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Is Additional CEO Remuneration a Performance Driver? DAX CEOs Evidence

dc.contributor.authorCosta, Magali
dc.contributor.authorLisboa, Inês
dc.contributor.authorMarzinzik, René
dc.date.accessioned2023-12-08T18:35:28Z
dc.date.available2023-12-08T18:35:28Z
dc.date.issued2023-07
dc.description.abstractThis study aims to understand the impact of the additional remuneration of the Chief Executive Officer (CEO) over the mean remuneration of the board of directors on firms’ financial performance. The objective is to understand if the highest compensation of the CEO is a firm performance driver. In addition to the impact of total remuneration, the different remuneration components were split and analyzed. An unbalanced panel data of listed companies in DAX–Germany over the period from 2006 until 2019 is analyzed. Using dynamic methodology to estimate the models, the results show that higher additional remuneration positively explains higher firm performance measured using both accounting and market measures. The impact is also evident when additional remuneration components are analyzed. These results support the tournament theory, since when CEOs feel rewarded, they are more efficient in increasing the firm’s performance. Moreover, the firms’ financial characteristics, as well as macroeconomic factors, are also relevant to explaining its performance.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationCosta, M.; Lisboa, I.; Marzinzik, R. Is Additional CEO Remuneration a Performance Driver? DAX CEOs Evidence. Risks 2023, 11, 133. https://doi.org/10.3390/risks11070133pt_PT
dc.identifier.doihttps://doi.org/10.3390/risks11070133pt_PT
dc.identifier.eissn2227-9091
dc.identifier.urihttp://hdl.handle.net/10400.8/9026
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherMDPIpt_PT
dc.relationCentre of Applied Research in Management and Economics
dc.relation.publisherversionhttps://www.mdpi.com/2227-9091/11/7/133pt_PT
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectCEO remunerationpt_PT
dc.subjectAdditional remunerationpt_PT
dc.subjectRemuneration gappt_PT
dc.subjectFirm performancept_PT
dc.subjectGermanypt_PT
dc.titleIs Additional CEO Remuneration a Performance Driver? DAX CEOs Evidencept_PT
dc.typejournal article
dspace.entity.typePublication
oaire.awardTitleCentre of Applied Research in Management and Economics
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F04928%2F2020/PT
oaire.citation.issue7pt_PT
oaire.citation.startPage133pt_PT
oaire.citation.titleRiskspt_PT
oaire.citation.volume11pt_PT
oaire.fundingStream6817 - DCRRNI ID
person.familyNamePedro Costa
person.familyNameLisboa
person.givenNameMagali
person.givenNameInês
person.identifier2201979
person.identifier.ciencia-id0013-1613-1925
person.identifier.ciencia-id5510-48F2-54DF
person.identifier.orcid0000-0001-7738-504X
person.identifier.orcid0000-0003-2802-2589
person.identifier.scopus-author-id55582040700
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT
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relation.isAuthorOfPublicationd738c31a-5c43-42ad-8643-e7349164d0e4
relation.isAuthorOfPublication.latestForDiscoveryd738c31a-5c43-42ad-8643-e7349164d0e4
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