The Anglo-American financial influence on CEO compensation in non-Anglo-American firms
(2005) In Journal of International Business Studies 36(4). p.470-483- Abstract
- This study examines the impact of Anglo-American financial markets on CEO compensation. Starting from a sample of Norwegian and Swedish listed firms, we analyse this effect as manifested in the capital market (Anglo-American cross-listing) and in the market for corporate control (Anglo-American board membership). These effects are analysed together with the geographically broader effect of the product and service market internationalisation of the firm. We conclude that all three effects contribute positively to the level of CEO compensation. We argue that the higher CEO compensation found in firms exposed to Anglo-American financial influence - as compared with firms not subject to such influence - reflects institutional contagion, the... (More)
- This study examines the impact of Anglo-American financial markets on CEO compensation. Starting from a sample of Norwegian and Swedish listed firms, we analyse this effect as manifested in the capital market (Anglo-American cross-listing) and in the market for corporate control (Anglo-American board membership). These effects are analysed together with the geographically broader effect of the product and service market internationalisation of the firm. We conclude that all three effects contribute positively to the level of CEO compensation. We argue that the higher CEO compensation found in firms exposed to Anglo-American financial influence - as compared with firms not subject to such influence - reflects institutional contagion, the demand for and supply of viable CEO candidates, and a pay premium for increased risk of dismissal. (Less)
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/895145
- author
- Oxelheim, Lars LU and Randoy, T
- organization
- publishing date
- 2005
- type
- Contribution to journal
- publication status
- published
- subject
- keywords
- foreign board membership, dismissal risk, cross-listing, tenure, CEO compensation, corporate governance, CEO, internationalisation
- in
- Journal of International Business Studies
- volume
- 36
- issue
- 4
- pages
- 470 - 483
- publisher
- Palgrave Macmillan
- external identifiers
-
- wos:000230113100008
- scopus:22544466417
- ISSN
- 0047-2506
- DOI
- 10.1057/palgrave.jibs.8400144
- language
- English
- LU publication?
- yes
- id
- e7867974-bc1d-4e7c-8ae2-d41e0f24062c (old id 895145)
- date added to LUP
- 2016-04-01 16:54:49
- date last changed
- 2022-04-23 01:27:11
@article{e7867974-bc1d-4e7c-8ae2-d41e0f24062c,
abstract = {{This study examines the impact of Anglo-American financial markets on CEO compensation. Starting from a sample of Norwegian and Swedish listed firms, we analyse this effect as manifested in the capital market (Anglo-American cross-listing) and in the market for corporate control (Anglo-American board membership). These effects are analysed together with the geographically broader effect of the product and service market internationalisation of the firm. We conclude that all three effects contribute positively to the level of CEO compensation. We argue that the higher CEO compensation found in firms exposed to Anglo-American financial influence - as compared with firms not subject to such influence - reflects institutional contagion, the demand for and supply of viable CEO candidates, and a pay premium for increased risk of dismissal.}},
author = {{Oxelheim, Lars and Randoy, T}},
issn = {{0047-2506}},
keywords = {{foreign board membership; dismissal risk; cross-listing; tenure; CEO compensation; corporate governance; CEO; internationalisation}},
language = {{eng}},
number = {{4}},
pages = {{470--483}},
publisher = {{Palgrave Macmillan}},
series = {{Journal of International Business Studies}},
title = {{The Anglo-American financial influence on CEO compensation in non-Anglo-American firms}},
url = {{http://dx.doi.org/10.1057/palgrave.jibs.8400144}},
doi = {{10.1057/palgrave.jibs.8400144}},
volume = {{36}},
year = {{2005}},
}