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Aufsichtsratsvergütung und Überwachungseffektivität: Empirische Befunde für börsennotierte Gesellschaften in Deutschland
[Supervisory Board Compensation and Monitoring Effectiveness: Evidence from Listed German Companies]

Author

Listed:
  • Ralf Winkler

    (Doctores Völschau Partnerschaft mbB Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft)

  • Maximilian Behrmann

    (Universität Hamburg)

Abstract

Zusammenfassung Untersucht wird der empirische Zusammenhang zwischen Aufsichtsratsvergütung und vergütungsbasierten Maßen der Effektivität der Überwachung des Vorstands. Vor diesem Hintergrund verwenden wir einen Datensatz bestehend aus Gesellschaften des deutschen Prime Standard und stellen im Wege des Fixed-Effects-Ansatzes den Erklärungsgehalt der Aufsichtsratsvergütungshöhe und -struktur zur vorstandsvergütungsbezogenen Überwachungseffektivität (übermäßige Vorstandsvergütung und Pay for Performance-Sensitivität) fest. Wir messen einen positiven Zusammenhang zwischen anreizorientierten (insb. leistungsorientierten) Aufsichtsratsvergütungssystemen und übermäßiger Vorstandsvergütung. Weiterhin moderieren anreizorientierte (insb. leistungsorientierte) Vergütungsbestandteile die Pay for Performance-Sensitivität negativ. Wir schlussfolgern daraus einen positiven Zusammenhang zwischen Agency-Kosten und anreizorientierter Aufsichtsratsvergütung und argumentieren, dass entsprechende Aufsichtsratsvergütungsformen aus Sicht der Aktionäre nicht Bestandteil eines optimalen Vergütungskontrakts sein können. Da für langfristig erfolgsorientierte Aufsichtsratsvergütungsstrukturen teilweise gegenteilige Befunde festgestellt werden, schlagen wir die Aufnahme einer unmittelbaren Empfehlung dieser Entlohnungsform in den Deutschen Corporate Governance Kodex (DCGK) vor.

Suggested Citation

  • Ralf Winkler & Maximilian Behrmann, 2019. "Aufsichtsratsvergütung und Überwachungseffektivität: Empirische Befunde für börsennotierte Gesellschaften in Deutschland [Supervisory Board Compensation and Monitoring Effectiveness: Evidence from ," Schmalenbach Journal of Business Research, Springer, vol. 71(3), pages 381-414, November.
    • Handle: RePEc:spr:sjobre:v:71:y:2019:i:3:d:10.1007_s41471-019-00073-1
    DOI: 10.1007/s41471-019-00073-1
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    References listed on IDEAS

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    1. Franziska Handschumacher-Knors, 2023. "Does a gender pay gap exist on executive boards? An empirical multilevel analysis of executive board compensation in German listed companies," Journal of Business Economics, Springer, vol. 93(3), pages 325-357, April.

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    More about this item

    Keywords

    Corporate Governance; Vorstandsvergütung; Aufsichtsratsvergütung; Überwachungseffektivität; Empirische Analyse;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects

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