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Corporate Governance Reforms and Executive Compensation Determination: Evidence from the UK

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Author Info

  • Thompson, Steve

    (University of Leicester)

  • Sourafel Girma
  • Peter W Wright

Abstract

This paper examines the effect that the ÔCadbury reformsÕ have had on the pay determination process of executives in the UK Our results suggest that, on average, the impact has been disappointing. The relationship between pay and performance remains weak and the link to firm size has, if anything, been strengthened. However, our results suggest considerable heterogeneity in the impact of the reforms, and for those firms above median employment the link between pay and profits appears to have strengthened.

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File URL: http://repec.org/res2003/ThompsonS.pdf
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Bibliographic Info

Paper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2003 with number 202.

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Date of creation: 04 Jun 2003
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Handle: RePEc:ecj:ac2003:202

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Web page: http://www.res.org.uk/society/annualconf.asp
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Related research

Keywords: executive; compensation; governance; Cadbury;

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Cited by:
  1. Christian Bayer & Carsten Burhop, 2008. "Corporate Governance and Incentive Contracts: Historical Evidence from a Legal Reform," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2008_11, Max Planck Institute for Research on Collective Goods.
  2. Paul Gregg & Sarah Jewell & Ian Tonks, 2005. "Executive Pay and Performance in the UK 1994-2002," The Centre for Market and Public Organisation 05/122, Department of Economics, University of Bristol, UK.
  3. Paul Gregg & Sarah Jewell & Ian Tonks, 2010. "Executive Pay and Performance in the UK," FMG Discussion Papers dp657, Financial Markets Group.
  4. 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.

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