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| Author: | Bender, R. |
| Title: | Onwards and Upwards: Why companies change their executive remuneration schemes, and why this leads to increases in pay |
| Journal: | Corporate governance
2007 : SEP, VOL.15:5, p. 709-723 |
| Index terms: | executive remuneration managers incentives pay companies United Kingdom |
| Language: | eng |
| Abstract: | This paper reports interview-based research investigating reasons for the continued increase in executive directors' remuneration in large U.K. companies. There were several reasons for making changes, e.g. increases due to being below-market, changing performance-related schemes that did not pay out, changes in the company's culture or strategy, compliance with good practice in human resource management (HRM) and in corporate governance etc. There are two theoretical lenses for analyzing the results: i. agency theory provides an explanation of the structure of the contracts, and ii. expectancy theory suggests why schemes might be changed to motivate the executives. |
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