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Anreizkompatible Verträge zwischen Eigenfinanciers und Managern im deutschen Corporate-Governance-System: Eine ökonomische Analyse aus institutionenökonomischer Sicht

Anreizkompatible Verträge zwischen Eigenfinanciers und Managern im deutschen Corporate-Governance-System: Eine ökonomische Analyse aus institutionenökonomischer Sicht

          
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About the Book

Inhaltsangabe: Einleitung: Die zunehmende Hinwendung deutscher Kapitalgesellschaften zu einer kapitalmarktwertbezogenen Unternehmenssteuerung ist mit der stärkeren Orientierung des Managements an den Interessen der Eigenfinanciers verbunden. Im Rahmen einer derartigen shareholder value-orientierten Unternehmenspolitik sollen wertorientierte variable Vergütungssysteme dazu beitragen, daß das Management durch die Verfolgung eigener Ziele gleichzeitig den Unternehmenswert im Interesse der Eigenfinanciers steigert. Derartige Vergütungssysteme werden nicht nur von institutionellen Investoren als Voraussetzung für ein Engagement angesehen. Auch die Top-Manager von Unternehmen fordern eine stärkere Koppelung ihrer Vergütung an Leistung und Erfolg sowie damit auch höhere variable Vergütungsbestandteile. In diesem Zusammenhang wird zunehmend über die Einführung von Stock Option Plans diskutiert. Diese sollen dazu beitragen, die Interessen der Manager mit denen der Eigenfinanciers zu verbinden. Mit Inkrafttreten des KonTraG, wodurch die Vergabe von Aktienoptionen an das Management erheblich erleichtert wurde, gehen in der Unternehmenspraxis immer mehr Aktiengesellschaften dazu über, das Management mit diesem Instrument zu entlohnen. Allerdings wird vielfach bezweifelt, ob diese Form der Entlohnung tatsächlich geeignet ist, eine Interessensangleichung zwischen Eigenfinanciers und Managern herzustellen. Da es in der jüngsten Vergangenheit immer wieder zu Klagen gegen Stock Option Plans gekommen ist, wie z.B. im Mai diesen Jahres gegen den Aktienoptionsplan von Daimler-Chrysler, scheinen diese Zweifel gerechtfertigt. Ziel dieser Arbeit ist es, über die Formulierung von Kriterien, die für eine anreizkompatible Vertragsgestaltung notwendig sind, zu überprüfen, inwieweit Stock Option Plans als Entlohnung des Managements dazu beitragen können, Interessendivergenzen zwischen Eigenfinanciers und Managern abzubauen. Dabei sollen einerseits die Stärken und Schwächen von SOP's in dies


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Product Details
  • ISBN-13: 9783838647630
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 8 mm
  • Weight: 177 gr
  • ISBN-10: 3838647637
  • Publisher Date: 26 Nov 2001
  • Height: 210 mm
  • No of Pages: 128
  • Series Title: German
  • Sub Title: Eine ökonomische Analyse aus institutionenökonomischer Sicht
  • Width: 148 mm


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Anreizkompatible Verträge zwischen Eigenfinanciers und Managern im deutschen Corporate-Governance-System: Eine ökonomische Analyse aus institutionenökonomischer Sicht
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Anreizkompatible Verträge zwischen Eigenfinanciers und Managern im deutschen Corporate-Governance-System: Eine ökonomische Analyse aus institutionenökonomischer Sicht
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