Early and late adoption of American-style executive pay in Germany: Governance and institutions |
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| Authors: | Amon Chizema |
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| Institution: | 1. Lappeenranta University of Technology, Kouvola Research Unit, Prikaatintie 9, FIN-45100 Kouvola, Finland;2. Lahti University of Applied Sciences, Niemenkatu 73, 15140 Lahti, Finland;1. Assistant Professor, University of San Francisco, San Ramon, CA 94582, USA;2. Director, California Simulation Alliance, HealthImpact, Oakland, CA 94612, USA;1. Hebei Key Laboratory of Forensic Medicine, Department of Forensic Medicine, Hebei Medical University, PR China;2. Institute of Forensic Sciences, Soochow University, Suzhou, Jiangsu, PR China;3. Department of Forensic Medicine, Wenzhou Medical University, Wenzhou, Zhejiang, PR China;4. Institute of Forensic Science, Wenzhou Medical University, Wenzhou, Zhejiang, PR China;1. WU Vienna, Institute for International Business, Welthandelsplatz 1, 1090 Vienna, Austria;2. Copenhagen Business School, Department of Strategic Management and Globalization, Kilevej 14, 2000 Frederiksberg, Denmark;1. University of Calgary, Canada;2. Lancaster University, United Kingdom;3. Zhejiang University, China;4. Mississippi State University, United States;5. University of Alberta, Canada;6. Free University of Bozen-Bolzano, Faculty of Economics and Management, Universitätsplatz 1- Piazza Università, 1 39100 Bozen-Bolzano, Italy;7. Department of Entrepreneurship Strategy & Innovation, Lancaster University Management School, UK;8. Zhejiang University City College, China;1. IBD Surgical Unit, ASST Fatebenefratelli — Sacco, Milan, Italy;2. Division of General Surgery, ASST Fatebenefratelli — Sacco, Milan, Italy;3. Division of Gastroenterology, ASST Fatebenefratelli — Sacco, Milan, Italy;4. Division of Pediatrics, ASST Fatebenefratelli — Sacco, Milan, Italy;5. Division of Pathology, ASST Fatebenefratelli — Sacco, Milan, Italy;6. Division of Radiology, ASST Fatebenefratelli — Sacco, Milan, Italy;7. Department of Colorectal Surgery, Pôle des Maladies de l’Appareil Digestif (PMAD), Assistance Publique — Hôpiteau de Paris (AP-HP), Beaujon Hospital, University Denis Diderot, Paris, France;8. Nephrology Division, Boston Children’s Hospital, Harvard Medical School, Boston, MA, USA;9. International Center for T1D, Pediatric Clinical Research Center Fondazione Romeo ed Enrica Invernizzi, Department of Biomedical and Clinical Science L. Sacco, University of Milan, Italy;10. Division of Endocrinology, ASST Sacco Fatebenefratelli-Sacco, Milan, Italy;11. Surgery Department, Breast Unit, ICS Maugeri, Pavia, Italy;12. Department of Biomedical and Clinical Science L. Sacco, University of Milan, Italy |
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| Abstract: | Employing the theoretical perspective of neo-institutional change, this paper identifies the characteristics of early and late adoption of executive stock options (ESOs) in German firms. The paper contributes to the debate over the convergence/divergence of corporate governance systems, adding to the literature on institutional change by demonstrating the reaction of intra-organizational actors to macro-level changes. The study finds that there is employee resistance to the adoption of ESOs in the early stages, and older firms, embedded in traditional practices, prefer to maintain the status quo. Prior adoption of shareholder value oriented practices helps to smooth the way for subsequent adoptions for both early and late adopters. The full convergence of corporate governance systems is still not imminent. |
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