Personelle Unternehmensverflechtung und Vorstandsgehälter

Abstract

Personal linkage between the biggest German corporations is subject to a special survey by the monopoly-commission every two years. For the latest reporting year 2004 linkage-data is used to examine the impact of personal linkage on the compensation of management board members. The assumed positive coherence approves in two ways. First, compensation of management board members rises with the amount of corporation-linkages by additional supervisory board mandates of the individual members of the management board. Second, the degree of personal supervisory board linkage by multi-mandates has a positive impact on the remuneration of the management board members. Estimation results turn out to be very robust compared to model-variations on the one hand and influence of different control variables on the other hand. --Corporate Governance,Managerentlohnung,Unternehmensverflechtung