Managerial compensation, ownership structure and profitability in Norwegian hydroelectric energy companies : N/A
Master thesis
Permanent lenke
http://hdl.handle.net/11250/135472Utgivelsesdato
2009Metadata
Vis full innførselSamlinger
Sammendrag
Today, the Norwegian energy sector is significantly dominated by public ownership, both directly
and indirectly, and the sector has turned out to be very profitable compared to other sectors.
This master thesis starts by introducing some concepts of corporate governance and the agency
theory which will be the theoretical basis.
The study attempts to determine the relationship between the level of fixed pay and profitability,
and ownership structure and profitability of Norwegian hydroelectric energy companies. According
to a tremendous amount of research conducted on these relationships in other industries and sectors,
the level of compensation to the CEO, the number of owners and the size of the largest shareholder
are explanatory factors to the profitability of each company. In this study, I will examine whether
we can make the same generalization about the Norwegian energy industry, with regards to the
extensive governmental and municipal ownership influence and the historical perspective regarding
the monopolistic pre-1991 market conditions of these companies in Norway.
The empirical data collection was based on all of the companies with total revenues exceeding
NOK 100 millions, hence no regional or structural limitations. I have used regression analyses in
order to carry out the research.
Despite the vast amount of research on this field which indicates relations, I was not able to
determine any relationship between the level of fixed pay or the number of owners and profitability
in my population. However, I was able to indicate a weak positive relationship between owner
concentration and profitability of the industry.
Beskrivelse
Masteroppgave i økonomi og administrasjon - Universitetet i Agder 2009