Dr.rer.pol. Steffen Brenner

• Institutional variation and top executive pay: Cross-country evidence

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  Recent research devotes increasing attention to the relation between the institutional environment of a country and its economic performance. We consider the question whether institutional differences between countries help explain differences in the organization of companies. We select one important dimension of corporate organization: the level and structure of top level management compensation. Examining this dimension helps us to identify whether important cross-country differences in the institutional framework imply differences in the relative power of CEOs and in the agency costs that arise because the owner of the firm delegates power to the manager.

• Trust and antitrust

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  Previous studies on the stability of cartel agreements concentrated on industry and product related stability determinants. Homogeneity of goods and the presence of large customers were among the factors leading to a lower frequency of cartel break downs. This project advocates the complementary view that the decision to deviate from the cartel contract is not only associated with economic costs and benefits, but also with also with psychologic costs incurred by the responsible managers. Wetest the hypothesis that trust between managers creating and organizing a cartel co-determines the stability of this organization. We use a data set of international cartels prosecuted by the European Commission between 1996 and 2004.

• Legal institutional variation and top executive pay: empirical evidence

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