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英国工商管理report定制:Corporate Governance

论文作者:留学生论文论文属性:报告 Report登出时间:2011-03-31编辑:zn1987点击率:4925

论文字数:7750论文编号:org201103311103524013语种:英语 English地区:英国价格:$ 22

关键词:CEO compensationCorporate Governance

 N. Ozkan / J. of Multi. Fin. Manag. 17 (2007) 349–364
determining the level of executive compensation.
The literature suggests that Corporate Governance mechanisms may help to reduce the agency conflicts between executives and shareholders, and hence have an impact on compensation policy. Those mechanisms include ownership and board
structure of companies.

In this paper the aim is to investigate whether various corporate governance mechanisms have an impact on the level of CEO compensation for a sample of 414 large UK companies for the fiscal year 2003/2004. First, we examine whether institutional shareholders influence the level of executive compensation. Additionally, the roles of managerial shareholdings, block shareholdings and the board structure of companies are also examined.

The role of institutional investors in the UK has been a hotly debated issue. There has been
an increase in the ownership of UK equities by institutional shareholders from 30% in 1963
to 80%

 in 2004.
1
Given the aggregate size of institutional ownership in the UK equity market,
one important question to investigate is how effective those institutional https://www.51lunwen.org/liuxuelunwendx/shareholders are in UK corporate issues. The results from several studies suggest that institutional investors in the UK
seem to adopt a passive stance towards monitoring and disciplining firms’ management (see Georgen and Renneboog, 2001; Stapledon, 1996).
However, one can observe a change in institutional investors’ interest in UK corporate gov- ernance. Recent news from the media show how vocal institutional shareholders have become in expressing their discontent about the remuneration packages CEOs and other senior managers have been awarded, especially in the light of preceding poor performances.
For instance, in 2004
the decision of Sainsbury’s board to award the former chairman, Sir Peter Davis, a bonus of
£2.4 million saw a serious reaction from the major institutional shareholders. Those shareholders
revolted at the idea of the board’s decision to award such a large bonus to a chairman under whom not only did the company’s profit fall but also the company lost market share.
Other companies have experienced similar events, which add to the anecdotal evidence that institutional sharehold- ers have started playing an active role in determining CEO compensation. However, there has been no empirical study investigating whether the institutional investors have a significant impact on CEO compensation of the UK companies.

2
Another important corporate governance variable in determining the level of CEO compen-sation is the board structure of companies.

3
Despite the fact that the Cadbury report (1992) led to substantial changes in the board structure of companies by increasing the proportion of non- executive (outsider) directors on the company boards, there has not been much evidence relating
to the effectiveness of directors of UK companies. For example, Franks et al. (2001) argue that directors of UK companies perform more of an advisory than a monitoring role. In this context, the role of board of directors in determining CEO compensation has been an unexplored area.
 In this paper, we investigate whether the size and structure of the board of directors have an influence on the level of CEO cash and equity-based compensation.
Our analysis reveals that measur论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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