2008 | OriginalPaper | Buchkapitel
The Adoption of an American Executive Pay Practice in Germany
Erschienen in: Corporate Governance and International Business
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This chapter focuses on one element of German corporate governance — executive pay, specifically, executive stock options (ESOs) — as an American pay innovation dating from around 1960 (Lewellen, 1968). ESOs have been transplanted into many countries, even in Germany, with its distinctive cultural institutional environment. However, institutional theory has predicted conformism, isomorphism, path dependency and resistance to this kind of potentially illegitimate transplant (Tuschke and Sanders, 2003; Sanders and Tuschke, 2007). Perhaps this could explain why ESOs took over thirty years to penetrate German firms.