Say-on-pay, kompensasjonspraksis og daglig leders lønn: En studie av aksjonærenes uttalerett og daglig leders lønn
Abstract
We examine the relationship between SOP, pay-practice and CEO-compensation. There is an ongoing
debate of whether executives receive excessive compensation, and we therefore find it particularly relevant
to study the interaction between these three factors. By surveying board members and CEOs of Norwegian
ASA we examine attitudes towards SOP legislation, elements of CEO pay-package, and risk. In addition, we
compare female board members with men in their attitudes towards performance-related pay. We find major
differences in attitudes regarding the SOP legislation´s impact on CEO-compensation. These findings
indicate that SOP is an effective control mechanism for some firms, but not so for others. Further, we find that
risk-tolerance is positively related to favouring performance-related pay. CEOs in our sample are also
mainly characterized as relatively risk-tolerant. By this result we provide evidence to a scarcely researched
topic. Finally, our results indicate that men and women have different preferences regarding CEO paystructure,
as women in this sample tend to favour performance-related pay more than their male colleagues.
Description
Master i økonomi og administrasjon