What explains the rise of CEO pay in Germany?
This event consisted of a presentation and discussion of the paper What Explains the Rise of CEO Pay in Germany? written by Dalia Marin and Francesca Fabbri. The presentation by Dalia Marin was followed by an open discussion chaired by Jean Pisani-Ferry.
The compensation of executive board members in Germany has become a highly controversial topic since Vodafone's hostile takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Dalia Marin analyses executive pay in the financial crisis in 2009 and in the banking sector based on unique panel data evidence of the 500 largest firms in Germany in the period 1977-2009. Dalia Marin tests two prominent hypotheses on executive pay of the literature: the managerial power hypothesis and the efficient pay hypothesis, with surprising results.
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