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Please use this identifier to cite or link to this item: https://dspace.lboro.ac.uk/2134/15105

Title: Early and late adoption of American-style executive pay in Germany: governance and institutions
Authors: Chizema, Amon
Keywords: Executive stock options
Neo-institutional Theory
Corporate governance
Issue Date: 2010
Publisher: © Elsevier
Citation: CHIZEMA, A., 2010. Early and late adoption of American-style executive pay in Germany: governance and institutions. Journal of World Business, 45 (1), pp.9-18.
Abstract: Employing the theoretical perspective of neo-institutional change, this paper identifies the characteristics of early and late adoption of executive stock options (ESOs) in German firms. The paper contributes to the debate over the convergence/divergence of corporate governance systems, adding to the literature on institutional change by demonstrating the reaction of intra-organizational actors to macro-level changes. The study finds that there is employee resistance to the adoption of ESOs in the early stages, and older firms, embedded in traditional practices, prefer to maintain the status quo. Prior adoption of shareholder value oriented practices helps to smooth the way for subsequent adoptions for both early and late adopters. The full convergence of corporate governance systems is still not imminent.
Description: This paper is closed access.
Version: Closed access
DOI: 10.1016/j.jwb.2009.04.007
URI: https://dspace.lboro.ac.uk/2134/15105
Publisher Link: http://dx.doi.org/10.1016/j.jwb.2009.04.007
ISSN: 1090-9516
Appears in Collections:Closed Access (Business School)

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