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The Prince and the Pauper? CEO Pay in the United States and United Kingdom

Conyon, Martin and Murphy, Kevin J (2000) The Prince and the Pauper? CEO Pay in the United States and United Kingdom. Economic Journal, 110 (467). pp. 640-671. ISSN 0013-0133

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Abstract

We document differences in CEO pay and incentives in the United States and the United Kingdom for 1997. After controlling for size, sector and other firm and executive characteristics, CEOs in the US earn 45% higher cash compensation and 190% higher total compensation. The calculated effective ownership percentage in the US implies that the median CEO receives 1.48% of any increase in shareholder wealth compared to 0.25% in the UK. The differences, can be largely attributed to greater share option awards in the US arising from institutional and cultural differences between the two countries.

Item Type: Article
Journal or Publication Title: Economic Journal
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Departments: Lancaster University Management School > Accounting & Finance
ID Code: 53992
Deposited By: ep_importer_pure
Deposited On: 26 Jun 2012 11:06
Refereed?: Yes
Published?: Published
Last Modified: 09 Apr 2014 23:24
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/53992

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