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Top executive pay in Spanish banking system

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  • Ferrero-Ferrero, Idoya
  • Fernández-Izquierdo, María Ángeles
  • Muñoz-Torres, María Jesús

Abstract

This study examines consistency between compensation systems and corporate performance. The main purpose is to analyse how the performance has affected the short-term executive pay in Spanish banking system during the period 2004–2008. The main results reveal that pay-performance sensitivity is asymmetrical regarding the sign of the variation of the performance, since the pay-performance sensitivity is greater when the variation of the results is positive than when the variation of the results is negative. This finding is consistent with the managerial power theory and calls into question the role of the pay-performance incentives to align interest of executives and shareholders.

Suggested Citation

  • Ferrero-Ferrero, Idoya & Fernández-Izquierdo, María Ángeles & Muñoz-Torres, María Jesús, 2014. "Top executive pay in Spanish banking system," Journal of Management & Organization, Cambridge University Press, vol. 20(3), pages 333-347, May.
    • Handle: RePEc:cup:jomorg:v:20:y:2014:i:03:p:333-347_00
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    Cited by:

    1. Clement Olalekan Olaniyi & Olaolu Richard Olayeni, 2020. "A new perspective into the relationship between CEO pay and firm performance: evidence from Nigeria’s listed firms," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 22(2), pages 250-277, December.

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