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Corporate Governance and Executive Compensation

Conyon, Martin (1997) Corporate Governance and Executive Compensation. International Journal of Industrial Organization, 15 (4). pp. 493-509.

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Abstract

This paper examines the impact of corporategovernance innovations on top director compensation in a sample of 213 large UK companies between 1988 and 1993. An enabling factor in the analysis is access to survey data on recent corporategovernance changes in UK companies. The paper finds that director compensation and current shareholder returns are positively correlated. However, in line with other recent UK research the paper finds little evidence of a link between directors' pay (salary and bonus) and pre-dated shareholder returns. There is also some evidence that governance variables play a role in shaping top director pay. Companies which adopt remuneration committees are seen, in some circumstances, to have lower growth rates in top director compensation. Separating the roles of CEO and chairman, however, appears to play no part in shaping directors' pay.

Item Type: Article
Journal or Publication Title: International Journal of Industrial Organization
Uncontrolled Keywords: Director compensation ; Company performance ; Corporate governance
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Departments: Lancaster University Management School > Accounting & Finance
ID Code: 54022
Deposited By: ep_importer_pure
Deposited On: 26 Jun 2012 11:50
Refereed?: Yes
Published?: Published
Last Modified: 26 Jul 2012 20:21
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/54022

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