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Does the Market for Top Executives Work? CEO Pay and Turnover in Small UK Companies

Conyon, Martin and Nicolitsas, D (1998) Does the Market for Top Executives Work? CEO Pay and Turnover in Small UK Companies. Small Business Economics, 11 (2). pp. 145-154. ISSN 0921-898X

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Abstract

This paper presents the results of our investigation into the operation of the managerial labour market in small and medium sized manufacturing companies. Using a sample of some 40 or so companies we study the sensitivity of managerial pay and tenure to company performance. Managerial pay in this type of firms is much lower than the six digit figures quoted for large public companies and CEO turnover is much higher than we expected. We find some evidence to suggest that pay in small companies is sensitive to sales growth and that CEO tenure in public companies responds to the growth in sales.

Item Type: Article
Journal or Publication Title: Small Business Economics
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Departments: Lancaster University Management School > Accounting & Finance
ID Code: 54019
Deposited By: ep_importer_pure
Deposited On: 26 Jun 2012 11:43
Refereed?: Yes
Published?: Published
Last Modified: 09 Apr 2014 23:24
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/54019

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