Business, Management and Accounting
7 years ago

CEO pay in Pakistan influenced by firm performance, governance, and collusion.

Applied Economics
Firm performance, corporate governance and executive compensation in Pakistan
Muhammad Fayyaz Sheikh, Zulfiqar Ali, Saeed Akbar

Paper Summary

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The study looked at how a company's performance and governance affect CEO pay in Pakistan. They used a strong method to analyze data from non-financial firms listed on the Karachi Stock Exchange from 2005 to 2012. The findings show that good accounting performance leads to higher CEO pay, but stock market performance does not. When the largest shareholder owns a lot of the company, the CEO gets paid more, suggesting a cozy relationship. Having the same person as CEO and board chair is linked to lower pay, while board size and independence don't affect pay much. CEO pay doesn't change quickly and takes time to reach a stable level.