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Is there a correlation between the CEO compensation and the firm wealth after the financial crisis of 2007?: Empirical Evidence from the Stock exchange index CAC 40 (2008-2010)
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
2012 (English)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

The empirical results indicate a strong positive link between three important elements: the duration as CEO, the market capitalization of the company and the non-executive ownership. Our findings also indicate an important but negative impact of two variables on the CEO compensation: the institutional and block holder shareholders. We also observed that there is no CEO pay-performance elasticity for the Total and base salary: the control variables do not have a significant impact on changes in CEO compensation.

 

These results are in line with the ones of Ozkan (2011, p. 260-285). Those elements would demonstrate the active monitoring of these investors on the top management and especially on their remuneration. Those are also consistent with the paper of Khan et al. (2002, p. 1078-1088), which demonstrates the negative impact on CEO compensation of institutional ownerships when they are concentrated.

 

Our study didn’t find a strong correlation between the other variables as the board size or sales for example and the level of remuneration of the CEO. That would mean that the number of member of the board doesn’t significantly impact the discussion about the CEO remuneration.

Place, publisher, year, edition, pages
2012. , 64 p.
Keyword [en]
CEO compensation, firm performance, France, CAC 40
National Category
Business Administration
Identifiers
URN: urn:nbn:se:umu:diva-57327OAI: oai:DiVA.org:umu-57327DiVA: diva2:540921
Educational program
Master's Programme in Finance
Presentation
2012-06-08, S304, Umea University, Umea, 10:00 (English)
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2012-08-20 Created: 2012-07-12 Last updated: 2012-08-20Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
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