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Executive compensat...
Executive compensation disclosure, ownership concentration and dual-class firms: An analysis of Swedish data
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- Cieslak, Katarzyna (författare)
- Uppsala universitet,Företagsekonomiska institutionen
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- Hamberg, Mattias (författare)
- Univ Stavanger, Dept Accounting & Law, N-4036 Stavanger, Norway.,University of Stavanger, Norway
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- Vural, Derya, Universitetslektor (författare)
- Uppsala universitet,Företagsekonomiska institutionen
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(creator_code:org_t)
- Elsevier BV, 2021
- 2021
- Engelska.
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Ingår i: Journal of International Accounting, Auditing and Taxation. - : Elsevier BV. - 1061-9518 .- 1879-1603. ; 45, s. 18-
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Abstract
Ämnesord
Stäng
- We study how executive compensation disclosure (ECD) is affected by the economic incentives of owners and managers in a Swedish setting where agency conflicts are not so much between managers and owners, but between controlling and non-controlling owners. In our sample, control is often enhanced through mechanisms such as dual share classes. The analysis relies on detailed hand-collected ECD data from 2837 annual reports. As expected, disclosure decreases with ownership concentration and the owner’s excess voting rights. In Sweden, overpaid Chief Executive Offices (CEOs) improve ECD quality, but this is not the case when the controlling owner has excess control rights. This suggests that when managers have a bond with controlling owners, ECD is part of the agency problem between controlling and non-controlling owners, and executive compensation plays a different role than in previously studied Anglo-Saxon settings.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Företagsekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Business Administration (hsv//eng)
Nyckelord
- Executive compensation
- Disclosure Sweden
- Dual class shares
- Agency problems
- Business and IT
- Handel och IT
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
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