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Die Effekte von Clawback-Klauseln auf das Investitionsverhalten
[The Effects of Clawback Provisions on Investment Behaviour]

Author

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  • Ertel, Christian

Abstract

Clawback-Klauseln werden in der Unternehmenspraxis zunehmend in die Vergütungssysteme integriert. Es werden verschiedene Veränderungen im Verhalten der betroffenen Manager und Managerinnen beobachtet. Interessanterweise sind insbesondere ungeplante und potenziell dysfunktionale Effekte der Einführung von Clawback-Klauseln bisher nur wenig erforscht. In dieser Studie werden die Effekte von Clawback-Klauseln in einem Vergütungssystem auf das Investitionsverhalten untersucht. Es wird ein formal-analytisches Modell hergeleitet, welches den Zusammenhang zwischen Clawback-Klauseln und Investitionsverhalten beschreibt. Das Modell basiert auf der Prospect-Theorie von Kahneman und Tversky (1979). Die prognostizierten Zusammenhänge werden mithilfe zweier Experimente mit insgesamt 205 Teilnehmern auf Amazon Mechanical Turk (MTurk) überprüft. Übereinstimmend mit dem hergeleiteten Modell, wird ein signifikanter Effekt von Clawback-Klauseln auf das Investitionsverhalten beobachtet. Bedingung hierfür ist, dass eine Clawback-Klausel die Entscheidungssituation hinreichend beeinflusst. Die Studie trägt zum besseren Verständnis von ungeplanten und potenziell dysfunktionalen Wirkungen von Clawback-Klauseln bei. Zudem bietet das entwickelte Modell eine Basis für weitere Forschung zum Thema.

Suggested Citation

  • Ertel, Christian, 2021. "Die Effekte von Clawback-Klauseln auf das Investitionsverhalten [The Effects of Clawback Provisions on Investment Behaviour]," Junior Management Science (JUMS), Junior Management Science e. V., vol. 6(4), pages 757-789.
    • Handle: RePEc:zbw:jumsac:294972
    DOI: 10.5282/jums/v6i4pp757-789
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    References listed on IDEAS

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