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| Author: | Watson, R. Wilson, N. |
| Title: | Board pay and the separation of ownership from control in U.K. SMEs |
| Journal: | Small business economics
2005 : JUN, VOL 24:5, p. 465-476 |
| Index terms: | Board of directors Executives Pay Small business Control United Kingdom |
| Freeterms: | Ownership SME |
| Language: | eng |
| Abstract: | This paper examines Board pay (hereafter as: B-pay) for a sample of 571 U.K. SMEs from 1991 to 1995. Approximately half of the sample were owner-managed (or closely-held) firms allowing empirical testing of models of the relationship btw. B-pay and ownership from control characteristics. The results indicate among others that the change in non-closely-held SME B-pay is significantly related to both external market pay comparisons and "benchmark" profits. |
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