Bayer, Christian; Burhop, Carsten - In: Schmalenbach Business Review (sbr) 60 (2008) 4, pp. 378-399
We use a major shift in the legal and institutional environment to identify contractual incentives from the correlation of executive pay and performance. We take the reform of the German stock companies act in 1884 as such a major shift, and estimate the sensitivity of pay to performance between...