Executive Board Members' Remuneration : A Longitudinal Study

Remuneration is considered to be closely connected with financial performance (positively), firm size (positively), the organizational structure (negatively) and corporate governance mechanisms (negatively). Furthermore, a connection of ownership structure and executives' remuneration has been well established (theoretically and empirically) in the literature (agency theory). The paper examines if these connections are valid in Greece. Greece hasn't the characteristics of an Anglo-Saxon country. Overall the study has proven that remuneration levels in Greece are defined by a different set of factors than the ones in an Anglo-Saxon country. Fundamental financial measures of performance are more widely used. The age of firms and corporate governance quality have a catalytic impact on remuneration levels