The role of the institutional environment in executive compensation: an empirical analysis of European and US firms
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
2012
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| Schlagworte: | |
| Online-Zugang: | Volltext https://nbn-resolving.org/urn:nbn:de:bvb:91-diss-20120615-1097830-1-5 Inhaltsverzeichnis |
| Beschreibung: | XII, 267 Bl. graph. Darst. |
Internformat
MARC
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| 245 | 1 | 0 | |a The role of the institutional environment in executive compensation |b an empirical analysis of European and US firms |c Alexander B. Hüttenbrink |
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Datensatz im Suchindex
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| adam_text | IMAGE 1
CONTENTS
SUMMARY I
SHORT TABLE OF CONTENTS I L L
TABLE OF CONTENTS IV
LIST OF FIGURES VII
LIST OF TABLES IX
LIST OF ABBREVIATIONS XI
1 INTRODUCTION 1
1.1 RESEARCH QUESTION 6
1.2 STRUCTURE 8
2 THEORETICAL FRAMEWORK 1 1
2.1 A BROAD FRAMEWORK OF CORPORATE GOVERNANCE 11
2.2 THE AGENCY THEORY PERSPECTIVE 14
2.2.1 OPTIMAL CONTRACTING APPROACH ON EXECUTIVE COMPEN SATION 22
2.2.2 MANAGERIAL POWER APPROACH ON EXECUTIVE COMPENSATION 28 2.3 THE
ROLE OF THE INSTITUTIONAL ENVIRONMENT 35
3 LITERATURE REVIEW 4 0
3.1 CORPORATE GOVERNANCE AND COMPENSATION 40
3.1.1 THE ROLE OF INTERNAL GOVERNANCE MECHANISMS IN EXEC UTIVE
COMPENSATION 42
3.1.2 THE ROLE OF INSTITUTIONAL GOVERNANCE MECHANISMS IN EXECUTIVE
COMPENSATION 53
3.2 CORPORATE RISK TAKING 56
3.2.1 THE RELATIONSHIP BETWEEN RISK TAKING AND COMPENSATION 58 3.2.2
RISK TAKING AND INSTITUTIONAL ENVIRONMENT 62
3.2.3 IMPACT OF BANKING REGULATION ON BANK RISK TAKING . . 65
4 EXECUTIVE COMPENSATION AND INSTITUTIONAL ENVIRONMENT 6 8
4.1 THE NATURE OF EXECUTIVE COMPENSATION 68
IV
HTTP://D-NB.INFO/1026297001
IMAGE 2
4.1.1 OVERVIEW OF EXECUTIVE COMPENSATION COMPONENTS . . 70
4.1.2 LEGAL AND REGULATORY ASPECTS OF EXECUTIVE COMPENSATION 80 4.1.3
RECENT REFORMS AND LEGISLATIVE PROPOSALS AFTER THE CRI SIS OF 2007/2008
85
4.2 INSTITUTIONAL ENVIRONMENT 88
4.2.1 DEFINITION OF THE INSTITUTIONAL ENVIRONMENT 88
4.2.2 MEASURING THE INSTITUTIONAL ENVIRONMENT: PROTECTION OF SHAREHOLDER
RIGHTS 90
5 THEORETICAL PREDICTIONS AND DEVELOPMENT O F HYPOTHESES 9 6
5.1 IMPACT OF THE INSTITUTIONAL ENVIRONMENT ON COMPENSATION . . 96 5.2
INTERACTION BETWEEN FIRM-SPECIFIC GOVERNANCE AND THE INSTITU TIONAL
ENVIRONMENT 100
5.3 REGULATION, EXECUTIVE COMPENSATION AND RISK TAKING IN BANKS 102 5.4
INTERACTION BETWEEN COMPENSATION AND BANK REGULATION . . . 107
6 INSTITUTIONAL ENVIRONMENT, CORPORATE GOVERNANCE AND EXECUTIVE
COMPENSATION 110
6.1 INTRODUCTION 110
6.2 DATA AND METHODOLOGY 112
6.2.1 SAMPLE CONSTRUCTION 112
6.2.2 MEASURES OF EXECUTIVE COMPENSATION 115
6.2.3 MEASURES OF THE INSTITUTIONAL ENVIRONMENT 118
6.2.4 MEASURES OF NON-INSTITUTIONAL GOVERNANCE 120
6.3 EXECUTIVE COMPENSATION PRACTICES IN EUROPE 126
6.4 INSTITUTIONAL ENVIRONMENT AND FIRM-LEVEL GOVERNANCE 135 6.5
EMPIRICAL RESULTS . . 143
6.5.1 IMPACT OF THE INSTITUTIONAL ENVIRONMENT ON EXECUTIVE COMPENSATION
144
6.5.2 INTERACTION BETWEEN INSTITUTIONAL AND NON-INSTITUTIONAL GOVERNANCE
154
6.6 ROBUSTNESS TESTS 162
6.6.1 MODEL SPECIFICATIONS 162
6.6.2 ALTERNATIVE STANDARD ERROR ESTIMATION 162
6.6.3 VARIATION IN INTERACTION TERMS 165
6.6.4 ALTERNATIVE MEASURES OF THE INSTITUTIONAL ENVIRONMENT 165 6.6.5
SAMPLE VARIATION 169
6.7 SUMMARY 174
V
IMAGE 3
7 REGULATION, EXECUTIVE COMPENSATION AND RISK TAKING IN BANKS:
EVIDENCE FROM T H E FINANCIAL CRISES O F 2 0 0 7 / 2 0 0 8 176
7.1 INTRODUCTION 176
7.2 DATA AND METHODOLOGY 180
7.2.1 SAMPLE CONSTRUCTION 180
7.2.2 MEASURES OF EXECUTIVE COMPENSATION 181
7.2.3 MEASURES OF BANK REGULATION 184
7.2.4 MEASURES OF BANK RISK 185
7.3 EXECUTIVE COMPENSATION PRACTICES IN THE BANKING SECTOR . . . 191 7.4
BANK REGULATION IN EUROPE AND THE US 198
7.5 EMPIRICAL RESULTS 203
7.5.1 IMPACT OF BANK REGULATION ON COMPENSATION POLICIES . 203 7.5.2
RISK TAKING DURING THE CRISIS, COMPENSATION AND BANK REGULATION 207
7.5.3 INTERACTION OF BANK REGULATION AND COMPENSATION . . . 213 7.6
ROBUSTNESS TESTS 219
7.6.1 MODEL SPECIFICATIONS 220
7.6.2 ALTERNATIVE STANDARD ERROR ESTIMATION 220
7.6.3 ALTERNATIVE MEASURES OF RISK TAKING 221
7.6.4 SAMPLE VARIATION 223
7.6.5 SIMULTANEOUS APPROACH OF RISK AND COMPENSATION . . 226 7.7 SUMMARY
229
8 CONCLUSION 2 3 1
8.1 SUMMARY OF THE MAIN RESULTS 231
8.2 CONTRIBUTION AND IMPLICATIONS 235
8.3 AVENUES FOR FUTURE RESEARCH 240
APPENDIX 2 4 2
BIBLIOGRAPHY 2 4 5
V I
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| spelling | Hüttenbrink, Alexander Verfasser aut The role of the institutional environment in executive compensation an empirical analysis of European and US firms Alexander B. Hüttenbrink 2012 XII, 267 Bl. graph. Darst. txt rdacontent n rdamedia nc rdacarrier München, Techn. Univ., Diss., 2012 Gehalt (DE-588)4019729-3 gnd rswk-swf Topmanager (DE-588)4124319-5 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Topmanager (DE-588)4124319-5 s Gehalt (DE-588)4019729-3 s DE-604 Erscheint auch als Online-Ausgabe urn:nbn:de:bvb:91-diss-20120615-1097830-1-5 http://mediatum.ub.tum.de/node?id=1097830 Verlag kostenfrei Volltext https://nbn-resolving.org/urn:nbn:de:bvb:91-diss-20120615-1097830-1-5 Resolving-System DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025178381&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Hüttenbrink, Alexander The role of the institutional environment in executive compensation an empirical analysis of European and US firms Gehalt (DE-588)4019729-3 gnd Topmanager (DE-588)4124319-5 gnd |
| subject_GND | (DE-588)4019729-3 (DE-588)4124319-5 (DE-588)4113937-9 |
| title | The role of the institutional environment in executive compensation an empirical analysis of European and US firms |
| title_auth | The role of the institutional environment in executive compensation an empirical analysis of European and US firms |
| title_exact_search | The role of the institutional environment in executive compensation an empirical analysis of European and US firms |
| title_full | The role of the institutional environment in executive compensation an empirical analysis of European and US firms Alexander B. Hüttenbrink |
| title_fullStr | The role of the institutional environment in executive compensation an empirical analysis of European and US firms Alexander B. Hüttenbrink |
| title_full_unstemmed | The role of the institutional environment in executive compensation an empirical analysis of European and US firms Alexander B. Hüttenbrink |
| title_short | The role of the institutional environment in executive compensation |
| title_sort | the role of the institutional environment in executive compensation an empirical analysis of european and us firms |
| title_sub | an empirical analysis of European and US firms |
| topic | Gehalt (DE-588)4019729-3 gnd Topmanager (DE-588)4124319-5 gnd |
| topic_facet | Gehalt Topmanager Hochschulschrift |
| url | http://mediatum.ub.tum.de/node?id=1097830 https://nbn-resolving.org/urn:nbn:de:bvb:91-diss-20120615-1097830-1-5 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025178381&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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