'Kreative Buchführung': Ein rechtlicher Ansatz zur Gewinnsteuerung

Performance-based compensation is theoretically an effective way to align the interests of management with those of shareholders. However, earnings management is a phenomenon that has been well documented by accounting researchers. Empirical studies suggest that executives in companies subject to performance-based compensation may manage the company's accounting figures in a way that improves their compensation. In a context prior to the International Financial Reporting Standards, this paper argues that such practices are inconsistent with the fiduciary duties these executives are bound to, and it ultimately identifies a role for corporate governance for legal advisors regarding such behavior.