Top executive pay in Spanish banking system

被引：4

作者：

Ferrero-Ferrero, Idoya ^{[1
]}

Angeles Fernandez-Izquierdo, Maria ^{[1
]}

Jesus Munoz-Torres, Maria ^{[1
]}

机构：

[1] Univ Jaume 1, Dept Finance & Accounting, Castellon De La Plana, Spain

来源：

JOURNAL OF MANAGEMENT & ORGANIZATION | 2014年 / 20卷 / 03期

关键词：

top executive pay; performance; Spanish banking system; financial crisis; corporate governance; CORPORATE GOVERNANCE; FIRM PERFORMANCE; CEO COMPENSATION; PANEL-DATA; OWNERSHIP; MANAGEMENT; BOARD; RISK; BEHAVIOR; INDUSTRY;

D O I：

10.1017/jmo.2014.24

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

This study examines consistency between compensation systems and corporate performance. The main purpose is to analyse how the performance has affected the short-term executive pay in Spanish banking system during the period 2004-2008. The main results reveal that pay-performance sensitivity is asymmetrical regarding the sign of the variation of the performance, since the pay-performance sensitivity is greater when the variation of the results is positive than when the variation of the results is negative. This finding is consistent with the managerial power theory and calls into question the role of the pay-performance incentives to align interest of executives and shareholders.

引用

页码：333 / 347

页数：15

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