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

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  • Conyon, Martin J

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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Bibliographic 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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Cited by:
  1. Chin-Tsai Lin & Yi-Hsien Wang, 2005. "An Analysis of Political Changes on Nikkei 225 Stock Returns and Volatilities," Annals of Economics and Finance, Society for AEF, vol. 6(1), pages 169-183, May.
  2. Miljkovic, Dragan, 2006. "Organizational portfolio theory and international not-for-profit organizations," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, Elsevier, vol. 35(1), pages 142-150, February.
  3. Powers, Eric A., 2005. "Interpreting logit regressions with interaction terms: an application to the management turnover literature," Journal of Corporate Finance, Elsevier, Elsevier, vol. 11(3), pages 504-522, June.
  4. 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.
  5. Yi-Hsien Wang & Chung-Chu Chuang, 2009. "Selecting the portfolio investment strategy under political structure change in United States," Quality & Quantity: International Journal of Methodology, Springer, Springer, vol. 43(5), pages 845-854, September.
  6. Carles Gispert, 1998. "Board turnover and firm performance in Spanish companies," Investigaciones Economicas, Fundación SEPI, Fundación SEPI, vol. 22(3), pages 517-536, September.
  7. Christian Bayer & Carsten Burhop, 2005. "If only I could sack you! Management turnover and performance in large German Banks between 1874 and 1913," Economic History, EconWPA 0502006, EconWPA.
  8. 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.
  9. Muravyev, Alexander, 2003. "Обновление Директорского Корпуса На Российских Приватизированных Предприятиях
    [Turnover of managers in Russian privatized ente
    ," MPRA Paper 27230, University Library of Munich, Germany.

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