Praxis der Aufsichtsratsvergütung in börsennotierten Unternehmen: Status Quo und Herausforderungen (Practice of Director Compensation in Listed Firms: Status Quo and Challenges)

Zeitschrift für Führung & Organisation, August 2011

HHL Research Paper Series in Corporate Governance No. 3, April 2011

12 Pages Posted: 10 Apr 2011 Last revised: 4 Dec 2012

See all articles by Christian Lazar

Christian Lazar

University of Marburg - School of Business & Economics

Yves Metzner

Philipps University Marburg

Marc Steffen Rapp

University of Marburg - School of Business & Economics; University of Marburg - Marburg Centre for Institutional Economics (MACIE)

Michael Wolff

University of Göttingen

Date Written: April 8, 2011

Abstract

We analyze director compensation in German listed firms for the time period 2005 to 2009. Our sample covers all listed companies in the German Prime Standard of the Frankfurt Stock Exchange, specifically firms with shares listed in the indices of DAX, MDAX, SDAX and TecDAX. The aim of the analysis is twofold. First, we give a detailed overview about the level and structure of the director compensation in Germany. Second, we derive recommendations for adequate compensation policies, since our empirical results suggest that current compensation practices offer only limited incentives for directors.

Note: Downloadable document is in German.

Keywords: Director Compensation, Remuneration, Incentives, Corporate Governance

Suggested Citation

Lazar, Christian and Metzner, Yves and Rapp, Marc Steffen and Wolff, Michael, Praxis der Aufsichtsratsvergütung in börsennotierten Unternehmen: Status Quo und Herausforderungen (Practice of Director Compensation in Listed Firms: Status Quo and Challenges) (April 8, 2011). Zeitschrift für Führung & Organisation, August 2011 ; HHL Research Paper Series in Corporate Governance No. 3, April 2011. Available at SSRN: https://ssrn.com/abstract=1806282

Christian Lazar

University of Marburg - School of Business & Economics ( email )

Am Plan 2
Marburg, 35032
Germany

Yves Metzner

Philipps University Marburg ( email )

Universitätsstrasse 24
Marburg, D-35032
Germany

Marc Steffen Rapp (Contact Author)

University of Marburg - School of Business & Economics ( email )

Am Plan 2
Marburg, D-35037
Germany

University of Marburg - Marburg Centre for Institutional Economics (MACIE) ( email )

Am Plan
Marburg, 35032
Germany

Michael Wolff

University of Göttingen ( email )

Platz der Göttinger Sieben 3
Göttingen, DE 37073
Germany

HOME PAGE: http://www.contolling.uni-goettingen.de

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