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Aufsichtsratsverflechtungen und ihr Einfluss auf die Vorstandsbezüge von DAX-Unternehmen

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  • Möbert, Jochen
  • Gattung, Florian
  • Entorf, Horst
  • Pahlke, Immanuel

Abstract

Der vorliegende Aufsatz untersucht den Einfluss von Aufsichtsratsvernetzungen auf die Entwicklung der Vorstandsbezüge von DAX-Unternehmen. Die kombinierte Anwendung von Methoden der sozialen Netzwerkanalyse und der Panelökonometrie erleichtert die Erfassung der Struktur der Aufsichtsratsverflechtungen, die Identifikation der daraus resultierenden Verhandlungsmacht sowie die Messung ihrer Wirkung auf Vorstandsgehälter. Die Aufsichtsratsnetze bilden die Datenbasis zur Erstellung von direkten und indirekten Netzwerkvariablen. Anhand von Fixed- und Time-Effects Panel-Schätzungen wird die Performance der Unternehmen berücksichtigt und der Einfluss von Netzwerkvariablen auf die Höhe der Vorstandsbezüge getestet. Die Vorstandsgehälter sinken tendenziell mit der Zahl der empfangenen DAX-Vorstände. Eine Erhöhung der Gehälter mit steigender Zahl von entsendeten Vorständen kann jedoch nicht ohne Weiteres bestätigt werden. Der Wechsel eines ehemaligen Vorstandsvorsitzenden an die Aufsichtsratsspitze führt nicht zu signifikant höheren Vorstandsgehältern.

Suggested Citation

  • Möbert, Jochen & Gattung, Florian & Entorf, Horst & Pahlke, Immanuel, 2008. "Aufsichtsratsverflechtungen und ihr Einfluss auf die Vorstandsbezüge von DAX-Unternehmen," ZEW Discussion Papers 08-036, ZEW - Leibniz Centre for European Economic Research.
    • Handle: RePEc:zbw:zewdip:7308
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    1. Eliezer M. Fich & Anil Shivdasani, 2006. "Are Busy Boards Effective Monitors?," Journal of Finance, American Finance Association, vol. 61(2), pages 689-724, April.
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    1. Balsmeier Benjamin & Buchwald Achim & Peters Heiko, 2010. "Auswirkungen von Mehrfachmandaten deutscher Vorstands- und Aufsichtsratsvorsitzender auf den Unternehmenserfolg / The Impact of Multiple Board Memberships of CEOs and Chairmen of Supervisory Boards on," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 230(5), pages 547-570, October.

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