CEO compensation and large shareholders: Evidence from emerging markets

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dc.contributor.authorGallego, Francisco
dc.contributor.authorLarrain, Borja
dc.date.accessioned2025-01-24T00:05:38Z
dc.date.available2025-01-24T00:05:38Z
dc.date.issued2012
dc.description.abstractGallego, Francisco, and Larrain, Borja-CEO compensation and large shareholders: Evidence from emerging markets
dc.description.abstractUsing a novel data base for three emerging markets we study large shareholders and their relationship with professional managers. This is important to understand wage inequality and returns to high-level human capital since concentrated ownership is prevalent in developing countries. We find a compensation premium of about 30 log points for professional (not controller-related) CEOs working in firms controlled by a family compared to firms controlled by other large shareholders. The premium cannot be explained away by standard firm characteristics, observable executive skills (e.g., education or tenure), or the compensation of the CEO in her former job. The premium comes mostly from family firms with absent founders and when sons are involved. Journal of Comparative Economics 40 (4) (2012) 621-642. Pontificia Universidad Catolica de Chile, Instituto de Economia, Avda. Vicuna Mackenna 4860, Macul, Santiago, Chile; Pontificia Universidad Catolica de Chile, Escuela de Administracion and Finance UC, Avda. Vicuna Mackenna 4860, Macul, Santiago, Chile. (C) 2012 Association for Comparative Economic Studies Published by Elsevier Inc. All rights reserved.
dc.fuente.origenWOS
dc.identifier.doi10.1016/j.jce.2012.02.003
dc.identifier.eissn1095-7227
dc.identifier.issn0147-5967
dc.identifier.urihttps://doi.org/10.1016/j.jce.2012.02.003
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/101849
dc.identifier.wosidWOS:000312279600008
dc.issue.numero4
dc.language.isoen
dc.pagina.final642
dc.pagina.inicio621
dc.revistaJournal of comparative economics
dc.rightsacceso restringido
dc.subjectCEO compensation
dc.subjectLarge shareholders
dc.subjectFamily firms
dc.subjectEmerging markets
dc.titleCEO compensation and large shareholders: Evidence from emerging markets
dc.typeartículo
dc.volumen40
sipa.indexWOS
sipa.trazabilidadWOS;2025-01-12
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