Stabsseminar torsdag

Institutt for foretaksøkonomi holder stabsseminar torsdag 18. september. Seminaret er ved Trond Randøy fra Høgskolen i Agder og temaet er The Effects of Internationalization on CEO Compensation.

17.09.2003 - Knut André Karlstad

Tid: Torsdag 18. september klokken 12.15-13.30.
Sted: Karl Borchs auditorium.

Paper er tilgjenglig på
http://www.nhh.no/for/seminars/2003-fall/180903.pdf

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Abstract

This study examines the relation between the internationalization of firms and CEO compensation. Starting from a sample of Norwegian and Swedish listed firms we analyze the effects of internationalization as manifest in the capital market (foreign exchange listing), the market for corporate control (foreign board membership), and the product market (export and foreign sales). We conclude that all three markets contribute positively to the compensation level of CEOs. We argue that part of the higher CEO compensation in internationally oriented firms reflects a risk premium for reduction in job security as measured by duration of CEO tenure.