|
|
|
|
||||
|
||||
CEO Tournaments: A Cross-Country Analysis of Causes, Cultural Influences and ConsequencesNatasha BurnsUniversity of Texas at San Antonio - Department of Finance Kristina MinnickBentley University Laura T. StarksUniversity of Texas at Austin - Department of Finance May 2, 2013 Abstract: We examine CEO tournament structure (measured as the ratio of pay between the CEO and other top executives) using a cross-country sample and find it to be steeper in the U.S. than in other countries. Testing the primary implications of tournament theory, we find that across countries, the tournament structure tends to be positively related to firm value. Further, we find that the tournament structure itself varies across firms systematically according to firm and country characteristics. In particular, the cultural values of Power distance, Fair income differences and Competition are significantly associated with differences in tournament structures.
Number of Pages in PDF File: 47 Keywords: Executive compensation, Tournaments, International pay differences, Culture, Corporate governance JEL Classification: G15, G3, G32, G34 working papers seriesDate posted: February 24, 2012 ; Last revised: May 7, 2013Suggested CitationContact Information
|
|
||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo1 in 0.453 seconds
