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Kevin J. Murphy on Executive Compensation: Is Europe Catching Up with the US, and Should it Do So?

In: Corporate Governance in the US and Europe

Author

Listed:
  • Geoffrey Owen

    (Interdisciplinary Institute of Management, London School of Economics and Political Science)

  • Tom Kirchmaier

    (Interdisciplinary Institute of Management, London School of Economics and Political Science)

  • Jeremy Grant

    (Graduate Institute of International Studies)

Abstract

Executive compensation has risen sharply over the last few years in both Europe and the US, although the level of compensation in the US is still considerably higher than in Europe. The steep rise in compensation is driven in part by the ratchet effect induced by more stringent disclosure rules, and in part by inefficiencies in, and governance failure of, the CEO hiring process.

Suggested Citation

  • Geoffrey Owen & Tom Kirchmaier & Jeremy Grant, 2006. "Kevin J. Murphy on Executive Compensation: Is Europe Catching Up with the US, and Should it Do So?," Palgrave Macmillan Books, in: Corporate Governance in the US and Europe, chapter 10, pages 61-64, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51245-0_10
    DOI: 10.1057/9780230512450_10
    as

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