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Top Management Compensation In Switzerland Essay

9150 words - 37 pages

WHAT EXPLAINS TOP MANAGEMENTCOMPENSATION IN SWITZERLAND?Master of Sciencein International ManagementRaúl Barroso CasadoJanuary 17th 2005Professor: Daniel OyonExpert Professor: Franck Missonier-PieraINDEX1 WHAT EXPLAINS TOP MANAGEMENT COMPENSATION IN SWITZERLAND? ........ 32 LITERATURE REVIEW ............................................................................................ 62.1 Agency costs.............................................................................................................................. 72.2 Control on Agency Problems .................................................................................................. 72.2.1 Compensation and Performance ............................................................................................ 82.2.2 Compensation and Size ....................................................................................................... 132.2.3 Compensation and Risk ....................................................................................................... 152.2.4 Compensation and Corporate Governance .......................................................................... 163 COMPENSATION IN SWITZERLAND..................................................................... 213.1 Hypotheses:............................................................................................................................. 213.1.1 Pay is positively related to Performance ............................................................................. 213.1.2 Pay is positively related to size............................................................................................ 223.1.3 Pay is positively related to risk ............................................................................................ 233.1.4 Weak governance leads to higher salaries ........................................................................... 233.2 Sample Data............................................................................................................................ 253.3 Results ..................................................................................................................................... 283.3.1 Short Term Performance ..................................................................................................... 283.3.2 Longer Term Perspective..................................................................................................... 313.3.3 Effects of Size...................................................................................................................... 334 CONCLUSIONS .................................................................................................. 364.1.1 Acknowledgements ............................................................................................................. 395 APPENDIXES...

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