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Book Announcement –Markets and Compensation for Executives in Europe
Markets and Compensation for Executives in Europe (International Business and Management, volume 24)
Edited by: Lars Oxelheim and Clas Wihlborg
ISBN 13: 9780080557380
Published: October 2008
Price: £57.99
The increasing amounts of money paid out in compensation to corporate executives have become the subject of a heated public policy debate on both sides of the Atlantic during the last decade. The magnitude of these sums, as well as the timing of payments relative to evidence of corporate success or - more notably, failure - has surprised and, in many cases, angered employees, shareholders and politicians, and drawn considerable attention in the media. Are executives in many firms exploiting their power to benefit themselves at the expense of other stakeholders or is the level of compensation the result of an effective market mechanism?This book is intended to fill a void created by the current focus of economic, financial and management research on executive compensation in the USA, and to address whether results from the US generalize to Europe, whether there is a European model for executive compensation, and whether European compensation structures enhance the wealth of shareholders and citizens.
The research presented here provides a foundation for further research that will help shareholders, their representatives on boards, and policy makers develop wealth enhancing procedures, contracts and rules within European corporate governance systems. The book covers a wide range of issues, including: corporate law and regulation in the area of corporate governance; prosperity and growth effects of compensation contracts; effects of compensation packages on incentives; organization of markets for executives; the choice of performance measure in performance-linked compensation contracts; influences from the US on compensation levels in Europe; as well as country studies of factors affecting compensation packages and their characteristics.
This book will be of interest to academics, practitioners and policy makers. On the academic side, researchers and students in the field of business economics, corporate governance, finance, international business, and management will discover research results that enhance their knowledge and provide the basis for further research. Among practitioners, board members, executives, chief financial officers, and bankers will benefit from this book when evaluating and designing executive compensation schemes. Policy makers will find research-based material that can either support or call into question their preconceived opinions.
Table of Contents
PART 1 General Analysis of Executive Compensation within Corporate Governance Systems
Chapter 1: An Institutional Overview
Söhnke M.Bartam and Idlan Zakaria
Chapter 2: European Integration and Executive Compensation Structures: Results from Bargaining and Merger Activity
John Knopf and John L. Teall
Chapter 3: A Rise of an International Market for Executive Labour
Winfried Ruigrok and Peder Greve
Chapter 4: Executive Incentive Compensation and Economic Prosperity
Cynthia J. Campell, Rosita P. Chang, Robert Doktor, Lars Oxelheim and Trond Randö
PART 2 Incentive Effects of Executive Compensation Structures
Chapter 5: Banking Mergers and Acquisitions´ Performance and Executive Compensation in Europe
Rym Ayadi and Francesca Arnaboldi
Chapter 6: Intangible Assets, Agency Costs, and International Dissimilarities in the Structure of Executive Pay
Philippe Baecker, Gunther Grass and Ulrich Hommel
Chapter 7: Performance Evaluation and European Asset Markets
Natacha Valla
Chapter 8: Earnings Management and CEO Turnovers
Kristian Bengtsson, Clas Bergström and Max Nilsson
Chapter 9: European Corporate Governance Guidelines and CEO Pay
Lars Oxelheim and Trond Randöy
Chapter 10: The Use of Incentive Pay in Divisionalised Firms – A Case Study of Two Global Manufacturing Companies
Ted Lindblom, Gert Sandahl and Stefan Sjögren
Chapter 11: Executive Compensation and Macroeconomic Fluctuation
Lars Oxelheim, Clas Wihlborg and Jianhua Zhang
PART 3: Country Studies
Chapter 12: Compensations of Executives in Denmark: Performance, Corporate Governance or Rent Extraction?
Ken Bechmann
Chapter 13: CEO Compensation, Firm Size and Firm Performance: Evidence from Finland
Mikko Mäkinen
Chapter 14: CEO Cash Compensation and Ownership Structure – The Effect of Family Control on the Pay-performance relation in Sweden
Carl Oreland
Chapter 15: The Introduction of Long-term Incentive Programs for Managers in Germany: Efficiency or Rent-seeking
Christian Harm and Karl-Friedrich Raible
Chapter 16: An Empirical Analysis of the Compensation of Management Boards in Germany
Georg Stadtmann and Markus Wissmann
The Editors
Series Editor:
Pervez Ghuariis currently Professor of International Business at King’s College London.
Volume Editors:
Lars Oxelheim holds the Southern Sweden Industry Chair of international Business and Finance, Lund Institute of Economic Research, Lund University.
Clas Wihlborg holds the Fletcher Jones Chair of International Business at Chapman University, California and he is Professor of Finance at the Copenhagen Business School, where he founded the Center for Law, Economics and Financial Institutions at CBS (LEFIC).
