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CEO incentive-based compensation, investment opportunities and institutional heterogeneity
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2017 (English)Independent thesis Advanced level (degree of Master (One Year)), 20 HE creditsStudent thesis
Abstract [en]

Using international data (15,786 obs.) from industrial companies from 28 countries over an 11-year period (2003–2014), this research contributes to the area of institutional heterogeneity, CEO compensation and investment opportunities. More precisely, we use three perspectives in order to investigate whether investment opportunities explain CEO compensation structures. We compare (i) U.S. and non-U.S. firms, (ii) Common law and Civil law firms, and (iii) firms operating with similar cultural characteristics. Overall, after controlling for firm governance and board characteristics, we find that investment and growth opportunities in terms of book-to-market ratio, research and development (R&D), and capital expenditures (CAPEX) explain the percentage equity and non-salary CEO compensation. These findings suggest that firms with higher information asymmetries associated with their growth opportunities pay CEOs higher incentive-based compensation.

Place, publisher, year, edition, pages
2017. , p. 43
Keyword [en]
Investment opportunity, Legal Origins, Culture, Incentive-based pay
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:uu:diva-317867OAI: oai:DiVA.org:uu-317867DiVA, id: diva2:1083291
Subject / course
Business Studies
Educational program
Freestanding course
Supervisors
Available from: 2017-03-21 Created: 2017-03-20 Last updated: 2017-03-21Bibliographically approved

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fulltext(1221 kB)145 downloads
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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf