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Remuneration of management in the financial crisis – a study of the 2009 annual reports of the Euro Stoxx 50 companies

Remuneration of management in the financial crisis – a study of the 2009 annual reports of the... Purpose – The purpose of this paper is to study the remuneration of management in the financial crisis. What are the key elements of management payment at the Euro Stoxx 50 companies, does management remuneration comprise long‐term incentives in order to overcome principal‐agent conflicts and how did the financial crisis affect management payment in terms of payment elements and size? Design/methodology/approach – Based on the Euro Stoxx 50 financial reports of the fiscal year 2009 and other documents elements and size of management payment are being analysed. Findings – Management payment has been affected by financial crisis. Among the Euro Stoxx 50 companies management remuneration is quite heterogeneous. Practical implications – There is still a lack of use of appropriate metrics. There are doubts whether measures like TSR really can align manager's decisions to a sustainable, long‐term orientated strategy. Originality/value – The paper gives an insight view in management remuneration at the Euro Stoxx 50 companies. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png EuroMed Journal of Business Emerald Publishing

Remuneration of management in the financial crisis – a study of the 2009 annual reports of the Euro Stoxx 50 companies

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Publisher
Emerald Publishing
Copyright
Copyright © 2013 Emerald Group Publishing Limited. All rights reserved.
ISSN
1450-2194
DOI
10.1108/EMJB-05-2013-0028
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to study the remuneration of management in the financial crisis. What are the key elements of management payment at the Euro Stoxx 50 companies, does management remuneration comprise long‐term incentives in order to overcome principal‐agent conflicts and how did the financial crisis affect management payment in terms of payment elements and size? Design/methodology/approach – Based on the Euro Stoxx 50 financial reports of the fiscal year 2009 and other documents elements and size of management payment are being analysed. Findings – Management payment has been affected by financial crisis. Among the Euro Stoxx 50 companies management remuneration is quite heterogeneous. Practical implications – There is still a lack of use of appropriate metrics. There are doubts whether measures like TSR really can align manager's decisions to a sustainable, long‐term orientated strategy. Originality/value – The paper gives an insight view in management remuneration at the Euro Stoxx 50 companies.

Journal

EuroMed Journal of BusinessEmerald Publishing

Published: Sep 13, 2013

Keywords: Sustainability; Euro Stoxx 50; Management payment; Management remuneration

References