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The Managerial Labor Market and the Governance Role of Shareholder Control Structures in the UK

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  • Renneboog, L.D.R.

    (Tilburg University, Center For Economic Research)

  • Trojanowski, G.

    (Tilburg University, Center For Economic Research)

Abstract

We simultaneously analyze two mechanisms of the managerial labor market: CEO turnover and monetary remuneration schemes.Sample selection models and hazard analyses applied to a random sample of 250 firms listed on the London Stock Exchange over a six-year pre-Cadbury period show that managerial remuneration and the termination of labor contracts play an important role in mitigating agency problems between managers and shareholders.We find that both the CEO's industry-adjusted monetary compensation and their replacement are strongly performance-sensitive.Top executive turnover is shown to serve as a disciplinary mechanism for corporate underperformance, whereas the level of monetary compensation rewards good performance.We also investigate whether specific corporate governance mechanisms (different types of blockholders or of boards of directors) have an impact on managerial disciplining or on the pay-for-performance contracts.There is little evidence of outside shareholder monitoring and CEOs with strong voting power successfully resisting replacement irrespective of corporate performance.This case of strong managerial entrenchment is even exacerbated when the CEO also holds the position of chairman of the board.In firms with large outside shareholdings, CEO compensation is lower, but outside shareholder do not impose a stricter performance-related incentive remuneration scheme.When insiders have strong voting power, the CEOs remuneration is lower except when the stock price performance is poor: it seems that when the CEOs wealth resulting from their investment goes down due to decreasing stock prices, the CEOs cash compensation is higher.The presence of a remuneration committee has no impact on remuneration.Finally, we find strong support for the incentive effect-hypothesis of remuneration: CEOs with higher levels of monetary compensation attain better subsequent accounting and stock price-based measures of corporate performance.
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  • Renneboog, L.D.R. & Trojanowski, G., 2002. "The Managerial Labor Market and the Governance Role of Shareholder Control Structures in the UK," Discussion Paper 2002-68, Tilburg University, Center for Economic Research.
    • Handle: RePEc:tiu:tiucen:aee04553-20a7-475a-96e1-760c665b7404
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    Cited by:

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    3. Emilio Barucci & Jury Falini, 2005. "Determinants of Corporate Governance in the Italian Financial Market," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 34(3), pages 371-405, November.
    4. Maria‐Teresa Marchica & Roberto Mura, 2005. "Direct and Ultimate Ownership Structures in the UK: an intertemporal perspective over the last decade," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(1), pages 26-45, January.
    5. Powers, Eric A., 2005. "Interpreting logit regressions with interaction terms: an application to the management turnover literature," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 504-522, June.
    6. Emilio Barucci & Carlo Bianchi & Mirko Frediani, 2006. "CEO Turnover in the Italian Financial Market," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 65(2), pages 127-154, November.
    7. Chisari, Omar O. & Ferro, Gustavo, 2009. "Gobierno Corporativo: los problemas, estado actual de la discusión y un ejercicio de medición para Argentina [Corporate Governance: the problems, the current stage of the discussion and a measureme," MPRA Paper 15630, University Library of Munich, Germany.
    8. Marc Goergen & Christine A. Mallin & Eve Mitleton-Kelly & Ahmed Al-Hawamdeh & Iris H-Y Chiu, 2010. "Corporate Governance and Complexity Theory," Books, Edward Elgar Publishing, number 13927.
    9. Isabelle Allemand, 2009. "Analyse des liens entre les départs de dirigeants suite à une mauvaise performance et la création de valeur: une étude menée en France," Revue Finance Contrôle Stratégie, revues.org, vol. 12(2), pages 69-90, June.

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    More about this item

    Keywords

    labour turnover; agency theory; labour market; managers; corporate governance; shareholders; corporate ownership;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods

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