Retribución del directivo, factores contextuales y resultados de la empresaevidencia empírica en el sector químico-farmacéutico

Resum

This paper analyzes the performance implications of the fit between managerial compensation, firm strategy, and environment characteristics. The research is based on a framework that combines managerial discretion and agency theories to identify the links between firm strategy, environment characteristics, managerial control, managerial risk-bearing, and managerial compensation. A research design with both archival and survey data is used to test hypotheses in a sample of 82 Spanish firms belonging to chemical-pharmaceutical industry. Consistent with theory, results generally support the notion that managerial compensation makes a greater contribution to firm performance if this is consistent with firm strategy, but not for environment characteristics