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Pay-performance sensitivity during financial distress: Did the financial crisis change payperformance sensitivity?
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2015 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

This study examines the existence of pay-performance sensitivity in total compensation and bonus

during the financial crisis, using data between 2007-2010 from Swedish 196 listed firms. We

perform panel data regression analysis of CEO compensation on financial performance measured

as stock returns. Our results indicate that there is, although not significant, a weak positive

relationship between CEO compensation and firm performance during 2007-2010. However

during 2009-2010 in a market state defined as post-crisis we find weak negative pay-performance

sensitivity at a significance level of 10 %. Nevertheless, as regards to the bonus paid to executives

there was a significantly positive relationship relative bonus % and firm performance. These

results contribute to our understanding of the pay-performance sensitivity in times of financial

disturbance, highly relevant to the existing debate considering CEO compensation.

Place, publisher, year, edition, pages
2015. , 42 p.
Keyword [en]
Pay – performance sensitivity, CEO Compensation, Firm performance, Agency theory, Bonus
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-255729OAI: oai:DiVA.org:uu-255729DiVA: diva2:823370
Subject / course
Business Studies
Educational program
Master Programme in Accounting, Auditing and Analysis
Supervisors
Available from: 2015-06-24 Created: 2015-06-18 Last updated: 2015-06-24Bibliographically approved

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CiteExportLink to record
Permanent link

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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