Résumés
Abstract
This study examines the impact of board governance mechanisms on the pay of Chief Executive Officers (CEOs) using a sample of major French listed companies for the 2009–2011 period. The results show that CEO pay is negatively associated with the presence of a family CEO and positively associated with board size, busy directors, board meetings, and compensation committee independence. We provide further evidence that CEO compensation increases with firm size, and both present and past performance. Our study casts doubt on the effectiveness of formal board attributes in constraining CEO compensation.
Keywords:
- Board of directors,
- CEO compensation,
- corporate governance,
- agency conflicts
Résumé
Cette étude examine l’impact des mécanismes de gouvernance sur la rémunération du Président Directeur Général (PDG) sur un échantillon de grandes sociétés françaises cotées sur la période 2009-2011. Les résultats montrent que la rémunération du PDG est négativement associée à la présence de sa famille et positivement associée à la taille du conseil d’administration, au cumul des mandats, au nombre de réunions du conseil, et à l’indépendance du comité de rémunération. La rémunération augmente également avec la taille de l’entreprise et sa performance passée et présente. Notre étude questionne l’efficacité des attributs formels du conseil à limiter la rémunération du PDG.
Mots-clés :
- Conseil d’administration,
- rémunération des dirigeants,
- gouvernance des entreprises,
- conflits d’agence
Resumen
Este estudio examina los efectos que diferentes mecanismos de gobierno tienen sobre la remuneración del presidente y director ejecutivo (PDE) usando una muestra de grandes empresas francesas cotizadas en el periodo 2009-2011. Los resultados muestran que la remuneración del PDE tiene una asociación negativa con la presencia en el consejo de miembros de la familia del directivo y positiva con el tamaño del consejo de administración, la acumulación de mandatos, el número de reuniones del consejo, y la independencia del comité de remuneración. Nuestros resultados también muestran que la remuneración de los ejecutivos aumenta con el tamaño de la empresa y su desempeño pasado y presente. Nuestro estudio plantea dudas sobre la eficacia de ciertas características formales del consejo para limitar la compensación du PDE.
Palabras clave:
- Consejos de administración,
- remuneración de los dirigentes,
- gobierno corporativo,
- conflictos de agencia
Parties annexes
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