Directors' Pay and Turnover: An Application to a Sample of Large UK Firms

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Directors' Pay and Turnover: An Application to a Sample of Large UK Firms

Author Info

Conyon, Martin J

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Martin J. Conyon

Abstract

This paper examines the operation of the U.K. managerial labor market. The author tests the twin agency predictions that directors' pay is positively related to corporate performance and CEO turnover is negatively associated with firm profitability. He finds that the panel data econometric evidence reveals a significant and positive correlation between directors' pay, company performance, and size; the CEO turnover model predicts a negative, and significant, association with predated shareholder returns: the data is consistent with the view that CEO are disciplined by the threat of dismissal; and boardroom governance factors (e.g., proportion of nonexecutives and board size) are only of some importance in the CEO succession process. Copyright 1998 by Blackwell Publishing Ltd

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Publisher Info
Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 60 (1998)
Issue (Month): 4 (November)
Pages: 485-507
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Handle: RePEc:bla:obuest:v:60:y:1998:i:4:p:485-507

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Gili Yen & Ching-Lung Chen, 2005. "Proxy contest, board reelection, and managerial turnover-yes, the proxy contest outcome matters," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 15-23. [Downloadable!]
Hristos Doucouliagos & Saeed Askary & Janto Haman, 2006. "Directors' Remuneration and Performance in Australian Banking," Economics Series 2006_11, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance. [Downloadable!]
Other versions:
- Hristos Doucouliagos & Janto Haman & Saeed Askary, 2007. "Directors' Remuneration and Performance in Australian Banking," Corporate Governance: An International Review, Blackwell Publishing, vol. 15(6), pages 1363-1383, November. [Downloadable!] (restricted)
Carles Gispert, 1998. "Board turnover and firm performance in Spanish companies," Investigaciones Economicas, Fundación SEPI, vol. 22(3), pages 517-536, September. [Downloadable!]

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