Executive pay and performance: the moderating effect of CEO power and governance structure

摘要: AbstractThis paper examines the crucial question of whether chief executive officer (CEO) power and corporate governance (CG) structure can moderate pay-for-performance sensitivity (PPS) using a large up-to-date South African data-set. Our findings are threefold. First, when direct links between pay performance examined, we find positive, but relatively small PPS. Second, our results show that in context concentrated ownership weak board structures; second-tier agency conflict (director monitoring opportunism) is stronger than first-tier problem (CEO self-interest). Third, additional analysis suggests CEO CG have moderating effect on Specifically, PPS higher firms with more reputable, founding shareholding CEOs, by directors institutions, independent nomination remuneration committees, lower larger boards, powerful long-t...