Nachhaltige Vorstandsvergütung - Entwicklung und neue Ansätze

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GRIN Verlag, Sep 14, 2011 - Business & Economics - 134 pages
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Masterarbeit aus dem Jahr 2011 im Fachbereich BWL - Unternehmensführung, Management, Organisation, Note: 2, Fachhochschule des bfi Wien GmbH, Sprache: Deutsch, Abstract: Management remuneration has become a public and political issue over the last years of recession and one of the largest economic crisis all over the world. Since decades there are scandals of managers cheating in their balances or laying off thousands of employees to raise the price of the shares of their corporations to earn a high bonus. How much managers should be allowed to earn and how performance contracts should look like is as well a controversial topic that on the one hand is more and more under public pressure and regulated by politicians, but on the other hand not very well defined by law and corporate governance codices. This thesis describes the problem of moral hazard with the theoretical background of the principal-agent-theory and in praxis and then tries to answer the question if there is any relationship of economic performance of a corporation and the remuneration of its managers. Later on systems and tools of fixed and variable remuneration will be described with a focus on stock options and the ways how they can set wrong incentives. After that it will be shown how these tools can be used in a sustainable way and how remuneration of managers could look like that provide long term incentives for them and lead to a sustainable economic performance. But not only economic sustainability will be discussed, but also social and ecological aspects of remuneration contract incentives will be a topic of this thesis. But after a lot of scientific background given in the thesis there will be a description of some Austrian corporations that are listed on the stock market and how their remuneration systems looks like and has changed over the last years. In this chapter theory will be put into practice and it will be shown how those tools are used in real life. It will show how sensitive those kinds of contracts are and how many dangers there are to set wrong incentives. Performance contracts are an important topic because of that and there are many mistakes to be avoided. That’s why consultants work constantly to increase their quality but that’s also the reason why they are getting more and more complex.

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Agency Agency-Theorie AktG Aktien Aktienkurs Aktienoptionen Aktienoptionspläne Aktionäre Angemessenheit der Vorstandsvergütung Anreizwirkung Anteilseigner Aufsichtsrat Auszahlung Basispreis Beispiel Bewertung Bonus Bonuspool Bonuszahlungen Cash Cash Flow CEOs Corporate Governance Kodex Darstellung Deutschland EBIT EBITDA Eckhardstein Eckhardstein/Konlechner 2008 Economic Value Added EFQM-Modells Eigentümerwert Ende der Laufzeit Entwicklung Euro Faktoren fixe und variable Fixum Friedrich 2003 Gesamtbezüge Gesamtvergütung Geschäftsbericht 2009 Geschäftsjahres Gesetz zur Angemessenheit gibt Grattenthaler 2007 Höhe incentives Informationen Informationseffizienz Investitionen Jahr Kaleova Kennzahlen Kienbaum Klien könnte kurz kurzfristige Lazar Leistungen Leistungsperiode LTI-Plan LTI-Programme Management Managementvergütung Manager Modell Möglichkeiten Nachhaltigkeit Nebenleistungen Optionspläne Österreich Performance positiven Prinzipal Risiko risikoaverser Risikoaversion soll somit sowie soziale stärker Stock Appreciation Rights Stock Option Studie Szenario-Technik Towers Perrin Trust-Modell tung Unternehmen Unternehmensentwicklung Unternehmensperformance Unternehmenswert US-Dollar variablen Anteil variablen Vergütung Vergütung der Vorstände Vergütungsbestandteile Vergütungskomponenten Vergütungsplan Vergütungsstruktur Vergütungssysteme Vergütungsteile Verhalten des Agenten verhaltensorientierten Verträgen VorstAG Vorstandsmitglieder Vorstandsvergütung VorstAG Vorstandsverträge Vorstrategischer Wenzel Wert wertorientierten Wienerberger wirtschaftlichen Ziele Zielerreichung

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