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Foreign experience and CEO compensation

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Conyon, Martin J., Haß, Lars Helge, Vergauwe, Skrålan and Zhang, Zhifang (2019) Foreign experience and CEO compensation. Journal of Corporate Finance, 57 . pp. 102-121. doi:10.1016/j.jcorpfin.2017.12.016 ISSN 0929-1199.

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Official URL: http://dx.doi.org/10.1016/j.jcorpfin.2017.12.016

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Abstract

This paper investigates the relationship between a CEO's foreign experience and CEO compensation. Our analysis is based on the constituent firms of the UK FTSE 350 index from 1999 to 2015. We find that foreign CEOs and national CEOs with foreign working experience receive significantly higher levels of total compensation compared to similar UK CEOs without such characteristics. The results are robust to the endogenous CEO selection using propensity score matching methods, as well as other modelling approaches. Our results show that pay premiums are attributable to the specialized foreign expertise and foreign networks of CEOs, which stem from foreign experience rather than broader general managerial skills.

Item Type: Journal Article
Subjects: H Social Sciences > HD Industries. Land use. Labor
Divisions: Faculty of Social Sciences > Warwick Business School > Accounting
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Corporate governance, Executives -- Salaries, etc., International business enterprises, International business enterprises -- Employees , Foreign executives -- Salaries, etc.
Journal or Publication Title: Journal of Corporate Finance
Publisher: Elsevier Science BV
ISSN: 0929-1199
Official Date: August 2019
Dates:
DateEvent
August 2019Published
6 January 2019Available
11 December 2018Accepted
Volume: 57
Page Range: pp. 102-121
DOI: 10.1016/j.jcorpfin.2017.12.016
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 22 July 2019
Date of first compliant Open Access: 6 July 2020
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