This study examines the determinants of managerial compensation in a sample of Danish firms testing hypothesis derived from agency theory in the seldomly studied (European) institutional setting of relationship-oriented governance systems. We find pay-performance sensitivity similar to that...

The purpose of this paper is to test some predictions from the literature concerning firms' choices of methods of pay for their managerial employees, and to provide estimates of the effects of performance pay on individual productivity using individual earnings as a mesure of productivity.

The purpose of this paper is to examine the seterminants of the variation in Czech managers' pay levels. Among the questions we attempt to answer are: Are the managers in state-owned firms compensated differently than those in private owned firms? How much of the difference in pay is explained...