Executive Remuneration and Corporate Divestment: Motivating Managers to Make Unpalatable Decisions
利用1988至1993年107家英国上市公司数据，研究自愿剥离对高管薪酬的影响，发现仅在存在大股东的公司中，剥离才显著提高薪酬。
Abstract: This study examines the impact of voluntary divestment on executive remuneration, using an unbalanced panel of 107 UK quoted companies over the period 1988 to 1993. It employs a dynamic compensation equation, with a vector of controls and alternative specifications of the divestment effect. The results show no general direct evidence of a remuneration process that rewards managers for downsizing their firms. Indeed the substantial pay‐size elasticity implies the reverse. However, divestment does have a positive and significant effect in raising executive remuneration under a regime of strong corporate governance, defined in terms of the presence of a substantial blockholder.