Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Does the Market for Top Executives Work? CEO Pay and Turnover in Small UK Companies
AU - Conyon, Martin
AU - Nicolitsas, D
PY - 1998/9
Y1 - 1998/9
N2 - This paper presents the results of our investigation into the operation of the managerial labour market in small and medium sized manufacturing companies. Using a sample of some 40 or so companies we study the sensitivity of managerial pay and tenure to company performance. Managerial pay in this type of firms is much lower than the six digit figures quoted for large public companies and CEO turnover is much higher than we expected. We find some evidence to suggest that pay in small companies is sensitive to sales growth and that CEO tenure in public companies responds to the growth in sales.
AB - This paper presents the results of our investigation into the operation of the managerial labour market in small and medium sized manufacturing companies. Using a sample of some 40 or so companies we study the sensitivity of managerial pay and tenure to company performance. Managerial pay in this type of firms is much lower than the six digit figures quoted for large public companies and CEO turnover is much higher than we expected. We find some evidence to suggest that pay in small companies is sensitive to sales growth and that CEO tenure in public companies responds to the growth in sales.
U2 - 10.1023/A:1007908520404
DO - 10.1023/A:1007908520404
M3 - Journal article
VL - 11
SP - 145
EP - 154
JO - Small Business Economics
JF - Small Business Economics
SN - 0921-898X
IS - 2
ER -