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Corporate Tournaments and Executive Compensation: Evidence from the UK

Conyon, Martin and Peck, S and Sadler, G (2001) Corporate Tournaments and Executive Compensation: Evidence from the UK. Strategic Management Journal, 22 (8). pp. 805-815. ISSN 1097-0266

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Abstract

This study tests the implications of tournament theory using data on 100 U.K. stock market companies, covering over 500 individual executives, in the late 1990s. Our results provide some evidence consistent with the operation of tournament mechanisms within the U.K. business context. Firstly, we find a convex relationship between executive pay and organizational level and secondly, that the gap between CEO pay and other board executives (i.e., tournament prize) is positively related to the number of participants in the tournament. However, we also show that the variation in executive team pay has little role in determining company performance.

Item Type: Article
Journal or Publication Title: Strategic Management Journal
Uncontrolled Keywords: executive compensation ; tournament theory
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Departments: Lancaster University Management School > Accounting & Finance
ID Code: 53986
Deposited By: ep_importer_pure
Deposited On: 26 Jun 2012 10:20
Refereed?: Yes
Published?: Published
Last Modified: 26 Jul 2012 20:20
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/53986

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