文章基本信息

标题：Retribución de los altos directivos y gobierno corporativo en las empresas cotizadas españolas
本地全文：下载
作者：Gregorio Sánchez Marín ; J. Samuel Baixauli Soler ; M. Encarnación Lucas Pérez 等
期刊名称：Universia Business Review
印刷版ISSN：1698-5117
出版年度：2013
卷号：1
期号：37
出版社：Universia Business Review
摘要：This paper examines the whole role of both board of directors and ownership structure on the effectiveness of executive compensation design in Spanish listed firms. Using a principal-principal agency framework and based on panel data methodology analysis in the period 2004-2011, results show that high level of ownership concentration influence negatively in the executive compensation alignment, having an adverse effect on minority shareholders’ interests. Moreover, evidences show that type of controlling shareholder determines supervisory board effectiveness, which only exert an effective monitoring over executive compensation – increasing variable pay and diminishing fixed salary-, when majority shareholder has not linked to management of the company.
其他摘要：This paper examines the whole role of both board of directors and ownership structure on the effectiveness of executive compensation design in Spanish listed firms. Using a principal-principal agency framework and based on panel data methodology analysis in the period 2004-2011, results show that high level of ownership concentration influence negatively in the executive compensation alignment, having an adverse effect on minority shareholders’ interests. Moreover, evidences show that type of controlling shareholder determines supervisory board effectiveness, which only exert an effective monitoring over executive compensation –increasing variable pay and diminishing fixed salary-, when majority shareholder has not linked to management of the company.