dc.contributor.author | Chu, J | |
dc.contributor.author | Gupta, A | |
dc.contributor.author | Livne, G | |
dc.date.accessioned | 2020-08-27T10:37:47Z | |
dc.date.issued | 2020-09-24 | |
dc.description.abstract | From October 2013, UK law and regulations (the Reform) require periodic binding shareholders’
approval of executive directors’ remuneration policy, as well as enhanced disclosure in
remuneration reports. These requirements supplement an ongoing requirement for an annual nonbinding vote on compensation outcomes that are detailed in the remuneration report. Using a large
sample of listed companies from 2010–2017 we investigate whether the Reform has affected pay
levels, pay-performance sensitivity, the pay gap between the CEO and other employees, the
amount of cash returned to shareholders, and dissent voting on the remuneration report. We find
little evidence that the Reform has affected these variables in our sample firms. Using marketbased tests we find that market participants anticipated an improvement in corporate governance
for some key dates before the Reform came into force. Taken together, the paper’s evidence
suggests the Reform has not met its stated objectives. | en_GB |
dc.identifier.citation | Published online 24 September 2020 | en_GB |
dc.identifier.doi | 10.1080/00014788.2020.1815515 | |
dc.identifier.uri | http://hdl.handle.net/10871/122651 | |
dc.language.iso | en | en_GB |
dc.publisher | Taylor & Francis (Routledge) | en_GB |
dc.rights.embargoreason | Under embargo until 24 March 2022 in compliance with publisher policy | en_GB |
dc.rights | © 2020 Informa UK Limited, trading as Taylor & Francis Group | |
dc.subject | Remuneration Reporting | en_GB |
dc.subject | Governance Disclosure | en_GB |
dc.subject | Executive Remuneration | en_GB |
dc.subject | Pay-performance Sensitivity | en_GB |
dc.subject | Corporate Governance | en_GB |
dc.subject | Binding Say on Pay | en_GB |
dc.title | Pay regulation – is more better? | en_GB |
dc.type | Article | en_GB |
dc.date.available | 2020-08-27T10:37:47Z | |
dc.identifier.issn | 0001-4788 | |
dc.description | This is the author accepted manuscript. The final version is available from Taylor & Francis via the DOI in this record | en_GB |
dc.identifier.journal | Accounting and Business Research | en_GB |
dc.rights.uri | http://www.rioxx.net/licenses/all-rights-reserved | en_GB |
dcterms.dateAccepted | 2020-08-24 | |
rioxxterms.version | AM | en_GB |
rioxxterms.licenseref.startdate | 2020-08-24 | |
rioxxterms.type | Journal Article/Review | en_GB |
refterms.dateFCD | 2020-08-27T09:21:05Z | |
refterms.versionFCD | AM | |
refterms.panel | C | en_GB |