Executive compensation and agency costs in Germany
Abbreviated Journal Title
J. Bank Financ.
executive compensation; corporate governance; Germany; agency; EMPIRICAL-ANALYSIS; PERFORMANCE; OWNERSHIP; DETERMINANTS; FIRM; Business, Finance; Economics
With the growth of international mergers like DaimlerChrysler, interest in executive compensation practices abroad, particularly in Germany, has increased. Using unique data sources for Germany, we find that similar to US firms, German firms also have agency problems caused by the separation of ownership from control, with ownership dispersion leading to higher compensation. In addition, there is evidence that bank influence has a negative impact on compensation. (C) 2003 Elsevier Science B.V. All rights reserved.
Journal of Banking & Finance
"Executive compensation and agency costs in Germany" (2003). Faculty Bibliography 2000s. 3736.