierte Management-Entlohnung bei korrelierter Entwicklung der Marktnachfrage," Tübinger Diskussionsbeiträge 235, University of Tübingen, School of Business and Economics.
    • Handle: RePEc:zbw:tuedps:235
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices

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