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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
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 | ||||||||
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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 |
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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: |
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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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