| Autor: |
Bac Van Luu, Ellen Pei-yi Yu |
| Rok vydání: |
2017 |
| Předmět: |
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| Zdroj: |
Growth Frontiers in International Business ISBN: 9783319488509 |
| DOI: |
10.1007/978-3-319-48851-6_13 |
| Popis: |
This chapter examines the impact of executive pay dispersion on firm performance and valuation in a global sample of banks. Controlling for cultural differences across countries, we test whether the equity fairness theory (favoring smaller pay dispersion) or tournament theory (arguing for greater pay dispersion) is a better description of the relationship between pay dispersion and performance. We find that the equity fairness theory prevails in most sub-groups of our sample, with the exception of Common Law developed country banks. We also find for our sample banks in Developed Countries that Individualism is positively associated with market valuation, while Uncertainty Avoidance has a negative effect. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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