Multinational activity and CEO compensation: Preliminary evidence from large UK firms |
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| Authors: | Sourafel Girma Steve Thompson Peter Wright |
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| Institution: | (1) ESSEC Business School, Paris, France;(2) Weatherhead School of Management, Case Western Reserve University, 10900 Euclid Avenue, Cleveland, OH 44106-7235, USA;(3) Aston University, Birmingham, UK |
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| Abstract: | Multinational Activity and CEO Compensation: Preliminary Evidence from Large UK Firms. — Since the early 1980s the rate of
growth in executive remuneration has consistently outpaced that of average earnings. This phenomenon has been widely assumed
to be part of an internationalization of the executive labor market. This paper starts from the premise that the multinational
enterprise will be a major agent in such a market and presents some preliminary tests for the impact of multinational activity
in general, and specific regional effects in particular, on CEO remuneration using a sample of large UK firms. Surprisingly,
we find no evidence to support our conjecture that CEO pay will be positively related to firm involvement in the United States.
However, multinational activity does generate a significant premium over purely domestic activity. |
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| Keywords: | G34 J33 F23 |
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