work for. We reject, however, the efficient pay hypothesis as CEO pay and the demand for managers increases in Germany in … difficult times when the typical firm size shrinks. We find further that domestic and global competition for managers has …

bonuses under a Management-by-Objectives (MBO) incentive scheme. Six years of personnel data of 177 managers in a German …

mitigated by pay-for-performance incentives for managers who decide upon promotion. Second, we analyze matched employer … indeed substantially higher when managers receive performance-related pay or participate in gain sharing plans. …

of the typical American firm. Variable pay is usually touted as a way to provide incentives to managers whose interests … received much attention, but is consistent with many of the facts, is selection. Managers and industry specialists may have … information about a firm?s prospects that is unavailable to outside investors. In order to induce managers to be truthful about …