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- Title
CORPORATE TOURNAMENTS AND EXECUTIVE COMPENSATION: EVIDENCE FROM THE U.K.
- Authors
Conyon, Martin J.; Peck, Simon I.; Sadler, Graham V.
- Abstract
This study tests the implications of tournament theory using data on 100 U.K. stock market companies, covering over 500 individual executives, in the late 1990s. Our results provide some evidence consistent with the operation of tournament mechanisms within the U.K. business context. Firstly, we find a convex relationship between executive pay and organizational level, and secondly, that the gap between CEO pay and other board executives (i.e., tournament prize) is positively related to the number of participants in the tournament. However, we also show that the variation in executive team pay has little role in determining company performance.
- Subjects
COMPENSATION management; EXECUTIVE compensation; FINANCIAL performance; TOURNAMENTS; EMPLOYEES; ORGANIZATIONAL structure; CORPORATE governance; RESEARCH; STRATEGIC planning; MANAGEMENT; CONTESTS
- Publication
Strategic Management Journal (John Wiley & Sons, Inc.) - 1980 to 2009, 2001, Vol 22, Issue 8, p805
- ISSN
0143-2095
- Publication type
Article
- DOI
10.1002/smj.169