Managerial Pay and Firm Performance: Danish Evidence

T. Erikson and Mette Lausten ()

Working Papers from Aarhus School of Business - Department of Economics

Abstract: This study examines the determinants of managerial compensation in a sample of Danish firms testing hypothesis derived from agency theory in the seldomly studied (European) institutional setting of relationship-oriented governance systems. We find pay-performance sensitivity similar to that found in other settings, small differences in sensitivity across individual levels and no evidence in support of the career concern hypothesis.

Keywords: MANAGEMENT; COMPENSATION (search for similar items in EconPapers)
JEL-codes: J5 (search for similar items in EconPapers)
Date: 1997
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Address: Department of Economics, Faculty of Business Administration. The Aarhus School of Business. Fuglesangs Alle 4. DK- 8210 Aarhus V - Denmark
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