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Determinants and effects of sustainable CEO compensation: a structured literature review of empirical evidence

Author

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  • Julija Winschel

    (Leuphana University of Lüneburg)

  • Martin Stawinoga

    (Ostwestfalen-Lippe University of Applied Sciences)

Abstract

Sustainability-oriented CEO compensation is being widely discussed among policy makers, corporate practice, and academia. To date, management literature has yielded a growing body of empirical results on the determinants and effects of sustainable CEO compensation. Primarily, empirical studies analyze whether and to what extent sustainability-related issues determine the design of sustainable CEO compensation and how sustainability-oriented CEO compensation impacts corporate performance. However, the scattered nature of this research field has impeded an overarching empirical substantiation of the arguments in favor or against a sustainable CEO compensation. This structured literature review addresses this gap by analyzing 37 empirical studies on the key determinants and effects of sustainable CEO compensation. Using a multi-level analysis, we contribute to the discussion on sustainable CEO compensation by systematically identifying the central empirical insights and methodological and content-related foci within this research area. In summary, this review provides regulators, boards, management, investors, and other stakeholders with academic evidence on the determinants and effects of sustainability-oriented CEO compensation design. In addition to critically reflecting on the current state of research, we recommend paths for future research on sustainable CEO compensation.

Suggested Citation

  • Julija Winschel & Martin Stawinoga, 2019. "Determinants and effects of sustainable CEO compensation: a structured literature review of empirical evidence," Management Review Quarterly, Springer, vol. 69(3), pages 265-328, September.
    • Handle: RePEc:spr:manrev:v:69:y:2019:i:3:d:10.1007_s11301-019-00154-9
    DOI: 10.1007/s11301-019-00154-9
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    More about this item

    Keywords

    CEO; Sustainable CEO compensation; Structured literature review; Corporate governance; Principal agent theory; Stakeholder-agency theory; Behavioral-agency theory;
    All these keywords.

    JEL classification:

    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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