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Pay for Performance and Corporate Governance Reform

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  • Hristos Doucouliagos

    ()

  • Janto Haman

    ()

  • T.D. Stanley

    ()

Abstract

Directors’ pay and corporate governance continue to generate public outrage and calls for reform. Our meta-regression analysis of all comparable UK pay-for-performance estimates finds little, if any, meaningful association between directors’ pay and corporate performance. However, there is evidence of the effectiveness of past ‘comply-or-explain’ rules, especially the Cadbury Report. Unfortunately, the effects of past reform efforts tend to erode over time. The paper also explores differences between pay-performance estimates, finding that these are largely explained by how pay and performance are measured by a given study.

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File URL: http://www.deakin.edu.au/buslaw/aef/workingpapers/papers/2010_04.pdf
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Bibliographic Info

Paper provided by Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance in its series Economics Series with number 2010_04.

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Date of creation: 07 Jun 2010
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Handle: RePEc:dkn:econwp:eco_2010_04

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Keywords: Directors’ pay; governance reform; meta-regression analysis;

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Cited by:
  1. Iwasaki, Ichiro & Tokunaga, Masahiro, 2013. "Spillover versus Ownership: A Meta-Analysis of Transition Literature," RRC Working Paper Series, Russian Research Center, Institute of Economic Research, Hitotsubashi University 42, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
  2. Janto Haman & Hristos Doucouliagos & Michael Graham, 2012. "Agency Problem II and Convergence in CEO Pay," Economics Series 2012_5, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  3. Simplice A, Asongu, 2011. "Finance and growth: Schumpeter might be wrong in our era. New evidence from Meta-analysis," MPRA Paper 32559, University Library of Munich, Germany, revised 07 Feb 2013.
  4. Asongu, Simplice A, 2013. "Finance and growth: New evidence from Meta-analysis," MPRA Paper 52210, University Library of Munich, Germany.
  5. T.D. Stanley & Hristos Doucouliagos, 2013. "Better than Random: Weighted Least Squares Meta-Regression Analysis," Economics Series 2013_2, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  6. Hristos Doucouliagos, 2011. "How Large is Large? Preliminary and relative guidelines for interpreting partial correlations in economics," Economics Series 2011_5, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  7. Iwasaki, Ichiro & Tokunaga, Masahiro, 2013. "Macroecnomic Impacts of FDI in Transition Economies: A Meta-Study," RRC Working Paper Series, Russian Research Center, Institute of Economic Research, Hitotsubashi University 39, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
  8. Hristos Doucouliagos & Michael Graham & Janto Haman, 2012. "Dynamics and Convergence in Chief Executive Officer Pay," Economics Series 2012_3, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.

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