Say-on-Pay: an empirical investigation of voting likelihood and voting behavior in German Prime Standard companies

Marc Eulerich (), Artur Kalinichenko and Jochen Theis

Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, 2014, vol. 25, issue 2, 119-133

Abstract: The following article investigates the usage of non-binding Say-on-Pay (SOP) voting in German Prime Standard companies for the general meeting seasons 2010–2013. Our overall sample contains 290 companies. We find that the number of companies which conduct a vote and the relative approval rate among these companies continuously decrease. We examine the influence of company characteristics and performance measures on a SOP voting for the considered companies, and compare the results to findings of prior empirical studies. The factors determining the SOP voting likelihood are identified through a quantitative analysis. Using a logistic regression, our study shows that the likelihood for the occurrence of a vote increases with company size. In addition, we also identify potential multi-periodic patterns in SOP votes indicating that initial voting cycles might have been set by companies exceeding the 4 year span of our study. Copyright Springer-Verlag Berlin Heidelberg 2014

Keywords: Say-on-Pay; Management remuneration; Voting likelihood; Voting behavior; General meeting (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:jmgtco:v:25:y:2014:i:2:p:119-133

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DOI: 10.1007/s00187-014-0192-8

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