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The Impact of Mergers and Acquisitions on Executive Pay in the United Kingdom

Guest, P (2009) The Impact of Mergers and Acquisitions on Executive Pay in the United Kingdom Economica, 76. pp. 149-175.

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Abstract

This paper examines the impact of acquisitions by UK acquirers on executive pay. The overall sample shows a significant transitory pay increase. Pay changes are not affected by target nationality or organizational form, although initial cross-border acquisitions result in higher pay. Pay increases are higher following acquisitions of targets with high pay, but not high-pay countries. CEOs are rewarded equally for bad and good acquisitions, and those well rewarded are more likely to re-acquire. However, bad acquisitions do not increase CEO wealth because CEO shareholding value declines. Pay impacts are not affected by the acquiring firms’ strength of corporate governance.

Item Type: Article
Divisions : Faculty of Arts and Social Sciences > Surrey Business School
Authors :
AuthorsEmailORCID
Guest, PUNSPECIFIEDUNSPECIFIED
Date : 28 February 2009
Identification Number : 10.1111/j.1468-0335.2007.00674.x
Additional Information : This is the accepted version of the following article: The Impact of Mergers and Acquisitions on Executive Pay in the United Kingdom,which has been published in final form at http://dx.doi.org/10.1111/j.1468-0335.2007.00674.x
Depositing User : Symplectic Elements
Date Deposited : 02 Apr 2014 14:23
Last Modified : 09 Jun 2014 13:58
URI: http://epubs.surrey.ac.uk/id/eprint/714000

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