Determinants of Chairman Compensation

6533b81ffe1ef96bd1278ee9

RESEARCH PRODUCT

Determinants of Chairman Compensation

Lars Oxelheim Lars Oxelheim Lars Oxelheim Kevin Clarkson

subject

Executive compensation ComputingMilieux_THECOMPUTINGPROFESSION Supervisory board business.industry Compensation (psychology)ComputingMilieux_PERSONALCOMPUTING ComputingMilieux_LEGALASPECTSOFCOMPUTING Accounting Pay for performance GeneralLiterature_MISCELLANEOUS Earnings management ComputingMilieux_COMPUTERSANDSOCIETY Positive relationship business

description

This study examines determinants of chairman compensation in a supervisory board setting and, specifically, the relationship between chairman and CEO compensation. Using a sample of publicly listed firms in Sweden, the study indicates that chairman compensation – despite its fixed nature – is reflective of firm performance via a positive relationship to CEO compensation. As CEO compensation is set before chairman compensation, we argue that the chairman may be inclined to conspire with the CEO in earnings management efforts at the expense of monitoring on behalf of investors. Supporting our argument, we find evidence that the gap between chairman and CEO compensation is less at firms where the chairman has previously served on the executive management team.

year	journal	country	edition	language
2011-01-01	SSRN Electronic Journal

https://doi.org/10.2139/ssrn.1929192

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