The Anglo-American financial influence on CEO compensation in non-Anglo-American firms

Lars Oxelheim and Trond Randøy
Additional contact information
Trond Randøy: [1] 3Agder University College and Agder Research, Kristiansand, Norway [2] 4These authors have contributed equally to this work

Journal of International Business Studies, 2005, vol. 36, issue 4, 470-483

Abstract: This study examines the impact of Anglo-American financial markets on CEO compensation. Starting from a sample of Norwegian and Swedish listed firms, we analyse this effect as manifested in the capital market (Anglo-American cross-listing) and in the market for corporate control (Anglo-American board membership). These effects are analysed together with the geographically broader effect of the product and service market internationalisation of the firm. We conclude that all three effects contribute positively to the level of CEO compensation. We argue that the higher CEO compensation found in firms exposed to Anglo-American financial influence – as compared with firms not subject to such influence – reflects institutional contagion, the demand for and supply of viable CEO candidates, and a pay premium for increased risk of dismissal. Journal of International Business Studies (2005) 36, 470–483. doi:10.1057/palgrave.jibs.8400144

Date: 2005
References: Add references at CitEc
Citations: View citations in EconPapers (50)

Downloads: (external link)
http://www.palgrave-journals.com/jibs/journal/v36/n4/pdf/8400144a.pdf Link to full text PDF (application/pdf)
http://www.palgrave-journals.com/jibs/journal/v36/n4/full/8400144a.html Link to full text HTML (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:jintbs:v:36:y:2005:i:4:p:470-483

Ordering information: This journal article can be ordered from
http://www.springer. ... nt/journal/41267/PS2

Access Statistics for this article

Journal of International Business Studies is currently edited by John Cantwell

More articles in Journal of International Business Studies from Palgrave Macmillan, Academy of International Business
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().