One of main corporate governance problems that plague the investors is the high salaries paid to the executives. Such high salaries were justified to keep the executives motivated. This article emphasizes, based on literature survey, that in spite of the existence of the many perquisites, money...

Informed by agency theory, the dominant theory and practice of CEO pay both exclude non-monetary incentives and treat money itself as pure exchange value. Drawing on the economics of non-monetary incentives and the sociology of money, we use qualitative evidence from UK FTSE100 CEOs, to...