THE GOVERNANCE OF CEO INCENTIVES IN ENGLISH NHS HOSPITAL TRUSTS

Joan Ballantine · John J. Forker · Margaret J. Greenwood

32 citations0/0 files storedFinancial Accountability and Management

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Corporate Finance and Governance Health Services Management and Policy Accounting and Organizational Management

Abstract

Institutional arrangements for the governance of CEO pay and turnover in English NHS Hospital Trusts replicate best practice for listed companies but with the additional feature of centrally imposed performance measurement. In this paper we investigate the impact of this unique combination of incentives on the relationship between CEO pay/turnover and Trust financial and operating performance in the period 1998-2005. We identify a strong association between poor Trust performance and CEO turnover but find little evidence that remuneration committees relate pay to performance in the best performing Trusts. Our findings raise questions about the economic rationale for remuneration committees in the governance of NHS Hospital Trusts.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1991A PUBLIC MANAGEMENT FOR ALL SEASONS?1983Agency Problems and Residual Claims 1988Outside directors and CEO turnover 1995The “new public management” in the 1980s: Variations on a theme 2001Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature 1985Corporate performance and managerial remuneration

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2020Regulatory monitoring and university financial reporting quality: Agency and resource dependency perspectives 2017Regulatory incentives and financial reporting quality in public healthcare organisations 2023Verbal rewards and public managers’ autonomous motivation

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