Executive pay and firm performance in the Philippines |
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| Institution: | 1. Griffith University, Australia;2. University of Wollongong, Australia;1. Fisher School of Business, Ohio State University, 840 Fisher Hall, 2100 Neil Ave, Columbus OH 43210, USA;2. W.P. Carey School of Business, Arizona State University, Tempe, AZ 85287, USA;3. John M. Olin School of Business, Washington University, Campus Box 1133, 1 Brookings Dr, St. Louis, MO 63130, USA;1. University of Colorado, NBER, CESifo, and CEPR, USA;2. University of Hawaii at Manoa and University of Hawaii Economic Research Organization, USA and IZA, Germany;3. Williams College, United States;1. East Carolina University, Department of Finance, United States of America;2. East Carolina University, Department of Management, United States of America |
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| Abstract: | This paper provides the first systematic evidence on the nature of the relation between executive compensation and firm performance in the Philippines. Comparable to studies of Japan, Korea, and China, we find a positive relation between executive compensation and performance in the Philippines for those firms not affiliated to a corporate group, but that this relation does not hold for affiliated firms. We conclude that the substantial portion of the Philippine economy that is under the control of group networks incentivize managers in ways other than through use of pay–performance schemes. |
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