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| Tekijä: | Bruce, A. (et al.) |
| Otsikko: | Executive bonus and firm performance in the UK |
| Lehti: | Long Range Planning
2007 : JUN, VOL. 40:3, p. 280-294 |
| Asiasana: | executive remuneration compensation pay corporate governance performance appraisal shareholder value companies United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | Executive bonuses (hereafter as: exec-bns.) are supposed to motivate senior managers to raise shareholder value. However, well-intentioned regulations calling for the attachment of 'challenging and stretching' performance conditions to executive pay can work in several ways. This paper deals with the possibilities, reporting on an analysis of exec-bns. in the U.K. from 2001 to 2003 focusing on the question of whether the aggregate value and transparency of bonus schemes are associated with higher total shareholder returns. Bonus scheme complexity is found to be the only dimension of bonus transparency associated with bonus pay-outs, tending to increase the value of pay-outs but without any associated shareholder returns' increase. |
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