IDEAS home Printed from https://ideas.repec.org/p/jen/jenabe/2000-07.html
   My bibliography  Save this paper

Stock Options, Managerentscheidungen und (eigentliches) Aktionärsinteresse - Korrekturbedarfe einer fehlgeleiteten Diskussion um "anreizkompatible" Vergütungsdesigns

Author

Listed:
  • Wolfgang Kürsten

    (University of Jena, Faculty of Economics)

Abstract

Stock Options sollen zur Angleichung der Interessen von Managern und Aktionären beitragen. Aus Sicht risikofreudiger Aktionäre geht es insbesondere darum, mit Hilfe des konvexen Zahlungsanspruchs von Stock Options die Risikoaversion von Managern mit nicht-diversifiziertem Arbeitseinkommen zu kompensieren. Der Beitrag zeigt im Kontext neoklassischer Kapitalmarktmodelle, daß sich die Aktionäre weder um risikoarme Managerentscheidungen sorgen müssen noch Stock Options das geeignete Instrument zur Überwindung differierender Risikopräferenzen darstellen. Aus Sicht der Principal-Agent-Theorie müssen die Reaktionen externer Stakeholder berücksichtigt und die Manager mit einem Proportionalanspruch anstelle mit Stock Options entlohnt werden.

Suggested Citation

  • Wolfgang Kürsten, 2000. "Stock Options, Managerentscheidungen und (eigentliches) Aktionärsinteresse - Korrekturbedarfe einer fehlgeleiteten Diskussion um "anreizkompatible" Vergütungsdesigns," Working Paper Series A 2000-07, Friedrich Schiller University of Jena, School of of Economics and Business Administration.
    • Handle: RePEc:jen:jenabe:2000-07
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jen:jenabe:2000-07. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Markus Pasche (email available below). General contact details of provider: https://www.wiwi.uni-jena.de/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.