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Ex post Reduction of Executive Compensation: An economic review of the Ger-man VorstAG

By Mihael Duran

Abstract

This paper examines the possibility of reducing executive compensation following the German VorstAG. To examine the potential economic impact of the reduction, a tournament model is introduced. The model shows some implications on the decisions of the Executive Board and Supervisory Board.Corporate Governance; Executive Compensation; Tournaments

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