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1、THECENTREFORMARKETANDPUBLICORGANISATIONTheCentreforMarketandPublicOrganisation,aResearchCentrebasedattheUniversityofBristol,wasestablishedin1998.TheprincipalaimoftheCMPOistodevelopunderstandingofthedesignofactivitieswithinthepublicsector,ontheboundaryofthestateandwithinrecentlyprivatisedent
2、itieswiththeobjectiveofdevelopingresearchin,andassessingandinformingpolicytoward,theseactivities.CentreforMarketandPublicOrganisationUniversityofBristolDepartmentofEconomicsMaryPaleyBuilding12PrioryRoadBristolBS81TNTel:(0117)9546943Fax:(0117)9546997E-mail:cmpo-office@bristol.ac.ukExecutiveP
3、ayandPerformanceintheUK1994-2002PaulGregg,SarahJewellandIanTonksJune2005WorkingPaperNo.05/122ISSN1473-625XCMPOWorkingPaperSeriesNo.05/122ExecutivePayandPerformanceintheUK1994-20021PaulGregg2SarahJewelland3IanTonks1CMPO,TheUniversityofBristol2CMPO3Xfi,UniversityofExeterJune2005AbstractThispa
4、perexaminestherelationshipbetweenexecutivecashcompensationandcompanyperformanceforasampleoflargeUKcompaniesovertheperiod1994-2002.ThisrelationshipisexaminedagainstabackgroundofaseriesofreportsintocorporategovernancemechanismsinUKcompanies.WeshowthatbasepaycompensationofUKexecutiveshasincrea
5、sedsubstantiallyoverthisperiod,andweprovideevidenceonthemovementinthepay-performancesensitivityovertime.Weidentifyanasymmetricrelationshipbetweenpayandperformance:inyearsandforcompaniesinwhichstockreturnsarerelativelyhigh,pay-performanceelasticitiesarehigh,butwefindthatexecutivepayislesssen
6、sitivetoperformanceinthosecaseswhenstockreturnsarelow.Thissuggeststhatoverallthereislittlerelationshipbetweenpayandperformance.Wealsoexploretheheterogeneityofthepay-performancerelationshipacrossfirms,andfindthatboardstructure,firmsize,industryandfirmriskareallsignificantdeterminantsofexecut
7、ivecompensation.Keywords:Executivecompensation,payandperformanceJELClassification:G34;J33;M52AcknowledgementsThispaperhasbenefitedfromcommentsmadeatseminarpresentationsatUniversityofAmsterdam,Bristol,ExeterandEFMCorporateGovernanceConferenceatLeeds,April
