HEC Research Papers Series,
HEC Paris

Abstract: In today's managerial world (corporate governance, shareholders' wealth maximization, agency theory) how are CEOs paid in the 700 layest French firms ? What are the various components of total compensation: fixed camp, bonus fringes, stock options ? What parties influence the mix and amounts : board, compensation committee, CEO himself, etc. ? On what criteria is CEOs' compensation based : objective / subjective criteria, short term / medium term, etc. ? What ratio between the various layers of employees from CEO to workers? How and where are CEOs recruited ? These are the major questions to which we produce answers. We also tests various theories like tournament or compensation as a key element of social status.

Keywords: CEO compensation; agency theory; corporate governance

JEL-codes: J33; M10; M12

25 pages, January 15, 1999

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