Un análisis internacional de la política retributiva del CEO

  1. Rubén Arrondo García
  2. Carlos Fernández Méndez
Revista:
Universia Business Review

ISSN: 1698-5117

Any de publicació: 2014

Número: 43

Pàgines: 36-57

Tipus: Article

DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Altres publicacions en: Universia Business Review

Resum

Este trabajo analiza desde una óptica internacional la retribución del principal ejecutivo (CEO) para una muestra de empresas cotizadas durante el año 2010. Nuestros principales resultados sugieren que existen diferencias relevantes, tanto en la cuantía como en la estructura retributiva en los diez países objeto de estudio, siendo la principal diferencia: el mayor uso de fórmulas de retribución variable a largo plazo en Estados Unidos y a corto plazo en Europa. Asimismo, no se observan diferencias importantes entre la retribución de los CEOs del sector financiero frente a los CEOs de otros sectores. Por último, se constata la relevancia de la estructura de propiedad y de gobierno corporativo en la remuneración del CEO.

Referències bibliogràfiques

  • Aggarwal, R.K. (2008): “Executive compensation and incentives”, In Handbook of Corporate Finance: Empirical Corporate Finance, ed. BE Eckbo, p. 497-538. Amsterdam: Elsevier/ North-Holland.
  • Beatty, R. E.; Zajac, E. J. (1994): “Managerial incentives, monitoring, and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings”, Administrative Science Quarterly, Vol. 39, p. 313–335.
  • Bebchuk, L. A.; Fried, J. M. (2003): “Executive compensation as an agency problem”, Nº. w9813, National Bureau of Economic Research.
  • Bebchuk, L. A.; Fried, J. M. (2004):”Pay without performance” (Vol. 278). Cambridge, MA: Harvard University Press.
  • Cadman, B.; Klasa, S.; Matsunaga, S. (2010): “Determinants of CEO pay: a comparison of ExecuComp and non-ExecuComp firms”, Accounting Review, Vol. 85, p. 1.511-1.543.
  • Chhaochharia, V.; Grinstein, Y. (2009): “CEO compensation and board structure”, Journal of Finance, Vol. 64, p. 231-261.
  • Conyon, M.J., Murphy, K.J. (2000): “The prince and the pauper: CEO pay in the US and UK”, Economic Journal, Vol. 110, p. 640-671.
  • Conyon, M.J.; Core, J.E.; Wayne R. (2011): “Are US CEOs paid more than UK CEOs? Inferences from risk-adjusted pay”, Review of Financial Studies, Vol. 24, p. 402-438.
  • Conyon, M.J.; Fernandes, N.; Ferreira, M.A.; Matos, P.; Murphy, K.J. (2010): “The executive compensation controversy: a transatlantic analysis”, Working Paper, Fondazione Rodolfo De Benedetti.
  • Core, J. E.; Larcker, D. F. (2002): “Performance consequences of mandatory increases in executive stock ownership”, Journal of Financial Economics, Vol. 64, p. 317-340.
  • Core, J.; Guay, W. (1999): “The use of equity grants to manage optimal equity incentive levels”, Journal of Accounting and Economics, Vol. 28, p. 151-84.
  • Croci, E.; Gonenc, H.; Ozkan, N. (2012): “CEO compensation, family control, and institutional investors in Continental Europe”, Journal of Banking & Finance, Vol. 36, p. 3.318-3.335.
  • Equilar (2012): “S&P 500 CEO pay study”, Equilar, http://www.equilar.com.
  • Faleye, O.; Hoitash, R.; Hoitash, U. (2011): “The Costs of Intense Board Monitoring”. Journal of Financial Economics, Vol. 101, p. 160-181.
  • Frydman, C.; Jenter, D. (2010): “CEO compensation”, Nº w16585, National Bureau of Economic Research.
  • Gomez-Mejía, L.; Wiseman, R. (1997): “Reframing executive compensation: and assessment and outlook”, Journal of Management, Vol. 23, p. 291-374.
  • Gregg, P.; Jewell, S.; Tonks, I. (2012): “Executive Pay and Performance: Did Bankers’ Bonuses Cause the Crisis?”, International Review of Finance, Vol. 12, p. 89-122.
  • Hartzell J.; Starks L. (2003): “Institutional investors and executive compensation”, Journal of Finance, Vol. 58, p. 2.351-2.374.
  • Hermalin, B. E.; Weisbach, M. S. (1998): “Endogenously chosen boards of directors and their monitoring of the CEO”, American Economic Review, p. 96-118.
  • Jensen, M. C.; Meckling, W. H. (1976): “Theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal of financial economics, Vol. 3 (4), p. 305-360.
  • Jensen, M.; Murphy, K. (1999): “CEO incentives: it’s not how much you pay, but how”. Harvard Business Review, Vol. 68, p. 138-153.
  • Mehran, H. (1995): “Executive compensation structure, ownership, and firm performance”, Journal Financial Economics, Vol. 38, Nº. 2, p. 163-184.
  • OECD (2011): “Board practices: incentives and governing risks, corporate governance”, OECD Publishing.
  • Ozkan, N. (2007): “Do corporate governance mechanisms influence CEO compensation? An empirical investigation of UK companies”, Journal of Multinational Financial Management, Vol. 17, p. 349-364.
  • Rediker, K.J.; Seth, A. (1995): “Boards of directors and substitution effects of alternative governance mechanisms”, Strategic Management Journal, Vol. 16, Nº. 2, p. 85-99.
  • Sánchez-Marín, G.; Baixaull-Soler, J.S.; Lucas-Pérez, M.E. (2013): “Retribución de los altos directivos y gobierno corporativo en las empresas cotizadas españolas”, Universia Business Review, Vol. 37, p. 16-30.
  • Sapp, S. (2008): “The impact of corporate governance on executive compensation”, European Financial Management, Vol. 14, p. 710-746.
  • Yu, F. (2012): “How monitoring affects the structure of CEO equity-based compensation”, SSRN working paper, http://ssrn.com/abstract=2147322.
Fuente de los datos: Dialnet