Markets and Compensation for Executives in Europe

Markets and Compensation for Executives in Europe

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The increasing amounts of money paid out in compensation to corporate executives have become the subject of a heated public policy debate on both sides of the Atlantic during the last decade. The magnitude of these sums, as well as the timing of payments relative to evidence of corporate success or - more notably, failure - has surprised and, in many cases, angered employees, shareholders and politicians, and drawn considerable attention in the media. Are executives in many firms exploiting their power to benefit themselves at the expense of other stakeholders or is the level of compensation the result of an effective market mechanism?This book is intended to fill a void created by the current focus of economic, financial and management research on executive compensation in the USA, and to address whether results from the US generalize to Europe, whether there is a European model for executive compensation, and whether European compensation structures enhance the wealth of shareholders and citizens. The research presented here provides a foundation for further research that will help shareholders, their representatives on boards, and policy makers develop wealth enhancing procedures, contracts and rules within European corporate governance systems.The book covers a wide range of issues, including: corporate law and regulation in the area of corporate governance; prosperity and growth effects of compensation contracts; effects of compensation packages on incentives; organization of markets for executives; the choice of performance measure in performance-linked compensation contracts; influences from the US on compensation levels in Europe; as well as country studies of factors affecting compensation packages and their charKen L. Bechmann is a Professor of Finance at the Copenhagen Business School. Dr Bechmann has published ... Research topics include Corporate Finance, Corporate Law and the Resolution of the Swedish Banking Crisis. Dr Bergstrom isanbsp;...

Title:Markets and Compensation for Executives in Europe
Author:Lars Oxelheim, Clas Wihlborg
Publisher:Emerald Group Publishing - 2008


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