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Executive Pay And Performance In Portuguese Listed Companies

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  • Alves, Paulo
  • Couto, Eduardo
  • Francisco, Paulo

Abstract

This essay analyses the relationship between corporate governance practices and Chief Executive Officer (CEO) wages from a sample of Portuguese listed companies over the period from 2002-2011. The relationship between CEO total compensation and shareholders return, firm characteristics, CEO characteristics, board of directors and shareholders characteristics is analysed. It is found that firm specific factors accounts for the majority of the variance in total CEO pay, while firm performance accounts for less than 5%. It is also found that the CEO characteristics, board of directors’ structures, and shareholders features are related with the CEO pay. The policy implications of these results are then derived.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 55189.

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Date of creation: Apr 2014
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Handle: RePEc:pra:mprapa:55189

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Keywords: Pay; performance; CEO; corporate governance; listed companies; Portugal;

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