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Corporate Governance Reforms And Executive Compensation Determination: Evidence From The Uk

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  • SOURAFEL GIRMA
  • STEVE THOMPSON
  • PETER W. WRIGHT

Abstract

This paper examines the effect that the 'Cadbury reforms' 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 been reinforced. Copyright © 2007 The Authors; Journal compilation © 2007 Blackwell Publishing Ltd and The University of Manchester.

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  • Sourafel Girma & Steve Thompson & Peter W. Wright, 2007. "Corporate Governance Reforms And Executive Compensation Determination: Evidence From The Uk," Manchester School, University of Manchester, vol. 75(1), pages 65-81, January.
  • Handle: RePEc:bla:manchs:v:75:y:2007:i:1:p:65-81
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    References listed on IDEAS

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    1. Charkham, Jonathan & Simpson, Anne, 1999. "Fair Shares: The Future of Shareholder Power and Responsibility," OUP Catalogue, Oxford University Press, number 9780198292142.
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    Cited by:

    1. Bayer, Christian & Burhop, Carsten, 2009. "Corporate governance and incentive contracts: Historical evidence from a legal reform," Explorations in Economic History, Elsevier, vol. 46(4), pages 464-481, October.
    2. Ian Gregory-Smith & Brian G. M. Main, 2016. "Testing the Participation Constraint in the Executive Labour Market," Scottish Journal of Political Economy, Scottish Economic Society, vol. 63(4), pages 399-426, September.
    3. repec:ers:journl:v:xx:y:2017:i:2a:p:538-567 is not listed on IDEAS
    4. 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.
    5. Cao, Jerry & Pan, Xiaofei & Tian, Gary, 2011. "Disproportional ownership structure and pay-performance relationship: Evidence from China's listed firms," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 541-554, June.
    6. Paul Gregg & Sarah Jewell & Ian Tonks, 2010. "Executive Pay and Performance in the UK," FMG Discussion Papers dp657, Financial Markets Group.

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