The Anglo-American financial influence on CEO compensation in non-Anglo-American firms

被引：72

作者：

Oxelheim, L

Randoy, T

机构：

[1] Lund Univ, Lund Inst Econ Res, S-22007 Lund, Sweden

[2] Res Inst Ind Econ, IUI, Stockholm, Sweden

[3] Agder Univ Coll & Agder Res, Kristiansand, Norway

来源：

JOURNAL OF INTERNATIONAL BUSINESS STUDIES | 2005年 / 36卷 / 04期

关键词：

CEO compensation; internationalisation; corporate governance; CEO tenure; cross-listing; foreign board membership; dismissal risk;

D O I：

10.1057/palgrave.jibs.8400144

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study examines the impact of Anglo-American financial markets on CEO compensation. Starting from a sample of Norwegian and Swedish listed firms, we analyse this effect as manifested in the capital market (Anglo-American cross-listing) and in the market for corporate control (Anglo-American board membership). These effects are analysed together with the geographically broader effect of the product and service market internationalisation of the firm. We conclude that all three effects contribute positively to the level of CEO compensation. We argue that the higher CEO compensation found in firms exposed to Anglo-American financial influence - as compared with firms not subject to such influence - reflects institutional contagion, the demand for and supply of viable CEO candidates, and a pay premium for increased risk of dismissal.

引用

页码：470 / 483

页数：14

共 64 条

[31] THE IMPACT OF INTERNATIONAL LISTINGS ON RISK - IMPLICATIONS FOR CAPITAL-MARKET INTEGRATION [J].