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Auswirkungen von Mehrfachmandaten deutscher Vorstands- und Aufsichtsratsvorsitzender auf den Unternehmenserfolg

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  • Balsmeier, Benjamin
  • Buchwald, Achim
  • Peters, Heiko

Abstract

Mehrfachmandatsträger in Vorständen und Aufsichtsräten stehen seit langer Zeit in der öffentlichen Kritik. Anhand eines Paneldatensatzes für die größten deutschen Unternehmen im Zeitraum von 1996 bis 2006 wird der Einfluss von Mehrfachmandaten von Vorstands- und Aufsichtsratsvorsitzenden auf den Unternehmenserfolg untersucht. Die Ergebnisse legen den Schluss nahe, dass zwischen der Anzahl der Aufsichtsratsmandate des Vorstandsvorsitzenden und dem Erfolg seines Unternehmens ein konkaver positiver Zusammenhang besteht: zu viele Mandate wirken offenbar kontraproduktiv. Aufsichtsratsvorsitzende, die in einem anderen Unternehmen als Vorstand tätig sind, erhöhen hingegen tendenziell den Erfolg des kontrollierten Unternehmens. Zusätzliche Aufsichtsratsmandate des Aufsichtsratsvorsitzenden haben allerdings keine Assoziation mit der Leistung des kontrollierten Unternehmens.

Suggested Citation

  • Balsmeier, Benjamin & Buchwald, Achim & Peters, Heiko, 2009. "Auswirkungen von Mehrfachmandaten deutscher Vorstands- und Aufsichtsratsvorsitzender auf den Unternehmenserfolg," Working Papers 01/2009, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    • Handle: RePEc:zbw:svrwwp:012009
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    1. Buchwald, Achim, 2012. "Welche Unternehmen berufen Vorstandsvorsitzende und andere Vorstände als externe Kontrolleure? Eine empirische Analyse der Präsenz von externen Vorständen in den Aufsichtsräten deutscher Grossunterneh," Die Unternehmung - Swiss Journal of Business Research and Practice, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 66(2), pages 93-126.
    2. Rieck, Christian & Bendig, Helena & Hünnemeyer, Julius & Nitzsche, Lisa, 2012. "Diversität im Aufsichtsrat: Studie über die Zusammensetzung deutscher Aufsichtsräte," Working Paper Series 01, Frankfurt University of Applied Sciences, Faculty of Business and Law.
    3. Milakovic, Mishael & Alfarano, Simone & Lux, Thomas, 2011. "The small core of the German corporate board network: New evidence from 2010," Kiel Working Papers 1740, Kiel Institute for the World Economy (IfW Kiel).

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