haku: @all stability / yhteensä: 236
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| Tekijä: | Schwalbach, J. |
| Otsikko: | Strategic Change, Multi-Task Managers and Executive Compensation |
| Lehti: | Schmalenbach business review
2001 : APR, VOL. 53, p. 102-116 |
| Asiasana: | STRATEGIC MANAGEMENT EXECUTIVES COMPENSATION |
| Kieli: | eng |
| Tiivistelmä: | This paper analyses the stability of executive pay as it relates to the determinants from size and performance in German manufacturing companies. The data set contains information from 48 firms for the period 1968 to 1994. Observed strategic change in corporations can affect these results. Based on multi-task theoretical considerations, the evidence for German industrial firms shows that elasticities in pay decrease only for large firms as they change from growth to downsizing strategies. Furthermore, pay-for- performance elasticities are contrary to predictions of agency theory. Both results support the belief that compensation contracts in public corporations are imperfectly aligned with firm performance and managers' tasks. |
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