Determinants and effects of sustainable CEO compensation: a structured literature review of empirical evidence
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In: Management Review Quarterly, Vol. 69, No. 3, 01.09.2019, p. 265-328.
Research output: Journal contributions › Journal articles › Research › peer-review
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TY - JOUR
T1 - Determinants and effects of sustainable CEO compensation
T2 - a structured literature review of empirical evidence
AU - Winschel, Julija
AU - Stawinoga, Martin
PY - 2019/9/1
Y1 - 2019/9/1
N2 - Sustainability-oriented CEO compensation is being widely discussed among policy makers, corporate practice, and academia. To date, management literature has yielded a growing body of empirical results on the determinants and effects of sustainable CEO compensation. Primarily, empirical studies analyze whether and to what extent sustainability-related issues determine the design of sustainable CEO compensation and how sustainability-oriented CEO compensation impacts corporate performance. However, the scattered nature of this research field has impeded an overarching empirical substantiation of the arguments in favor or against a sustainable CEO compensation. This structured literature review addresses this gap by analyzing 37 empirical studies on the key determinants and effects of sustainable CEO compensation. Using a multi-level analysis, we contribute to the discussion on sustainable CEO compensation by systematically identifying the central empirical insights and methodological and content-related foci within this research area. In summary, this review provides regulators, boards, management, investors, and other stakeholders with academic evidence on the determinants and effects of sustainability-oriented CEO compensation design. In addition to critically reflecting on the current state of research, we recommend paths for future research on sustainable CEO compensation.
AB - Sustainability-oriented CEO compensation is being widely discussed among policy makers, corporate practice, and academia. To date, management literature has yielded a growing body of empirical results on the determinants and effects of sustainable CEO compensation. Primarily, empirical studies analyze whether and to what extent sustainability-related issues determine the design of sustainable CEO compensation and how sustainability-oriented CEO compensation impacts corporate performance. However, the scattered nature of this research field has impeded an overarching empirical substantiation of the arguments in favor or against a sustainable CEO compensation. This structured literature review addresses this gap by analyzing 37 empirical studies on the key determinants and effects of sustainable CEO compensation. Using a multi-level analysis, we contribute to the discussion on sustainable CEO compensation by systematically identifying the central empirical insights and methodological and content-related foci within this research area. In summary, this review provides regulators, boards, management, investors, and other stakeholders with academic evidence on the determinants and effects of sustainability-oriented CEO compensation design. In addition to critically reflecting on the current state of research, we recommend paths for future research on sustainable CEO compensation.
KW - Management studies
KW - CEO
KW - Sustainable CEO Compensation
KW - structured literature review
KW - corporate governance
KW - principal agent theory
KW - stakeholder-agency theory
KW - behavioral-agency theory
UR - http://www.scopus.com/inward/record.url?scp=85060706636&partnerID=8YFLogxK
U2 - 10.1007/s11301-019-00154-9
DO - 10.1007/s11301-019-00154-9
M3 - Journal articles
AN - SCOPUS:85060706636
VL - 69
SP - 265
EP - 328
JO - Management Review Quarterly
JF - Management Review Quarterly
SN - 2198-1620
IS - 3
ER -