Australian chief executive officer remuneration: pay and performance

Rachel Merhebi · Kerry Pattenden · Peter Lawrence Swan · Xianming Zhou

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Corporate Finance and Governance Accounting and Organizational Management Corporate Governance and Financial Management

Abstract

International studies document strong evidence that chief executive officer (CEO) remuneration is positively correlated with corporate performance. Prior Australian studies, however, find no positive link between CEO pay and market performance. In the present paper we re-examine the association between Australian CEO remuneration and firm performance using standard empirical models from the international literature. We find that in every respect the Australian evidence is consistent with international findings for firms of the USA, UK and Canada. In particular, we document CEO pay–performance association as positive and statistically significant.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1933The Modern Corporation and Private Property 1990Performance Pay and Top-Management Incentives 1987Aggregation and Linearity in the Provision of Intertemporal Incentives 2008Executive compensation 2003Executive Compensation as an Agency Problem 1933The Modern Corporation and Private Property 1985Corporate performance and managerial remuneration

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