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CEO compensations in a stakeholders' regime : an empirical investigation with French listed companies

Ces dernières années, la publication du niveau de rémunération des dirigeants a soulevé d’intenses controverses. Un certain nombre d’études ont mis en évidence une relation positive entre le salaire des dirigeants et la performance de la société, aux Etats-Unis et en Grande- Bretagne. La rémunération des dirigeants est également proche de la structure du gouvernement d’entreprise. Or la structure française de gouvernement d’entreprise est différente de celle observée aux États-Unis ou en Grande-Bretagne. En France, la tradition voulait que l’on ne divulgue pas ou peu d’information sur le niveau de rémunération des dirigeants. Cependant depuis 2002, les sociétés cotées doivent indiquer dans leurs rapports annuels le montant des rémunérations des dirigeants et des membres du conseil d’administration. (loi NRE, 15 mai 2001). A partir d’un échantillon de 110 sociétés cotées françaises sur la période 2002-2004 (indice SBF 120), l’objet de cette recherche est d’apporter des éclairages sur la rémunération des dirigeants dans un pays connu pour être plutôt conservateur sur le sujet. Pour étudier les déterminants de la rémunération des dirigeants, nous avons utilisé trois mesures de cette rémunération : la partie fixe du salaire, le bonus annuel et la rémunération globale. Les premiers résultats montrent que les trois mesures de la rémunération des dirigeants peuvent être expliquées par la taille de la société, et la partie variable (bonus) par la performance boursière. Les résultats sur le risque sont plus mitigés et indiquent que le risque spécifique de la firme est négativement associé à la rémunération des dirigeants, ce qui confirme les résultats de Gray et Cannela (1997). Enfin, les variables de gouvernance ont un impact significatif sur le niveau de rémunération des dirigeants.

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Paper provided by ESSEC Research Center, ESSEC Business School in its series ESSEC Working Papers with number DR 08015.

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Length: 20 pages
Date of creation: Jul 2008
Date of revision:
Handle: RePEc:ebg:essewp:dr-08015
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ESSEC Research Center, BP 105, 95021 Cergy, France

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  1. Conyon, Martin & Gregg, Paul & Machin, Stephen, 1995. "Taking Care of Business, Executive Compensation in the United Kingdom," Economic Journal, Royal Economic Society, vol. 105(430), pages 704-14, May.
  2. Baker, G.P. & Jensen, M.C. & Murphy, K.J., 1988. "Compensation And Incentives: Practice Vs. Theory," Papers 88-05, Rochester, Business - Managerial Economics Research Center.
  3. Rajesh Aggarwal & Andrew A. Samwick, 1998. "The Other Side of the Tradeoff: The Impact of Risk on Executive Compensation," NBER Working Papers 6634, National Bureau of Economic Research, Inc.
  4. Mueller, Dennis C. & Yun, S. Lawrence, 1997. "Managerial discretion and managerial compensation," International Journal of Industrial Organization, Elsevier, vol. 15(4), pages 441-454, July.
  5. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
  6. Andjelkovic, Aleksandar & Boyle, Glenn & McNoe, Warren, 2002. "Public disclosure of executive compensation: Do shareholders need to know?," Pacific-Basin Finance Journal, Elsevier, vol. 10(1), pages 97-117, January.
  7. Elston, Julie Ann & Goldberg, Lawrence G., 2003. "Executive compensation and agency costs in Germany," Journal of Banking & Finance, Elsevier, vol. 27(7), pages 1391-1410, July.
  8. Cosh, Andrew, 1975. "The Remuneration of Chief Executives in the United Kingdom," Economic Journal, Royal Economic Society, vol. 85(337), pages 75-94, March.
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