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Media type:
E-Article
Title:
Board control and ceo compensation
Contributor:
Boyd, Brian K.
Published:
Wiley, 1994
Published in:
Strategic Management Journal, 15 (1994) 5, Seite 335-344
Language:
English
DOI:
10.1002/smj.4250150502
ISSN:
0143-2095;
1097-0266
Origination:
Footnote:
Description:
AbstractThe board of directors has been identified as a key internal control mechanism for setting CEO compensation. Theory suggests that CEOs will attempt to circumvent board control in an effort to maximize salary. This hypothesis was tested using a sample of 193 firms in a cross‐section of industries. Corporate governance literature was reviewed to develop a multiple indicator measure of board control. Although, as hypothesized, CEO salaries were greater in firms with lower levels of control, CEO compensation was not significantly related to firm size or profitability.