Abstract
Executive compensation has risen sharply over the last few years in both Europe and the US, although the level of compensation in the US is still considerably higher than in Europe. The steep rise in compensation is driven in part by the ratchet effect induced by more stringent disclosure rules, and in part by inefficiencies in, and governance failure of, the CEO hiring process.
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© 2006 Geoffrey Owen, Tom Kirchmaier and Jeremy Grant
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Owen, G., Kirchmaier, T., Grant, J. (2006). Kevin J. Murphy on Executive Compensation: Is Europe Catching Up with the US, and Should it Do So?. In: Corporate Governance in the US and Europe. Palgrave Macmillan, London. https://doi.org/10.1057/9780230512450_10
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DOI: https://doi.org/10.1057/9780230512450_10
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-54717-3
Online ISBN: 978-0-230-51245-0
eBook Packages: Palgrave Business & Management CollectionBusiness and Management (R0)