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| Author: | Gregoric, A. Polanec, S. Slapnicar, S. |
| Title: | Pay me right: Reference values and executive compensation |
| Journal: | European Financial Management
2010 : NOV, VOL. 16:5, p. 778-804 |
| Index terms: | corporate governance executive remuneration compensation pay |
| Language: | eng |
| Abstract: | This paper explores the importance of reference values (henceforth as: ref-vals.) for executive (here as: CEO) compensation (as: cmp.) contracts. Using a quasi-experimental setting, and a well-defined measure of individual-specific ref-vals., there is provided evidence on how a change in CEO reference cmp. leads to subsequent changes of actual pay. It is found that CEO cmp. adjusts gradually towards the new ref-vals. The speed of the adjustment is found to depend on the corporate governance characteristics. |
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