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Research: Selected Aspects of Executive Remuneration in Listed Firms: Family vs.Non-Family Firms (Ausgewählte Aspekte der Vorstandsvergütung in Börsennotierten Unternehmen: Familien- vs.Nicht-Familienunternehmen)

Selected Aspects of Executive Remuneration in Listed Firms: Family vs.Non-Family Firms (Ausgewählte Aspekte der Vorstandsvergütung in Börsennotierten Unternehmen: Familien- vs.Nicht-Familienunternehmen)

Ann-Kristin Achleitner
Technische Universität München - Center for Entrepreneurial and Financial Studies

Marc Steffen Rapp
Technische Universität München - Center for Entrepreneurial and Financial Studies

Philipp Schaller
Technische Universität München - Center for Entrepreneurial and Financial Studies

Michael Wolff
University of Karlsruhe (TH)



Zeitschrift für Corporate Governance, No. 3

Abstract:     
There is an ongoing public debate about executive remuneration in listed firms. Specifically, in the course of the financial crises executive remuneration principles where claimed to be one of the driving forces for excessive risktaking and short-termism. Family firms, in contrast, are often considered to be committed to sustainable long-term strategies. We examine in which way executive remuneration policies of family firms differ from their counterparts in non-family firms. Examining German Prime Standard firms, we find that while there is no difference in the overall compensation level (when we control for firm size), family firms use less stock-based compensation vehicles but tie compensation of their executives closer to accounting based performance measures. Our results indicate that firms adopt individual compensation schemes and have important implications for regulators.

 

Note: downloadable document is in German

Keywords: Executive Compensation, Family Firms, Remuneration, Germany

Accepted Paper Series

Date posted: February 09, 2010 ; Last revised: March 05, 2010

Suggested Citation

Achleitner, Ann-Kristin, Rapp, Marc Steffen, Schaller, Philipp and Wolff, Michael, Selected Aspects of Executive Remuneration in Listed Firms: Family vs.Non-Family Firms (Ausgewählte Aspekte der Vorstandsvergütung in Börsennotierten Unternehmen: Familien- vs.Nicht-Familienunternehmen) (February 9, 2010). Zeitschrift für Corporate Governance, No. 3. Available at SSRN: http://ssrn.com/abstract=1550245

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Contact Information

Philipp Schaller (Contact Author)
Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )
Arcisstr. 21
Munich 80333
Germany
+49 (0)89 289 25440 (Phone)
Ann-Kristin Achleitner
Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )
Arcisstr. 21
D-80290 Munich Germany
+49 89 289 25181 (Phone)
Marc Steffen Rapp
Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )
Arcisstraße 21
80333 Munich Germany
++49/89/289-25486 (Phone)
++49/89/289-25488 (Fax)
HOME PAGE: http://www.ifm.wi.tum.de
Michael Wolff
University of Karlsruhe (TH) ( email )
Postbox
76128 Karlsruhe, DE 76128
Germany

Edited Mon, Mar 8, 2010 8:24 AM

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