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Determinants of executive incentive pay in Europe

Døving, Erik; Nordhaug, Odd
Journal article, Peer reviewed
Postprint
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URI
https://hdl.handle.net/10642/1615
Date
2013
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  • SAM - Handelshøyskolen [431]
Original version
Døving, E. & Nordhaug, O. (2013). Determinants of executive incentive pay in Europe. Beta : tidsskrift for bedriftsøkonomi, 27(1), 22-35  
Abstract
In this paper we study possible determinants of the use of incentive pay for managers in European companies. Data

from 5,000 firms in 15 countries are used to analyze the degree to which incentive pay is associated with national

embeddedness, local labour market institutions, ownership, and internationalization of markets. We find that companies

in countries with high scores on power distance and individualism tend to use incentive schemes for managers more

frequently than companies with lower scores on these cultural dimensions. Centralized wage bargaining and unionization

at the firm level tend to reduce the prevalence of such schemes. Incentive pay is less common in state-owned companies

than in privately owned firms. The findings also reveal that the more global the market in which a firm operates, the

greater the probability that it will implement incentive pay elements for its managers. Our results suggest that unions,

national labour market institutions and social and cultural norms serve as buffers against the introduction of US-style

compensation systems
Publisher
Universitetsforlaget
Series
Beta : tidsskrift for bedriftsøkonomi;27(1)

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