Executive remuneration determinants: New evidence from meta-analysis

Figures & data

Table 1. Sample selection process.

	Number of publications	%
Results offered by keywords search	1,343
Studies from different areas	1,118
Initial sample	225	100
Criteria leading to exclusion of publications
Not indexed in JCR/SCOPUS index	33	14.67
Dependent variable is not executive/C.E.O. compensation	26	11.56
Results non-transformable into r values	2	0.89
Different model/approach to executive pay	37	16.44
Theoretical and narrative articles	23	10.22
Final sample of publications	104	46.22
Studies performed over absolute values of independent variables	98
Studies performed over incremental values of independent variables	23
Final sample of studies conforming the M.A.	121

Table 2. Sample distribution by author.

Authors	Date	Journal	Period	Country	Size
Adithipyangkul	2011	Asia Pacific Journal of Management	1999–2004	China	3,706
Ahn	2014	Journal of Applied Business Research	1992–2003	U.S.	7,193
Akhigbe, Madura, and Ryan	1997	Managerial Finance	1989–1993	U.S. (commercial banks)	245
Al-Najjar, B.	2017	Tourism Management	2003–2012	U.K. (travel & leisure)	260
Alves, Barbosa, and Morais	2016	Research in International Business and Finance	2002–2011	Portugal	400
Amzaleg, Azar, Ben-Zion, and Rosenfeld	2014	Journal of Economic Behavior & Organization	1998–2002	Israel	675
Anderson, Banker, and Ravindran	2000	Management Science	1992–1996	U.S. technology industry	8,291
Andreas, Rapp, and Wolff	2012	Review of Managerial Science	2005–2008	Germany	928
Ang and Constand	1997	Journal of Multinational Financial Management	1982–1992	Japan	362
Banghoj, Grabielsen, Petersen, and Plenborg	2010	Accounting & Finance	2007	Denmark	125
Banker, Darrough, Huang, and Plehn-Dujowich	2012	The Accounting Review	1993–2006	U.S.	15,512
Barontini and Bozzi	2011	Journal of Management & Governance	1995–2002	Italy	1,722
Basu, Hwang, Mitsudome, and Weintrop	2007	Pacific-Basin Finance Journal	1993–1997	Japan	750
Bebchuck and Grinstein	2006	Oxford Review of Economic Policy	1993–2003	U.S.	15,397
Benito and Conyon	1999	Journal of Management and Governance,	1985–1994	U.K.	1,145
Brick, Palmon, and Wald	2006	Journal of Corporate Finance	1992–2001	U.S.	5,923
Brockman, Lee, and Salas	2016	Journal of Corporate Finance	1996–2007	U.S.	10,017
Brunello, Graziano, and Parigi	2001	International Journal of Industrial Organization	2000–2001	Italy	298
Buachoom	2017	Asian Review of Accounting	2000–2014	Thailand	5,911
Buck, Liu, and Skorovoda	2008	Journal of International Business Studies	1997–1998	U.K.	1,602
Callan and Thomas	2014	Corporate Social Responsibility and Environmental Management	2003–2005	U.S,.Canada	864
Canarella and Gasparyan	2008	Managerial Finance	1996–2002	U.S.	286
Canarella and Nourayi	2008	Managerial and Decision Economics	1997–2002	U.S.	594
Cao, Pan, and Tian	2011	Journal of Corporate Finance	2002–2007	China	3,286
Chalevas and Tzovas	2010	The International Journal of Accounting	2000–2003	Greece	117
Chang, Choy, and Wan	2012	Review of Quantitative Finance and Accounting	1994–2005	U.S.	4,714
Chen, Jeter, and Yang	2015	Journal of Accounting and Public Policy,	1993–2005	U.S.	6,930
Cheng and Firth	2006	Managerial and Decision Economics	1994–2002	China (Hong Kong)	3,024
Chung, Judge, and Li,	2015	Journal of Corporate Finance	2005–2009	Taiwan	4,930
Conyon and He	2011	Journal of Corporate Finance,	2001–2005	China	5,928
Conyon and Schwalbach	2000	Long Range Planning	1968–1994	Germany	1,246
Conyon, Peck, and Sadler	2000	Managerial Finance	1985–1995	U.K.	293
Core, Holthausen, and Larcker	1997	Journal of Financial Economics	1982–1984	U.S.	495
Correa and Lel	2016	Journal of Financial Economics	2002–2012	Worldwide	23,127
Crespí-Cladera and Gispert	2003	Labour	1990–1995	Spain	306
Croci, Gonenc, and Ozkan	2012	Journal of Banking & Finance	2001–2008	Continental Europe	3,731
Cuñat and Guadalupe	2009	Journal of Banking & Finance	1994,1999	U.S. (banking, financial)	13,055
Davila and Penalva	2007	Review of Accounting Studies	1993–2002	U.S.	6,537
Doucoulagios et al	2007	Corporate Governance: An International Review	1992–2005	Australia (banking)	141
Duffhues and Kabir	2008	Journal of Multinational Financial Management	1998–2001	Netherlands	521
Duong and Evans	2015	Pacific-Basin Finance Journal	2006–2010	Australia	563
Duru and Iyengar	1999	Managerial Finance	1992–1995	U.S. (electric util. Ind.)	225
Edwards	2009	Economics of Governance	1989–1993	Germany	1,145
Elsayed and Eldarban	2018	Journal of Applied Accounting Research	2010–2014	U.K.	1,422
Elston and Goldberg	2003	Journal of Banking & Finance,	1970–1986	Germany	1,365
Eriksson	2005	Economics of Transition	1999–2000	Czech Republic	446
Eriksson and Lausten	2000	Scandinavian Journal of Management,	1993–1994	Denmark	120
Fernandes	2008	Journal of Multinational Financial Management	2002–2004	Portugal	139
Firth, Lohne, Ropstad, and Sjo	1996	Managerial and Decision Economics	1994	Norway	95
Firth, Fung, and Rui	2006	Journal of Corporate Finance	1998–2000	China	1,098
Gao and Li	2015	Journal of Corporate Finance	1999–2011	U.S.	52,898
Ghosh	2006	Emerging Markets Finance and Trade	1997–1992	India	600
Gigliotti	2013	The International Journal of Human Resource Management	2005–2009	Italy	145
Girma, Thompson, and Wright	2007	The Manchester School	1981–1996	U.K.	2,891
Gu and Choi	2004	Journal of Hospitality & Tourism Research	1995–1999	U.S. (casino industry)	101
Hall and Liebman	1998	The Quarterly Journal of Economics	1980–1985	U.S.	5,680
He	2008	Journal of Business Venturing	1998–2002	U.S.	4,344
Herdan and Szczepańska	2011	Foundations of Management	2007–2010	Poland	30
Hermalin and Wallace	2001	Journal of Financial Economics	1988–1993	U.S. (saving and loans)	104
Izan, Sidhu, and Taylor	1998	Corporate Governance: An International Review	1987–1992	Australia	587
Jaiswall and Firth	2009	International Journal of Corporate Governance	1999–2003	India	970
Jaiswall, Kumar, and Bhattacharyya	2016	Journal of Contemporary Accounting & Economics	1999–2013	India	5,045
Jones and Kato	1996	Labour Economics	1989–1992	Bulgaria	812
Kato y Kubo	2006	Journal of the Japanese and International Economies	1986–1995	Japan	118
Ke	2012	Review of Accounting Studies	2003–2004	China (Hong Kong)	457
Kim, Kato, and Lee	2004	Economic development and cultural challenge	1998–2001	Japan	543
Kirsten and Toit	2018	South African Journal of Economic and Management Sciences	2006–2015	South Africa	420
Leone	2006	Journal of Accounting and Economics	1993–2003	U.S.	9,858
Li, Moshirian, Nguyen, and Tan	2007	Research in International Business and Finance	2000–2001	China	298
Lin	2004	Asian Review of Accounting	1998	Taiwan	201
Lin, Liao, and Chang	2011	Total Quality Management	2004–2006	Taiwan (high-tech business)	1,175
Luo	2015	Journal of the Economics of Business	2005–2012	China	214
Luo and Jackson	2011	Global Business and Finance Review	2001–2009	China (financial firms)	108
McKnight and Tomkins	1999	Journal of the Economics of Business	1992–1995	U.K.	97
Merhebi, Pattenden, and Swan	2006	Accounting & Finance	1990–1999	Australia	2,199
Merino, Manzaneque, and Banegas	2012	Studies in Managerial and Financial Accounting	2004–2009	Spain	456
Mitsudome, Weintrop, and Hwang	2008	Journal of the Japanese and International Economies	1993–1997	U.S.	2,399
Murphy and Conyon	2000	Economic Journal	1997	U.S.	1,665
Nourayi and Daroca	2008	Managerial Finance	1996–2002	U.S.	663
Nourayi, and Mintz,	2008	Managerial Finance	2001–2002	U.S.	3,133
Ntim, Lindop, Osei, andThomas	2015	Managerial and Decision Economics	2003–2007	China	845
ÓNeill and Lob	1999	Asia Pacific Journal of Human Resources	1997	Australia	49
Ozkan	2011	European Financial Management	1999–2005	U.K.	1,719
Ozkan	2007	Journal of Multinational Financial Management	2003–2004	U.K.	414
Parthasarathy, Menon, and Bhattacherjee	2006	Economic and Political Weekly	2004–2005	India	409
Raithatha and Komera	2016	IIMB Management Review	2002–2012	India	12,799
Randøy and Nielsen	2002	Journal of Management and Governance	1998	Norway	224
Rashid	2013	International Journal of Management,	2000–2009	Bangladesh	843
Sánchez-Marín, Baixauli, and Lucas	2010	The International Journal of Human Resource Management	2004–2006	Spain	120
Sapp	2008	European Financial Management	2000–2005	Canada	416
Saravanan, Srikanth, and Avabruth	2018	Social Responsibility Journal	2005–2014	India	2,556
Schultz, Tian, and Twite	2013	International Review of Finance	2000–2010	Australia	6,189
Shah, Javed, and Abbas	2009	International Research of Economics	2002–2006	Pakistan	570
Sheickh, Shah, and Akbar	2018	Applied Economics	2005–2012	Pakistan	1,508
Sigler and Carolina	2011	Business and Economics Journal	2006–2009	U.S.	1,121
Smirnova and Zavertiaeva	2017	Research in International Business and Finance	2009–2013	EU and Switzerland	1,338
Su	2012	Asian Business & Management	1999–2007	China	41,180
Sun, Wei, and Huang	2013	Review of Accounting and Finance	2000–2006	U.S. (property & liability ind.)	139
Unite, Sullivan, Brookman, Majadillas, and Taningco	2008	Pacific-Basin Finance Journal	2001–2003	Philippines	273
Veliyath	1999	Journal of Management Studies	1986–1990	U.S. (pharmaceutical)	46
Wang	2010	Journal of Accounting Research	1998–2005	U.S.	16,165
Zhou	2000	Canadian Journal of Economics	1991–1995	Canada	2,310
Zhou, Georgakopoulos, Sotiropoulos, and Vasileiou	2011	Asian Social Science	2002–2009	China (financial enterprises)	79
Zhou	1999	Journal of Corporate Finance	1991–1994	U.S.–CANADA	2,245

Table 3. Hunter and Smith meta-analysis on C.E.O. pay and explanatory variables.

Panel A. C.E.O. pay measured in absolute values
	Studies					Zrm		Safe N (p = 0.05)	Homogeneity contrasts
	N (1)	Total (2)	Positive (3)	Negative (4)	No Significant (5)	(6)		(7)	% Variance explain. (8)	X^2 (9)
Firm performance
Share Return	243,931	67	40	1	26	0.069	#	21,195	5.701	***
R.O.A.	210,639	59	40	2	17	0.065	#	12,726	5.623	***
R.O.E.	53,706	24	16	0	8	0.093	#	1,948	8.261	***
Market to Book value	26,891	14	8	2	5	0.060	#	489	2.314	***
Earnings per share	2,499	6	5	0	1	0.338	#	419	4.263	***
Tobin’s Q	58,577	17	12	1	4	0.072	#	1,499	4.834	***
Firm size
Total Sales	12,984	14	14	0	0	0.430	#	8,468	2.575	***
Log (Sales)	120,342	32	31	0	1	0.335	#	55,110	0.474	***
Total Assets	16,931	14	11	1	2	0.443	#	8,105	1.358	***
Log (total assets)	132,855	23	20	0	3	0.276	#	22,501	0.321	***
Market Capitalisation	11,541	7	7	0	0	0.242	#	1,242	1.361	***
Governance characteristics
Board Size	58,432	32	22	3	7	0.183	#	15,001	1.261	***
Board Meeting	9,092	9	3	1	5	−0.103	#	25	5.470	**
Board Independence	68,189	21	13	3	5	0.029	#	349	7.879	***
Ownership Concentration.	13,354	9	1	6	2	−0.063	#	184	9.598	***
C.E.O. duality	116,224	27	13	6	8	0.018	#	42	4.882	***
C.E.O. Ownership	89,851	25	5	8	12	−0.010	#	1,908	4.963	***
C.E.O. tenure	91,906	22	9	3	10	0.029	#	2,138	3.211	***
C.E.O. age	85,807	19	7	2	10	0.023	#	201	22.752	***
Leverage	165,710	28	8	8	12	0.009	#	115	4.471	***
Panel B. C.E.O. pay measured in incremental values
Firm performance
ΔShare Return	37,430	19	12	0	7	0.142	#	3318	4.313	***
ΔR.O.A.	10,273	8	4	0	4	0.217	#	0	3.294	***
ΔR.O.E.	13,496	3	1	0	2	0.061	#	57	2.433	***
Firm size
ΔFirm size (Aggregated)	23,372	13	7	1	5	0.034	#	182	4.175	***

Notes: Variables described in Appendix 1.

X2 test: * significant at 10% level; ** significant at 5% level; *** significant at 1% level.

# Zrm is significant at 5%, that is, the 95% interval of confidence does not include zero.

Table 4. Summary of Hunter and Smith meta-analysis using moderating factors.

	Homogeneous group	Sign	Comparison with the non-homogeneous group
Firm performance
Share return	Post-Cadbury	+	<
R.O.E.	U.S. pre-S.O.X.	+	>
Firm size
Total Sales	Total Industry	+	<
Total Assets	Total Industry	+	<
Log (total assets)	Total Industry	+	<
Market Capitalisation	Total Industry	+	<
Governance characteristics
Board Meeting	Executive compensation	+	>
C.E.O. Ownership	U.S. pre-S.O.X.	+	>

Variables described in Appendix 1.

Table 5. M.A.R.A. procedure using effect sizes of performance-compensation association.

Variables	Coef.	t-statistic
Market performance	0.0251	(1.029)
Size	0.0608*	(1.762)
Board size	0.0151	(0.508)
Board meetings	−0.0368	(−1.007)
Board independence	0.0643**	(2.058)
Ownership concentration	−0.0010	(−0.027)
C.E.O. duality	0.0311	(1.211)
C.E.O. ownership	−0.0143	(−0.537)
C.E.O. tenure	−0.0170	(−0.585)
C.E.O. age	0.0029	(0.090)
Leverage	0.0267	(1.042)
Number of variables in regression	−0.0158	(−1.565)
Median year sample window	−0.0011	(−0.704)
Constant	2.1948	(0.726)
R^2	0.02
Observations (number of effect sizes)	98
Qres (p-value)	2,5 e^06	(0.000)***
Qmodel (p-value)	2,5 e^06	(0.000)***

Notes: Q is the homogeneity test, Qres is based on the residual homogeneity statistic and Qmodel is based on the R.E.M.L. log likelihood.

Table

Variables	Definition
Firm Performance
Share Return	Total return of a stock to an investor. Share price appreciation plus dividends paid to shareholders.
Return on assets (R.O.A.)	Net income divided by total assets
Return on equity (R.O.E.)	Net income divided by total equity
Market to Book Value	Firm’s market value divided by the firm’s book value
Earnings per share	Net profit after taxes divided by the number of equity shares.
Tobin’s Q ratio	Book value of total assets minus the book value of common equity plus the market value of common equity divided by the book value of total assets.
Firm Size
Total Sales	Absolute value of firm’s revenues
Log (Sales)	Natural logarithm of firm’s revenues
Total Assets	Absolute value of firm’s total assets
Log (Assets)	Natural logarithm of firm’s total assets
Market Capitalisation	Total market value of a company's outstanding shares.
Firm Characteristics
Leverage	Total debt divided by Equity
Governance Characteristics
Board Size	Number of Board of Director members
Board Meetings	Number of Board of Directors meetings per year
Board Independence	Number of Non-executive board members
Ownership Concentration	The amount of stock owned by individual investors and large-block shareholders
C.E.O. duality	The C.E.O. is also the Chairman of the Board.
C.E.O. Ownership	The C.E.O. earns any stock-based compensation (stocks or options)
C.E.O. tenure	Number of years of C.E.O. in the firms
C.E.O. age	Experience of C.E.O.

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