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Rémunération des dirigeants et Performance financière: une étude française

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  • Mohamed Khenissi

    (COACTIS - COnception de l'ACTIon en Situation - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet - Saint-Étienne)

Abstract

The objective of this paper is to estimate in France the sensitivity of executive compensation at the shareholder value creation. It is a replication of the method of Jensen and Murphy (1990) in a different institutional context. This replication allows us to compare French results with American results, what is interesting considering the differences of the institutional context, what could let anticipate considerable differences in the compensation policy. Thus, by following the political argument of Roe (2001), we should expect a Pay-Performance sensitivity lower in France than in the United States. According to our results, the compensation of CEO of French listed companies is positively related to shareholder wealth. In addition, and contrary to the policy assumption of Roe (2001), the global compensation of the French CEO has an incentive effect more important than in the American companies

Suggested Citation

  • Mohamed Khenissi, 2013. "Rémunération des dirigeants et Performance financière: une étude française," Working Papers halshs-00834608, HAL.
    • Handle: RePEc:hal:wpaper:halshs-00834608
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00834608
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    References listed on IDEAS

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    1. Xianming Zhou, 2000. "CEO pay, firm size, and corporate performance: evidence from Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 33(1), pages 213-251, February.
    2. Trevor Buck & Alistair Bruce & Brian G. M. Main & Henry Udueni, 2003. "Long Term Incentive Plans, Executive Pay and UK Company Performance," Journal of Management Studies, Wiley Blackwell, vol. 40(7), pages 1709-1727, November.
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    6. Peter Wirtz, 2000. "L'étude de cas : réflexions méthodologiques pour une meilleure compréhension du rôle de la comptabilité financière dans le gouvernement d'entreprise," ACCRA, Association francophone de comptabilité, vol. 6(3), pages 121-135.
    7. Kato, Takao & Kubo, Katsuyuki, 2006. "CEO compensation and firm performance in Japan: Evidence from new panel data on individual CEO pay," Journal of the Japanese and International Economies, Elsevier, vol. 20(1), pages 1-19, March.
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    10. Xianming Zhou, 2000. "CEO pay, firm size, and corporate performance: evidence from Canada," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 33(1), pages 213-251, February.
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