Executive remuneration determinants: New evidence from meta-analysis

References

• Abowd, J. M., (1990). Does performance-based managerial compensation affect corporate performance? ILR Review, 43(3), 52-S. doi:10.1177/001979399004300304
   Google Scholar
• Adithipyangkul, P., Alon, I., & Zhang, T. (2011). Executive perks: Compensation and corporate performance in China. Asia Pacific Journal of Management, 28(2), 401–425. doi:10.1007/s10490-009-9162-3
   Web of Science ®Google Scholar
• Ahn, J.-Y. (2014). CEO pay for long-run performance: A dynamic view. Journal of Applied Business Research (Jabr)), 31(1), 317–330. doi:10.19030/jabr.v31i1.9010
   Google Scholar
• Akhigbe, A., Madura, J., & Ryan, H. (1997). CEO compensation and performance of commercial banks. Managerial Finance, 23(11), 40–55. doi:10.1108/eb018654
   Google Scholar
• Al-Najjar, B. (2017). Corporate governance and CEO pay: Evidence from UK travel and leisure listed firms. Tourism Management, 60, 9–14. doi:10.1016/j.tourman.2016.11.005
   Web of Science ®Google Scholar
• Alves, P., Couto, E. B., & Francisco, P. M. (2016). Executive pay and performance in Portuguese listed companies. Research in International Business and Finance, 37, 184–195. doi:10.1016/j.ribaf.2015.11.006
   Web of Science ®Google Scholar
• Amzaleg, Y., Azar, O. H., Ben-Zion, U., & Rosenfeld, A. (2014). CEO control, corporate performance and pay-performance sensitivity. Journal of Economic Behavior & Organization, 106, 166–174. doi:10.1016/j.jebo.2014.07.004
   Web of Science ®Google Scholar
• Anderson, M. C., Banker, R. D., & Ravindran, S. (2000). Executive compensation in the information technology industry. Management Science, 46(4), 530–547. doi:10.1287/mnsc.46.4.530.12055
   Web of Science ®Google Scholar
• Andreas, J. M., Rapp, M. S., & Wolff, M. (2012). Determinants of director compensation in two-tier systems: evidence from German panel data. Review of Managerial Science, 6(1), 33–79. doi:10.1007/s11846-010-0048-z
   Web of Science ®Google Scholar
• Ang, J. S., & Constand, R. L. (1997). Compensation and performance: the case of Japanese managers and directors. Journal of Multinational Financial Management, 7(4), 275–304.
   Google Scholar
• Banghøj, J., Gabrielsen, G., Petersen, C., & Plenborg, T. (2010). Determinants of executive compensation in privately held firms. Accounting & Finance, 50(3), 481–510. doi:10.1111/j.1467-629X.2009.00335.x
   Web of Science ®Google Scholar
• Banker, R. D., Darrough, M. N., Huang, R., & Plehn-Dujowich, J. M. (2013). The relation between CEO compensation and past performance. The Accounting Review, 88(1), 1–30. doi:10.2308/accr-50274
   Web of Science ®Google Scholar
• Barontini, R., & Bozzi, S. (2011). Board compensation and ownership structure: empirical evidence for Italian listed companies. Journal of Management & Governance, 15(1), 59–89. doi:10.1007/s10997-009-9118-5
   Google Scholar
• Basu, S., Hwang, L. S., Mitsudome, T., & Weintrop, J. (2007). Corporate governance, top executive compensation and firm performance in Japan. Pacific-Basin Finance Journal, 15(1), 56–79. doi:10.1016/j.pacfin.2006.05.002
   Google Scholar
• Bebchuk, L. A., & Fried, J. M., (2003). Executive compensation as an agency problem. Journal of Economic Perspectives, 17(3), 71–92. doi:10.1257/089533003769204362
   Web of Science ®Google Scholar
• Bebchuk, L., & Fried, J. (2004). Pay without performance (Vol. 29). Cambridge, MA: Harvard University Press.
   Google Scholar
• Bebchuk, L., & Grinstein, Y. (2005). The growth of executive pay. Oxford Review of Economic Policy, 21(2), 283–303. doi:10.1093/oxrep/gri017
   Web of Science ®Google Scholar
• Benito, A., & Conyon, M. J. (1999). The governance of directors' pay: Evidence from UK companies. Journal of Management and Governance, 3(2), 117–136.
   Google Scholar
• Bertrand, M., & Mullainathan, S., (2001). Are CEOs rewarded for luck? The ones without principals are. The Quarterly Journal of Economics, 116(3), 901–932. doi:10.1162/00335530152466269
   Web of Science ®Google Scholar
• Boyd, B. K., (1994). Board control and CEO compensation. Strategic Management Journal, 15(5), 335–344. doi:10.1002/smj.4250150502
   Web of Science ®Google Scholar
• Brick, I. E., Palmon, O., & Wald, J. K. (2006). CEO compensation, director compensation, and firm performance: Evidence of cronyism? Journal of Corporate Finance, 12(3), 403–423. doi:10.1016/j.jcorpfin.2005.08.005
   Web of Science ®Google Scholar
• Brockman, P., Lee, H. S. G., & Salas, J. M. (2016). Determinants of CEO compensation. Journal of Corporate Finance, 39, 53–77. doi:10.1016/j.jcorpfin.2016.04.007
   Web of Science ®Google Scholar
• Brunello, G., Graziano, C., & Parigi, B. (2001). Executive compensation and firm performance in Italy. International Journal of Industrial Organization, 19(1-2), 133–161. doi:10.1016/S0167-7187(99)00026-0
   Web of Science ®Google Scholar
• Buachoom, W. (2017). Simultaneous relationship between performance and executive compensation of Thai non-financial firms. Asian Review of Accounting, 25(3), 404–423. doi:10.1108/ARA-02-2016-0020
   Web of Science ®Google Scholar
• Buck, T., Bruce, A., Main, B. G., & Udueni, H., (2003). Long term incentive plans, executive pay and UK company performance. Journal of Management Studies, 40(7), 1709–1727. doi:10.1111/1467-6486.00397
   Web of Science ®Google Scholar
• Buck, T., Liu, X., & Skovoroda, R. (2008). Top executive pay and firm performance in China. Journal of International Business Studies, 39(5), 833–850. doi:10.1057/palgrave.jibs.8400386
   Web of Science ®Google Scholar
• Cadbury, A. (1992). Report of the committee on the financial aspects of corporate governance London: Gee & Co.
   Google Scholar
• Callan, S. J., & Thomas, J. M. (2014). Relating CEO compensation to social performance and financial performance: Does the measure of compensation matter? Corporate Social Responsibility and Environmental Management, 21(4), 202–227. doi:10.1002/csr.1307
   Web of Science ®Google Scholar
• Canarella, G., & Gasparyan, A. (2008). New insights into executive compensation and firm performance: Evidence from a panel of “new economy” firms, 1996-2002. Managerial Finance, 34(8), 537–554. doi:10.1108/03074350810874064
   Web of Science ®Google Scholar
• Canarella, G., & Nourayi, M. M. (2008). Executive compensation and firm performance: adjustment dynamics, non‐linearity and asymmetry. Managerial and Decision Economics, 29(4), 293–315. doi:10.1002/mde.1368
   Google Scholar
• Cao, J., Pan, X., & Tian, G. (2011). Disproportional ownership structure and pay–performance relationship: evidence from China's listed firms. Journal of Corporate Finance, 17(3), 541–554. doi:10.1016/j.jcorpfin.2011.02.006
   Web of Science ®Google Scholar
• Chalevas, C. G., (2011). The effect of the mandatory adoption of corporate governance mechanisms on executive compensation. The International Journal of Accounting, 46(2), 138–174. doi:10.1016/j.intacc.2011.04.004
   Google Scholar
• Chalevas, C., & Tzovas, C. (2010). The effect of the mandatory adoption of corporate governance mechanisms on earnings manipulation, management effectiveness and firm financing: Evidence from Greece. Managerial Finance, 36(3), 257–277. doi:10.1108/03074351011019573
   Web of Science ®Google Scholar
• Chalmers, K., Koh, P. S., & Stapledon, G., (2006). The determinants of CEO compensation: Rent extraction or labour demand? The British Accounting Review, 38(3), 259–275. doi:10.1016/j.bar.2006.01.003
   Google Scholar
• Chang, H., Choy, H. L., & Wan, K. M. (2012). Effect of the Sarbanes–Oxley act on CEOs’ stock ownership and pay-performance sensitivity. Review of Quantitative Finance and Accounting, 38(2), 177–207. doi:10.1007/s11156-011-0226-3
   Google Scholar
• Chen, H., Jeter, D., & Yang, Y. W. (2015). Pay-performance sensitivity before and after S.O.X.. Journal of Accounting and Public Policy, 34(1), 52–73. doi:10.1016/j.jaccpubpol.2014.09.003
   Web of Science ®Google Scholar
• Cheng, S., & Firth, M. (2006). Family ownership, corporate governance, and top executive compensation. Managerial and Decision Economics, 27(7), 549–561. doi:10.1002/mde.1273
   Google Scholar
• Chung, H., Judge, W. Q., & Li, Y. H. (2015). Voluntary disclosure, excess executive compensation, and firm value. Journal of Corporate Finance, 32, 64–90. doi:10.1016/j.jcorpfin.2015.04.001
   Web of Science ®Google Scholar
• Conyon, M. J., & He, L. (2011). Executive compensation and corporate governance in China. Journal of Corporate Finance, 17(4), 1158–1175. doi:10.1016/j.jcorpfin.2011.04.006
   Web of Science ®Google Scholar
• Conyon, M. J., & Schwalbach, J. (2000). Executive compensation: Evidence from the UK and Germany. Long Range Planning, 33(4), 504–526. doi:10.1016/S0024-6301(00)00052-2
   Web of Science ®Google Scholar
• Conyon, M. J., (2006). Executive compensation and incentives. Academy of Management Perspectives, 20(1), 25–44. doi:10.5465/amp.2006.19873408
   Web of Science ®Google Scholar
• Conyon, M. J., Peck, S. I., & Sadler, G. (2000). Econometric modelling of UK executive compensation. Managerial Finance, 26(9), 3–20. doi:10.1108/03074350010766846
   Google Scholar
• Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3), 371–406. doi:10.1016/S0304-405X(98)00058-0
   Web of Science ®Google Scholar
• Correa, R., & Lel, U. (2016). Say on pay laws, executive compensation, pay slice, and firm valuation around the world. Journal of Financial Economics, 122(3), 500–520. doi:10.1016/j.jfineco.2016.09.003
   Web of Science ®Google Scholar
• Council, F. R. (2010). The UK corporate governance code. London: Financial Reporting Council.
   Google Scholar
• Crespí–Cladera, R., & Gispert, C. (2003). Total board compensation, governance and performance of Spanish listed companies. Labour, 17(1), 103–126. doi:10.1111/1467-9914.00224
   Google Scholar
• Croci, E., Gonenc, H., & Ozkan, N. (2012). CEO compensation, family control, and institutional investors in Continental Europe. Journal of Banking & Finance, 36(12), 3318–3335. doi:10.1016/j.jbankfin.2012.07.017
   Web of Science ®Google Scholar
• Cuñat, V., & Guadalupe, M. (2009). Executive compensation and competition in the banking and financial sectors. Journal of Banking & Finance, 33(3), 495–504. doi:10.1016/j.jbankfin.2008.09.003
   Web of Science ®Google Scholar
• Davila, T., & Penalva, F. (2007). Governance structure and weight of performance measures in CEO compensation. Review of Accounting Studies, 11(4).
   Web of Science ®Google Scholar
• De Andres, P., Reig, R., & Vallelado, E., (2018). European banks’ executive remuneration under the new European Union regulation. Journal of Economic Policy Reform, doi:10.1080/17487870.2018.1424630
   Web of Science ®Google Scholar
• De Bondt, W., (2013). After the crisis: How to restore trust in business and finance. Spanish Journal of Finance and Accounting/Revista Española de Financiación y Contabilidad, 42(157), 13–37. doi:10.1080/02102412.2013.10779738
   Google Scholar
• Doucouliagos, H., Haman, J., & Askary, S. (2007). Directors' remuneration and performance in Australian banking. Corporate Governance: An International Review, 15(6), 1363–1383. doi:10.1111/j.1467-8683.2007.00651.x
   Web of Science ®Google Scholar
• Duffhues, P., & Kabir, R. (2008). Is the pay–performance relationship always positive?: Evidence from the Netherlands. Journal of Multinational Financial Management, 18(1), 45–60. doi:10.1016/j.mulfin.2007.02.004
   Google Scholar
• Duong, L., & Evans, J. (2015). CFO compensation: Evidence from Australia. Pacific-Basin Finance Journal, 35, 425–443. doi:10.1016/j.pacfin.2015.03.006
   Web of Science ®Google Scholar
• Duru, A. I., & Iyengar, R. J. (1999). Linking CEO pay to firm performance: Empirical evidence from the electric utility industry. Managerial Finance, 25(9), 21–33. doi:10.1108/03074359910766136
   Google Scholar
• Edwards, J. S., Eggert, W., & Weichenrieder, A. J. (2009). Corporate governance and pay for performance: Evidence from Germany. Economics of Governance, 10(1), 1. doi:10.1007/s10101-008-0050-y
   Google Scholar
• Elsayed, N., & Elbardan, H. (2018). Investigating the associations between executive compensation and firm performance. Journal of Applied Accounting Research, 19 (2), 245–270. doi:10.1108/JAAR-03-2015-0027
   Web of Science ®Google Scholar
• Elston, J. A., & Goldberg, L. G. (2003). Executive compensation and agency costs in Germany. Journal of Banking & Finance, 27(7), 1391–1410. doi:10.1016/S0378-4266(02)00274-1
   Web of Science ®Google Scholar
• Eriksson, T. (2005). Managerial pay and executive turnover in the Czech and Slovak Republics. The Economics of Transition, 13(4), 659–677. doi:10.1111/j.0967-0750.2005.00236.x
   Web of Science ®Google Scholar
• Eriksson, T., & Lausten, M. (2000). Managerial pay and firm performance—Danish evidence. Scandinavian Journal of Management, 16(3), 269–286. doi:10.1016/S0956-5221(99)00026-3
   Google Scholar
• Esteban, D., Maria, J., García-Gómez, C. D., & López-Iturriaga, F. J., (2013). International Evidence About the Influence of Large Shareholders on Corporate Risk Taking. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad), 42(160), 487–511. doi:10.1080/02102412.2013.11102927
   Google Scholar
• European Banking Authority. (2015). Guidelines on sound remuneration policies under Articles 74(3) and 75(2) of Directive 2013/36/EU and Disclosures under Article 450 of Regulation (EU) No 575/2013. EBA/GL/2015/22. London: EBA.
   Google Scholar
• European Parliament, Directives 2009/385/CE, 2013/36/CE, 2017/828/CE.
   Google Scholar
• Fama, E. F., & Jensen, M. C., (1983). Agency problems and residual claims. The Journal of Law and Economics, 26(2), 327–349. doi:10.1086/467038
   Web of Science ®Google Scholar
• Fernandes, N. (2008). EC: Board compensation and firm performance: The role of “independent” board members. Journal of Multinational Financial Management, 18(1), 30–44. doi:10.1016/j.mulfin.2007.02.003
   Google Scholar
• Fernandes, N., Ferreira, M. A., Matos, P., & Murphy, K. J., (2013). Are US CEOs paid more? New international evidence. Review of Financial Studies, 26(2), 323–367. doi:10.1093/rfs/hhs122
   Web of Science ®Google Scholar
• Firth, M., Fung, P. M., & Rui, O. M. (2006). Corporate performance and CEO compensation in China. Journal of Corporate Finance, 12(4), 693–714. doi:10.1016/j.jcorpfin.2005.03.002
   Web of Science ®Google Scholar
• Firth, M., Lohne, J. C., Ropstad, R., & Sjo, J. (1996). The remuneration of CEOs and corporate financial performance in Norway. Managerial and Decision Economics, 17(3), 291–301. doi:10.1002/(SICI)1099-1468(199605)17:3<291::AID-MDE752>3.3.CO;2-O
   Google Scholar
• Gao, H., & Li, K. (2015). A comparison of CEO pay–performance sensitivity in privately-held and public firms. Journal of Corporate Finance, 35, 370–388. doi:10.1016/j.jcorpfin.2015.10.005
   Web of Science ®Google Scholar
• Ghosh, A. (2006). Determination of executive compensation in an emerging economy. Evidence from India. Emerging Markets Finance and Trade, 42(3), 66–90. doi:10.2753/REE1540-496X420304
   Web of Science ®Google Scholar
• Gigliotti, M. (2013). The compensation of top managers and the performance of Italian firms. The International Journal of Human Resource Management, 24(4), 889–903. doi:10.1080/09585192.2012.702317
   Web of Science ®Google Scholar
• Girma, S., Thompson, S., & Wright, P. W. (2007). Corporate governance reforms and executive compensation determination: Evidence from the UK. The Manchester School, 75(1), 65–81. doi:10.1111/j.1467-9957.2007.01003.x
   Web of Science ®Google Scholar
• Girma, S., Thompson, S., & Wright, P. W., (2007). Corporate governance reforms and executive compensation determination: Evidence from the UK. The Manchester School, 75(1), 65–81. doi:10.1111/j.1467-9957.2007.01003.x
   Web of Science ®Google Scholar
• Greenbury, R. (1995). Report on directors’ remuneration. London: Gee & Co.
   Google Scholar
• Greene, W. H., (2008). The econometric approach to efficiency analysis. The Measurement of Productive Efficiency and Productivity Growth, 1(1), 92–250.
   Google Scholar
• Gu, Z., & Choi, Y. H. (2004). CEO compensation determinants in the casino industry. Journal of Hospitality & Tourism Research, 28(2), 143–155. doi:10.1177/1096348003253090
   Google Scholar
• Hall, B. J., & Liebman, J. B. (1998). Are CEOs really paid like bureaucrats? The Quarterly Journal of Economics, 113(3), 653–691. doi:10.1162/003355398555702
   Web of Science ®Google Scholar
• Hall, B. J., & Murphy, K. J., (2003). The trouble with stock options. Journal of Economic Perspectives, 17(3), 49–70. doi:10.1257/089533003769204353
   Web of Science ®Google Scholar
• Harbord, R. M., & Higgins, J. P., (2008). Meta-regression in Stata. The Stata Journal: Promoting Communications on Statistics and Stata, 8(4), 493–519. doi:10.1177/1536867X0800800403
   Google Scholar
• He, L. (2008). Do founders matter? A study of executive compensation, governance structure and firm performance. Journal of Business Venturing, 23(3), 257–279. doi:10.1016/j.jbusvent.2007.02.001
   Web of Science ®Google Scholar
• Herdan, A., & Szczepańska, K. (2011). Directors remuneration and companies' performance the comparison of listed companies in Poland and UK. Foundations of Management, 3(2), 41–54. doi:10.2478/v10238-012-0041-8
   Google Scholar
• Hermalin, B. E., & Wallace, N. E. (2001). Firm performance and executive compensation in the savings and loan industry. Journal of Financial Economics, 61(1), 139–170. doi:10.1016/S0304-405X(01)00058-7
   Web of Science ®Google Scholar
• Hunter, J. E., Schmidt, F. L., & Jackson, G. B. (1982). Meta-analysis: Cumulating research findings across studies (Vol. 4). California: Sage Publications, Inc.
   Google Scholar
• Izan, H. Y., Sidhu, B., & Taylor, S. (1998). Does CEO pay reflect performance? Some Australian evidence. Corporate Governance, 6(1), 39–47. doi:10.1111/1467-8683.00078
   Google Scholar
• Jaiswall, M., & Firth, M. (2009). CEO pay, firm performance, and corporate governance in India's listed firms. International Journal of Corporate Governance, 1(3), 227–240. doi:10.1504/IJCG.2009.029367
   Google Scholar
• Jaiswall, S. S. K., & Bhattacharyya, A. K. (2016). Corporate governance and CEO compensation in Indian firms. Journal of Contemporary Accounting & Economics, 12(2), 159–175. doi:10.1016/j.jcae.2016.06.001
   Web of Science ®Google Scholar
• Jensen, M. C., & Meckling, W. H., (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. doi:10.1016/0304-405X(76)90026-X
   Web of Science ®Google Scholar
• Jensen, M. C., & Murphy, K. J., (1990). Performance pay and top-management incentives. Journal of Political Economy, 98(2), 225–264. doi:10.1086/261677
   Web of Science ®Google Scholar
• Jensen, M. C., (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329.
   Web of Science ®Google Scholar
• Jensen, M., (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831–880. doi:10.1111/j.1540-6261.1993.tb04022.x
   Web of Science ®Google Scholar
• Jones, D. C., & Kato, T. (1996). The determinants of chief executive compensation in transitional economies: Evidence from Bulgaria. Labour Economics, 3(3), 319–336. doi:10.1016/S0927-5371(96)00015-2
   Google Scholar
• Kaplan, S. N., (2008). Are US CEOs Overpaid? Academy of Management Perspectives, 22(2), 5–20. doi:10.5465/amp.2008.32739755
   Web of Science ®Google Scholar
• Kato, T., & Kubo, K. (2006). CEO compensation and firm performance in Japan: Evidence from new panel data on individual CEO pay. Journal of the Japanese and International Economies, 20(1), 1–19. doi:10.1016/j.jjie.2004.05.003
   Web of Science ®Google Scholar
• Kato, T., Kim, W., & Lee, J. H. (2007). Executive compensation, firm performance, and Chaebols in Korea: Evidence from new panel data. Pacific-Basin Finance Journal, 15(1), 36–55. doi:10.1016/j.pacfin.2006.03.004
   Google Scholar
• Ke, B., Rui, O., & Yu, W. (2012). Hong Kong stock listing and the sensitivity of managerial compensation to firm performance in state-controlled Chinese firms. Review of Accounting Studies, 17(1), 166–188.
   Web of Science ®Google Scholar
• Kirsten, E., & Du Toit, E. (2018). The relationship between remuneration and financial performance for companies listed on the Johannesburg Stock Exchange. South African Journal of Economic and Management Sciences, 21(1), 1–10. doi:10.4102/sajems.v21i1.2004
   Web of Science ®Google Scholar
• Knapp, G., & Hartung, J., (2003). Improved tests for a random effects meta‐regression with a single covariate. Statistics in Medicine, 22(17), 2693–2710. doi:10.1002/sim.1482
   PubMed Web of Science ®Google Scholar
• Lambert, R. A., Larcker, D. F., & Weigelt, K., (1993). The structure of organizational incentives. Administrative Science Quarterly, 38(3), 438–461. doi:10.2307/2393375
   Web of Science ®Google Scholar
• Leone, A. J., Wu, J. S., & Zimmerman, J. L. (2006). Asymmetric sensitivity of CEO cash compensation to stock returns. Journal of Accounting and Economics, 42(1-2), 167–192. doi:10.1016/j.jacceco.2006.04.001
   Web of Science ®Google Scholar
• Li, D., Moshirian, F., Nguyen, P., & Tan, L. (2007). Corporate governance or globalization: What determines CEO compensation in China? Research in International Business and Finance, 21(1), 32–49. doi:10.1016/j.ribaf.2005.12.003
   Google Scholar
• Lin, Y. F. (2004). Board control, performance and CEO compensation in Taiwan. Asian Review of Accounting, 12(1), 34–47. doi:10.1108/eb060772
   Google Scholar
• Lin, Y. F., Liao, Y. C., & Chang, K. C. (2011). Firm performance, corporate governance and executive compensation in high-tech businesses. Total Quality Management & Business Excellence, 22(2), 159–172. doi:10.1080/14783363.2010.530786
   Web of Science ®Google Scholar
• Lipsey, M. W., & Wilson, D. B. (2001). Practical meta-analysis. California: Sage Publications, Inc.
   Google Scholar
• Luo, Y. (2015). CEO power, ownership structure and pay performance in Chinese banking. Journal of Economics and Business, 82, 3–16. doi:10.1016/j.jeconbus.2015.04.003
   Web of Science ®Google Scholar
• Luo, Y., & Jackson, D. (2011). Executive compensation, ownership structure and firm performance in Chinese Financial Corporations.
   Google Scholar
• McKnight, P. J., & Tomkins, C. (1999). Top executive pay in the United Kingdom: a corporate governance dilemma. International Journal of the Economics of Business, 6(2), 223–243. doi:10.1080/13571519984241
   Google Scholar
• Merhebi, R., Pattenden, K., Swan, P. L., & Zhou, X. (2006). Australian chief executive officer remuneration: pay and performance. Accounting and Finance, 46(3), 481–497. doi:10.1111/j.1467-629X.2006.00178.x
   Web of Science ®Google Scholar
• Merino, E., Manzaneque, M., & Banegas, R. (2012). Control of directors’ compensation in Spanish companies: Corporate governance and firm performance. In Performance Measurement and Management Control: Global Issues, 391–425.
   Google Scholar
• Mitsudome, T., Weintrop, J., & Hwang, L. S. (2008). The relation between changes in CEO compensation and firm performance: A Japanese/American comparison. Journal of the Japanese and International Economies, 22(4), 605–619. doi:10.1016/j.jjie.2007.06.001
   Web of Science ®Google Scholar
• Murphy, K., & Conyon, M. (2000). The prince and the pauper. USA: CEO Pay in the US and UK.
   Google Scholar
• Nourayi, M. M., & Daroca, F. P. (2008). CEO compensation, firm performance and operational characteristics. Managerial Finance, 34(8), 562–584. doi:10.1108/03074350810874082
   Web of Science ®Google Scholar
• Nourayi, M. M., & Mintz, S. M. (2008). Tenure, firm's performance, and CEO's compensation. Managerial Finance, 34(8), 524–536. doi:10.1108/03074350810874055
   Web of Science ®Google Scholar
• Ntim, C. G., Lindop, S., Osei, K. A., & Thomas, D. A. (2015). Executive compensation, corporate governance and corporate performance: A simultaneous equation approach. Managerial and Decision Economics, 36(2), 67–96. doi:10.1002/mde.2653
   Web of Science ®Google Scholar
• O'Neill, G. L., & Iob, M. (1999). Determinants of executive remuneration in Australian organizations: An exploratory study. Asia Pacific Journal of Human Resources, 37(1), 65–75. doi:10.1177/103841119903700106
   Google Scholar
• Organisation for Economic Co-Operation and Development. (2009). Corporate governance and the financial crisis, key findings and messages. June.
   Google Scholar
• Ozkan, N. (2007). Do corporate governance mechanisms influence CEO compensation? An empirical investigation of UK companies. Journal of Multinational Financial Management, 17(5), 349–364. doi:10.1016/j.mulfin.2006.08.002
   Google Scholar
• Ozkan, N. (2011). CEO compensation and firm performance: An empirical investigation of UK panel data. European Financial Management, 17(2), 260–285. doi:10.1111/j.1468-036X.2009.00511.x
   Web of Science ®Google Scholar
• Parthasarathy, A., Menon, K., & Bhattacherjee, D. (2006). Executive compensation, firm performance and governance: An empirical analysis. Economic and Political Weekly, 4139–4147.
   Google Scholar
• Raithatha, M., & Komera, S. (2016). Executive compensation and firm performance: Evidence from Indian firms. IIMB Management Review, 28(3), 160–169.
   Web of Science ®Google Scholar
• Randøy, T., & Nielsen, J. (2002). Company performance, corporate governance, and CEO compensation in Norway and Sweden. Journal of Management and Governance, 6(1), 57–81. doi:10.1023/A:1015511912289
   Google Scholar
• Rashid, A. (2013). Corporate governance, executive pay and firm performance: Evidence from Bangladesh. International Journal of Management, 30(2), 556.
   Google Scholar
• Rosenthal, R., (1979). The file drawer problem and tolerance for null results. Psychological Bulletin, 86(3), 638. doi:10.1037/0033-2909.86.3.638
   Web of Science ®Google Scholar
• Sanchez-Marin, G., Baixauli-Soler, J. S., & Lucas-Pérez, M. E. (2010). When much is not better? Top management compensation, board structure, and performance in Spanish firms. The International Journal of Human Resource Management, 21(15), 2778–2797.
   Web of Science ®Google Scholar
• Sapp, S. G. (2008). The impact of corporate governance on executive compensation. European Financial Management, 14(4), 710–746. doi:10.1111/j.1468-036X.2008.00443.x
   Web of Science ®Google Scholar
• Saravanan, P., Srikanth, M., & Avabruth, S. (2017). Compensation, corporate governance and performance of the Indian family firms. Social Responsibility Journal, 2017, 13(3), 529–551.
   Web of Science ®Google Scholar
• Schultz, E., Tian, G. Y., & Twite, G. (2013). Corporate governance and the CEO pay–performance link: Australian evidence. International Review of Finance, 13(4), 447–472.
   Web of Science ®Google Scholar
• Schwalbach, J. (1990). Small business in German manufacturing. In The economics of small firms (pp. 63–76). Springer, Dordrecht.
   Google Scholar
• Shah, S. Z. A., Javed, T., & Abbas, M. (2009). Determinants of CEO compensation empirical evidence from Pakistani listed companies. International Research Journal of Finance and Economics, 32(1), 149–159.
   Google Scholar
• Sheikh, M. F., Shah, S. Z. A., & Akbar, S. (2018). Firm performance, corporate governance and executive compensation in Pakistan. Applied Economics, 50(18), 2012–2027. doi:10.1080/00036846.2017.1386277
   Web of Science ®Google Scholar
• Sigler, K. J., & Carolina, N. (2011). CEO compensation and company performance. Business and Economics Journal, 31(1), 1–8.
   Google Scholar
• Smirnova, A. S., & Zavertiaeva, M. A. (2017). Which came first, CEO compensation or firm performance? The causality dilemma in European companies. Research in International Business and Finance, 42, 658–673.
   Web of Science ®Google Scholar
• Su, L., (2012). Managerial compensation structure and firm performance in Chinese PLCs. Asian Business & Management, 11(2), 171–193.
   Web of Science ®Google Scholar
• Sun, F., Wei, X., & Huang, X., (2013). CEO compensation and firm performance: Evidence from the US property and liability insurance industry. Review of Accounting and Finance, 12(3), 252–267.
   Google Scholar
• Tosi, H. L., Werner, S., Katz, J. P., & Gomez-Mejia, L. R., (2000). How much does performance matter? A meta-analysis of CEO pay studies. Journal of Management, 26(2), 301–339. doi:10.1177/014920630002600207
   Web of Science ®Google Scholar
• Unite, A. A., Sullivan, M. J., Brookman, J., Majadillas, M. A., & Taningco, A., (2008). Executive pay and firm performance in the Philippines. Pacific-Basin Finance Journal, 16(5), 606–623.
   Google Scholar
• United States Congress. (2002). The Sarbanes-Oxley Act of 2002.
   Google Scholar
• United States Congress. (2010). Dodd–Frank wall street reform and consumer protection act. USA: United States Congress.
   Google Scholar
• Vafeas, N., (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113–142. doi:10.1016/S0304-405X(99)00018-5
   Web of Science ®Google Scholar
• Van Essen, M., Otten, J., & Carberry, E. J., (2015). Assessing managerial power theory: A meta-analytic approach to understanding the determinants of CEO compensation. Journal of Management, 41(1), 164–202. doi:10.1177/0149206311429378
   Web of Science ®Google Scholar
• Veliyath, R., (1999). Top management compensation and shareholder returns: unravelling different models of the relationship. Journal of Management Studies, 36(1), 123–143. doi:10.1111/1467-6486.00129
   Web of Science ®Google Scholar
• Wade, J., O'Reilly, C. A., III., & Chandratat, I., (1990). Golden parachutes: CEOs and the exercise of social influence. Administrative Science Quarterly, 35(4), 587–603. doi:10.2307/2393510
   Web of Science ®Google Scholar
• Wang, X., (2010). Increased disclosure requirements and corporate governance decisions: Evidence from chief financial officers in the pre‐and post–Sarbanes‐Oxley periods. Journal of Accounting Research, 48(4), 885–920. doi:10.1111/j.1475-679X.2010.00378.x
   Web of Science ®Google Scholar
• Wolf, F. M. (1986). Meta-analysis: Quantitative methods for research synthesis (Vol. 59). California: Sage.
   Google Scholar
• Yermack, D., (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185–211. doi:10.1016/0304-405X(95)00844-5
   Web of Science ®Google Scholar
• Zhou, W., Georgakopoulos, G., Sotiropoulos, I., & Vasileiou, K., (2011). The impact of executive payment on firm performance of the financial enterprises in China. Asian Social Science, 7(8), 65.
   Google Scholar
• Zhou, X., (1999). Executive compensation and managerial incentives: A comparison between Canada and the United States1. Journal of Corporate Finance, 5(3), 277–301. doi:10.1016/S0929-1199(99)00008-5
   Google Scholar
• Zhou, X., (2000). CEO pay, firm size, and corporate performance: Evidence from Canada. Canadian Journal of Economics/Revue Canadienne d`Economique, 33(1), 213–251. doi:10.1111/0008-4085.00013
   Google Scholar