Working Paper Series
The Effects of Internationalization on CEO Compensation
() and Trond Randoy
Abstract: This study examines the relation between the
internationalization of firms and CEO compensation. Starting from a sample
of Norwegian and Swedish listed firms we analyze the effects of
internationalization as manifest in the capital market (international
cross-listing), the market for corporate control (foreign board
membership), and the product and service market (export and foreign sales).
We conclude that all three markets contribute positively to the
compensation level of CEOs. We argue that part of the higher CEO
compensation in internationally oriented firms - as compared to less
internationalized firms within the same country - reflects a risk premium
for reduction in job security.
Keywords: CEO Compensation; Internationalization; Corporate Governance; CEO Tenure; Cross-Listing; Foreign Board Membership; (follow links to similar papers)
JEL-Codes: G34; K12; M10; M12; (follow links to similar papers)
26 pages, February 9, 2004
Before downloading any of the electronic versions below
you should read our statement on
for viewing Postscript files and the
Acrobat Reader for viewing and printing pdf files.
Full text versions of the paper:
- This paper is published as:
Oxelheim, Lars and Trond Randoy, (2005), 'The Effects of Internationalization on CEO Compensation', Journal of International Business Studies, Vol. 36, No. 4, pages 470-483
Questions (including download problems) about the papers in this series should be directed to Elisabeth Gustafsson ()
Report other problems with accessing this service to Sune Karlsson ()
or Helena Lundin ().
Design by Joachim Ekebom