The Effects of Internationalization on CEO Compensation

6533b7d8fe1ef96bd126ac1d

RESEARCH PRODUCT

The Effects of Internationalization on CEO Compensation

Trond Randøy Lars Oxelheim Lars Oxelheim Lars Oxelheim

subject

Finance Product (business)Internationalization Executive compensation Cross listing business.industry Market for corporate control Corporate governance Risk premium Monetary economics business Capital market

description

This study examines the relation between the internationalization of firms and CEO compensation. Starting from a sample of Norwegian and Swedish listed firms, we analyze the effects of internationalization as manifest in the capital market (international cross-listing), the market for corporate control (foreign board membership), and the product and service market (export and foreign sales). We conclude that all three markets contribute positively to the compensation level of CEOs. We argue that part of the higher CEO compensation in internationally oriented firms - as compared to less internationalized firms within the same country - reflects a risk premium for reduction in job security.Published with the revised title "The Anglo-American Financial Influence on CEO Compensation in Non-Anglo-American Firms".

year	journal	country	edition	language
2004-01-01	SSRN Electronic Journal

https://doi.org/10.2139/ssrn.546504

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