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Multiple Compensation Consultants and CEO PayRezaul KabirUniversity of Twente - Department of Business Administration Marizah MinhatEdinburgh Napier University August 1, 2011 Abstract: The study examines the practice of employing multiple compensation consultants. Data for a sample of UK companies over the period 2003-2006 are analyzed using a variety of econometric methods. We find that CEOs receive higher equity-based pay when firms employ more than one compensation consultant. Further, an increase in the number of compensation consultants is associated with an increase in CEO pay, whereas no decline in CEO pay takes place when firms reduce the number of pay consultants. We also observe that the market shares of compensation consultant are positively related to CEO compensation. The finding is consistent with the conjecture that compensation consultants act to survive competition from other consultants.
Number of Pages in PDF File: 41 Keywords: Executive Compensation, CEO Pay, Compensation Consultant, Corporate Governance JEL Classification: G34, J33, M52 working papers seriesDate posted: July 22, 2010 ; Last revised: August 21, 2011Suggested CitationContact Information
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