Three Essays on Executive Compensation - KOPS - Universität ...

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Contents Vorwort Contents List of Tables I II VI Summary 1 Zusammenfassung 5 1 Executive Compensation and Firm Performance in Germany 9 1.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 1.2 Related Literature . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 1.2.1 Empirical Evidence on Pay, Performance and Risk . . . . . . . 13 1.2.2 German Evidence . . . . . . . . . . . . . . . . . . . . . . . . . 15 1.3 Data Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 1.3.1 Compensation Data . . . . . . . . . . . . . . . . . . . . . . . . 17 1.3.2 Firm Performance Data . . . . . . . . . . . . . . . . . . . . . 20 1.4 Hypothesis Development and Methodology . . . . . . . . . . . . . . . 22 1.4.1 Hypotheses for German Compensation . . . . . . . . . . . . . 22 1.4.2 Estimation Methodology . . . . . . . . . . . . . . . . . . . . . 26 1.5 Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 1.5.1 Pay-Performance Sensitivities Based on Stock Returns . . . . 27 1.5.2 Pay-Performance Sensitivities Based on EBIT . . . . . . . . . 28 1.5.3 Pay-Performance Sensitivities of Compensation Components . 30 1.5.4 Executive Compensation and Ownership . . . . . . . . . . . . 31 1.5.5 Executive Compensation and Employee Representation . . . . 33 1.6 Robustness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 II
CONTENTS 1.6.1 Performance Measures, Risk Measure and Fixed Effects . . . . 36 1.6.2 Sub-Period Analysis . . . . . . . . . . . . . . . . . . . . . . . 38 1.6.3 Quantile Regression . . . . . . . . . . . . . . . . . . . . . . . . 39 1.7 Concluding Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 2 Which Pay for what Performance? Evidence from Executive Compensation in Germany and the United States 59 2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 2.2 Related Literature . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 2.2.1 Evidence from the U.S. . . . . . . . . . . . . . . . . . . . . . . 63 2.2.2 Evidence from Germany . . . . . . . . . . . . . . . . . . . . . 65 2.2.3 Comparative Studies . . . . . . . . . . . . . . . . . . . . . . . 67 2.3 Data Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 2.3.1 Compensation Data . . . . . . . . . . . . . . . . . . . . . . . . 69 2.3.2 Performance Data . . . . . . . . . . . . . . . . . . . . . . . . . 73 2.4 Research Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 2.5 Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 2.5.1 Results for Total Compensation . . . . . . . . . . . . . . . . . 78 2.5.2 Results for Cash Bonuses . . . . . . . . . . . . . . . . . . . . . 82 2.5.3 Results for Long-Term Compensation . . . . . . . . . . . . . . 88 2.5.4 Differences in Pay-Performance Sensitivities . . . . . . . . . . 90 2.6 Robustness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 2.7 Concluding Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 3 Profit Sharing with Executives 113 3.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 3.2 Related Literature . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 3.3 Variable Definition and Hypothesis Development . . . . . . . . . . . . 120 3.4 Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 3.5 Empirical Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 III
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Complete References Bertrand, M. an
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Erklärung Ich versichere hiermit,
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