Determinants and effects of sustainable CEO compensation: a structured literature review of empirical evidence

Julija Winschel () and Martin Stawinoga ()
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Julija Winschel: Leuphana University of Lüneburg
Martin Stawinoga: Ostwestfalen-Lippe University of Applied Sciences

Management Review Quarterly, 2019, vol. 69, issue 3, No 2, 265-328

Abstract: Abstract Sustainability-oriented CEO compensation is being widely discussed among policy makers, corporate practice, and academia. To date, management literature has yielded a growing body of empirical results on the determinants and effects of sustainable CEO compensation. Primarily, empirical studies analyze whether and to what extent sustainability-related issues determine the design of sustainable CEO compensation and how sustainability-oriented CEO compensation impacts corporate performance. However, the scattered nature of this research field has impeded an overarching empirical substantiation of the arguments in favor or against a sustainable CEO compensation. This structured literature review addresses this gap by analyzing 37 empirical studies on the key determinants and effects of sustainable CEO compensation. Using a multi-level analysis, we contribute to the discussion on sustainable CEO compensation by systematically identifying the central empirical insights and methodological and content-related foci within this research area. In summary, this review provides regulators, boards, management, investors, and other stakeholders with academic evidence on the determinants and effects of sustainability-oriented CEO compensation design. In addition to critically reflecting on the current state of research, we recommend paths for future research on sustainable CEO compensation.

Keywords: CEO; Sustainable CEO compensation; Structured literature review; Corporate governance; Principal agent theory; Stakeholder-agency theory; Behavioral-agency theory (search for similar items in EconPapers)
JEL-codes: M12 M14 M52 Q56 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (15)

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DOI: 10.1007/s11301-019-00154-9

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