학술연구보고서
Study 1. Board Control and CEO Compensation
Study 1. Board Control and CEO Compensation
- 한국경제연구원
- 한국경제연구원 기타 간행물
- Corporate Governance and Agency Costs
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1998.0133 - 62 (30 pages)
- 27
커버이미지 없음
The board of directors has been identified as a key internal control mechanism for setting CEO compensation. Theory suggests that CEOs will attempt to circumvent board control in an effort to maximize salary. This hypothesis was tested using a sample of 193 firms in a cross section of industries Corporate governance literature was reviewed to develop a multiple indicator measure of board control. Although, as hypothesized, CEO salaries were greater in firms with lower levels of control, CEO compensation was not significantly related to firm size or profitability.
1. Literature Review and Theory Development
2. Method
3. Results
4. Discussion
References
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