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Managerial Pay and Firm Performance: Danish Evidence

Author

Listed:
  • Erikson, T.
  • Lausten, M.
Abstract
This study examines the determinants of managerial compensation in a sample of Danish firms testing hypothesis derived from agency theory in the seldomly studied (European) institutional setting of relationship-oriented governance systems. We find pay-performance sensitivity similar to that found in other settings, small differences in sensitivity across individual levels and no evidence in support of the career concern hypothesis.

Suggested Citation

  • Erikson, T. & Lausten, M., 1997. "Managerial Pay and Firm Performance: Danish Evidence," Papers 97-11, Aarhus School of Business - Department of Economics.
    • Handle: RePEc:fth:aascbu:97-11
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    Cited by:

    1. Christian Grund & Tanja Hofmann, 2019. "The dispersion of bonus payments within and between firms," Journal of Business Economics, Springer, vol. 89(4), pages 417-445, June.
    2. Patrick Kampkoetter, 2012. "Determinants of Compensation in the Financial Services Industry," Cologne Graduate School Working Paper Series 03-12, Cologne Graduate School in Management, Economics and Social Sciences.
    3. Lausten, Mette, 2002. "CEO turnover, firm performance and corporate governance: empirical evidence on Danish firms," International Journal of Industrial Organization, Elsevier, vol. 20(3), pages 391-414, March.
    4. Lucia Dalla Pellegrina & Margherita Saraceno, 2016. "Can Shareholder Litigation Discipline CEO Bonuses in the Financial Sector? The Role of Securities Class Actions," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 45(1), pages 3-36, February.
    5. Anders Frederiksen & Odile Poulsen, 2016. "Income Inequality: The Consequences Of Skill-Upgrading When Firms Have Hierarchical Organizational Structures," Economic Inquiry, Western Economic Association International, vol. 54(2), pages 1224-1239, April.
    6. repec:eee:labchp:v:3:y:1999:i:pb:p:2485-2563 is not listed on IDEAS
    7. Eriksson, Tor, 1999. "Executive Compensation and Tournament Theory: Empirical Tests on Danish Data," Journal of Labor Economics, University of Chicago Press, vol. 17(2), pages 262-280, April.
    8. Jesper Banghøj & Gorm Gabrielsen & Christian Petersen & Thomas Plenborg, 2010. "Determinants of executive compensation in privately held firms," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 50(3), pages 481-510, September.
    9. Rachel Merhebi & Kerry Pattenden & Peter L. Swan & Xianming Zhou, 2006. "Australian chief executive officer remuneration: pay and performance," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 46(3), pages 481-497, September.
    10. Lausten, Mette, 2001. "Gender Differences in Managerial Compensation - Evidences from Denmark," Working Papers 01-4, University of Aarhus, Aarhus School of Business, Department of Economics.
    11. Chalevas, Constantinos G., 2011. "The Effect of the Mandatory Adoption of Corporate Governance Mechanisms on Executive Compensation," The International Journal of Accounting, Elsevier, vol. 46(2), pages 138-174, June.
    12. Godfred Amewu & Imhotep Paul Alagidede, 2021. "Mergers, executive compensation and firm performance: The case of Africa," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(2), pages 407-436, March.
    13. Tor Eriksson & Erik Strøjer Madsen & Mogens Dilling-Hansen & Valdemar Smith, 2001. "Determinants of CEO and Board Turnover," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 28(3), pages 243-257, September.

    More about this item

    Keywords

    MANAGEMENT ; COMPENSATION;

    JEL classification:

    • J5 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining

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