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Retribución de los altos directivos y gobierno corporativo en las empresas cotizadas españolas.
- Source :
-
Universia Business Review . 2013, Issue 37, p16-31. 16p. 5 Color Photographs, 2 Charts, 1 Graph. - Publication Year :
- 2013
-
Abstract
- 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. [ABSTRACT FROM AUTHOR]
Details
- Language :
- Spanish
- ISSN :
- 16985117
- Issue :
- 37
- Database :
- Academic Search Index
- Journal :
- Universia Business Review
- Publication Type :
- Academic Journal
- Accession number :
- 86872349