Articlehybrid2009

Executive board members’ remuneration: A longitudinal study

Themistokles G. Lazarides · Evaggelos Drimpetas · Dimitrios N. Koufopoulos

20 citations0/0 files storedCorporate Ownership and Control

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Corporate Finance and Governance Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

Remuneration is considered to be closely connected with financial performance (positively), firm size (positively), the organizational structure (negatively) and corporate governance mechanisms (negatively). Furthermore, a connection of ownership structure and executives’ remuneration has been well established (theoretically and empirically) in the literature (agency theory). The paper examines if these relationships are valid in Greece. Greece hasn’t the characteristics of an Anglo-Saxon country. Overall the study has shown that remuneration levels in Greece are defined by a different set of factors than the ones that are prominent in an Aglo-Saxon country. Notably, fundamental financial measures of performance are more widely used. The age of firms and corporate governance quality have a catalytic impact on remuneration levels.

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References

1998Law and Finance 1997A Survey of Corporate Governance 1996Agency costs of free cash flow, corporate finance, and takeovers 1986Large Shareholders and Corporate Control 1999Corporate governance, chief executive officer compensation, and firm performance 1990Managerial discretion and optimal financing policies 1989Management entrenchment 1997A Survey of Corporate Governance

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