We argue that the dominance of principal-agent theory as an approach to investigating executive pay has led to an overly narrow focus which may be unhelpful when considering cross-country differences and probably also hinders within-country analysis. The paper discusses the interlinked nature of...

Equity-based pay in the form of executive share options (ESOs) is a controversial part of the typical, US-style governance package, and ESOs in Germany are the focus of this paper. A conventional view would see ESOs as a US-style organizational innovation diffusing globally in general, and to...

Using a hitherto neglected source of data, this paper combines executive emoluments with executive options to construct a broader measure of executive pay than has been possible in earlier British studies. The result of including the long-term share option component of pay along with the more...