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Offenlegung von Managergehältern und Corporate Governance - Finanzierungstheoretische Anmerkungen zur aktuellen Kapitalismusdebatte

Author

Listed:
  • Wolfgang Kürsten

    (University of Jena, Faculty of Economics and Business Administration)

Abstract

Der Beitrag untersucht die Rolle der Publizität von Managerbezügen, die im Deutschen Corporate Governance-Kodex als Empfehlung enthalten und jüngst auch als Muss-Vorschrift in das Vorstandsvergütungs-Offenlegungsgesetz (VorstOG) eingegangen ist. Durch die Publizität der Struktur - nicht jedoch der Höhe - der Managerbezüge kann ein Schutz der Stakeholder vor Entwertung ihrer Position durch Aktionäre und Manager sowie ihrer Position durch Aktionäre und Manager sowie eine Umwandlung shareholder- in stakeholderorientierte Corporate Governance-Systeme erreicht werden. Dafür werden die Aktionäre aus Eigeninteresse das Entlohnungssystem "Proportionalanspruch" installieren und die Ausrichtung von Managerentscheidungen am Unternehmensgesamtwert erreichen. Shareholderorientierte Vergütungssysteme wie etwa Stock Options sind bei Publizität dagegen suboptional.

Suggested Citation

  • Wolfgang Kürsten, 2006. "Offenlegung von Managergehältern und Corporate Governance - Finanzierungstheoretische Anmerkungen zur aktuellen Kapitalismusdebatte," Jenaer Schriften zur Wirtschaftswissenschaft (Expired!) 13/2006, Friedrich Schiller University of Jena, School of of Economics and Business Administration.
    • Handle: RePEc:jen:jenasw:2006-13
    as

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