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| Author: | Sapp, S.G. |
| Title: | The impact of corporate governance on executive compensation |
| Journal: | European Financial Management
2008 : SEP, VOL. 14:4, p. 710-746 |
| Index terms: | corporate governance executive remuneration chief executive officers compensation management pay companies Canada |
| Language: | eng |
| Abstract: | This paper explores the relationship (here as: r-ship/s) btw. the top five executives' compensation (henceforth as: e-cmpsn.) from more than 400 publicly listed Canadian firms and various internal and external corporate governance (here as: c-g.)-related factors. The media offers stories suggesting a r-ship btw. large e-cmpsn. packages and failures in governance at various levels within organizations. There is found empirical evidence supporting some of these assertions, discrediting others and documenting novel r-ships. It is found that variances in internal governance related to differences across firms in the characteristics of the CEO, compensation committee and board of directors do influence both the level and composition of e-cmpsn., particularly for the CEO. As to the external measures of c-g., it is found that different types of shareholders and competitive environments impact e-cmpsn. Neither the internal or external governance characteristics are found to dominate. |
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