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Advisor(s)
Abstract(s)
Over the past few decades, academic literature, specifically on agency theory and executive compensation, has argued that CEO compensation should be aligned to firm performance in order to increase shareholder value.
Nevertheless, some studies present the contrary idea, in which no link between performance and compensation can be established. This thesis analyses the relationship between firm performance and CEO compensation regarding Portuguese listed firms in the period of 2008-2013. No statistical evidence was found linking firm performance and CEO compensation, even after introducing governance and financial control variables as well as performing small sampling analysis of the top performers.
Description
Keywords
Executive compensation Pay-performance relationship Corporate Governance Portugal