Baixauli-Soler, J. Samuel; Sanchez-Marin, Gregorio - In: Journal of Business Research 64 (2011) 8, pp. 862-870
This paper analyzes how the characteristics of boards and structure of ownership moderate a firm's capacity to adjust top management team (TMT) pay levels in the face of changes in its economic and complexity conditions. Using panel data from Spanish listed companies between 2003 and 2007, the...