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Compensation consultants and CEO pay

Kabir, Rezaul; Minhat, Marizah


Rezaul Kabir

Marizah Minhat


The study examines the practice of employing multiple compensation consultants. Examining data of a sample of UK companies over the period 2003–2006 we find that CEOs receive higher equity-based pay when firms employ more than one compensation consultant. An increase in the number of compensation consultants is also associated with an increase in CEO equity-based pay, whereas no decline in CEO pay takes place when firms reduce the number of pay consultants. We also observe that the market shares of compensation consultant are positively related to CEO equity-based pay


Kabir, R., & Minhat, M. (2014). Compensation consultants and CEO pay. Research in International Business and Finance, 32, 172-189.

Journal Article Type Article
Acceptance Date May 20, 2014
Publication Date May 5, 2014
Deposit Date Aug 25, 2014
Print ISSN 0275-5319
Electronic ISSN 0275-5319
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 32
Pages 172-189
Keywords Executive compensation; CEO pay; Compensation consultant; Corporate governance;
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