Topplederlønn- dens utvikling og sammensetning før og under finanskrisen : en studie av norske allmennaksjeselskap på Oslo Børs
Master thesis
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http://hdl.handle.net/11250/135806Utgivelsesdato
2012Metadata
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Sammendrag
The!aim!of!this!thesis!is!to!describe!changes!in!executive!pay!in!Norwegian!companies!
on!the!Oslo!Stock!Exchange!during!the!period!from!2006!to!2010.!We!want!to!describe!
the!impact!of!the!financial!crisis!on!executive!pay,!and!look!at!the!factors!that!will!decide!
the!CEO´s!salary!and!the!impact!these!factors!have.!In!our!study!we!are!using!a!sample!of!
138!Norwegian!companies!listed!on!the!Oslo!Stock!Exchange.!!
!
We! extracted! data! on! executive! pay! and! other! economic! indicators! from! the! annual!
reports!of! the! companies! involved.! In!addition! to!describing! the!developments! in!CEO!
pay!and! the! composition!of! this!we!have! carried!out!analyzes! to! see!how! the! location!
and!size!of!companies!affects!the!total!remuneration!of!CEOs.!!
We! have! also! conducted! a! correlation! analysis! and! a! regression! analysis.!
!
The!study!shows!that!top!executive!pay!has!increased!substantially!from!2006!to!2008,!
with! the!greatest! increase! from!2006! to!2007.!Then! the! remuneration!was! reduced! in!
2009!and!this!trend!also!continued!into!2010!when!we!adjust!for!inflation.!The!analysis!
shows! that! for! companies! located! in! and! around!Oslo,! the!CEOs! receive! higher!wages!
than! other! CEOs! in! companies! around! the! country.!We! also! demonstrated! a! positive!
correlation! between! corporate! size,!measured! by!number! of! employees! and! turnover,!
and! CEO! pay.! In! other! words,! CEOs! in! larger! companies! are! receiving! higher!
remuneration! than! CEOs! of! smaller! companies.! The! analysis! also! shows! us! that! the!
financial! crisis! has! helped! to! steer! the! development! of! the! bonus! payments.! The!
correlation! between! bonus! payments! and! profit! of! the! companies!was!much! stronger!
during! the! financial! crisis! than! before! the! crisis.!
!
The!thesis!is!organized!in!four!parts.!The!first!part!of!the!thesis!presents!the!theory!of!
principalDagent! theory,! risk,! optimal! contract! theory,! the! sizeDwage! effect! and! other!
relevant!parts!regarding!CEO!pay!and!its!components.!In!the!second!part!we!will!present!
how!we!have!worked!with!the!study,!and!present!our!analysis!and!findings!in!the!third!
part.!The!last!part!of!the!thesis!deals!with!discussion!of!the!results!and!suggestions!for!
further!research.!We!hope!that!our!thesis!will!be!interesting!to!read.!
!
Beskrivelse
Masteroppgave i økonomi og administrasjon - Universitetet i Agder 2012