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How the Legal System Affects the Equity Mix in Executive Compensation

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  • Stephen Bryan
  • Robert Nash
  • Ajay Patel

Abstract

"We examine variation in relative use of equity-based compensation (equity mix) across firms from different legal environments by studying 381 non-US firms from 43 countries during the 1996-2000 period. These firms are from countries that provide varying degrees of legal protection for shareholders. The data indicate association between equity mix and the degree of legal protection of shareholder rights. Specifically, firms use relatively more equity-based compensation if in a legal environment where shareholder rights are more strongly protected and where laws are more effectively enforced. These findings add to the literature demonstrating a relationship between institutional factors and financial decisions." Copyright (c) 2010 Financial Management Association International.

Suggested Citation

  • Stephen Bryan & Robert Nash & Ajay Patel, 2010. "How the Legal System Affects the Equity Mix in Executive Compensation," Financial Management, Financial Management Association International, vol. 39(1), pages 393-418, March.
  • Handle: RePEc:bla:finmgt:v:39:y:2010:i:1:p:393-418
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1755-053X.2010.01077.x
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    Cited by:

    1. Engel, Pascal J. & Hack, Andreas & Kellermanns, Franz W., 2015. "Setting the right mix—Analyzing outside directors’ pay mix in public family firms," Journal of Family Business Strategy, Elsevier, vol. 6(2), pages 130-140.
    2. Claudia Curi & Justas Gedvilas & Ana Lozano-Vivas, 2016. "Corporate Governance of SOEs and performance in transition countries. Evidence from Lithuania," BEMPS - Bozen Economics & Management Paper Series BEMPS36, Faculty of Economics and Management at the Free University of Bozen.
    3. Bryan, Stephen & Nash, Robert & Patel, Ajay, 2015. "The effect of cultural distance on contracting decisions: The case of executive compensation," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 180-195.
    4. repec:eee:mulfin:v:41:y:2017:i:c:p:1-22 is not listed on IDEAS

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