Activismo accionarial y retribución directiva: la influencia del say-on-payen las empresas cotizadas españolas

  1. Gregorio Sánchez Marín 2
  2. Juan Samuel Baixauli Sole 1
  3. Lozano Reina, Gabriel
  1. 1 Universidad de Murcia
    info

    Universidad de Murcia

    Murcia, España

    ROR https://ror.org/03p3aeb86

  2. 2 Universidad de Alcalá
    info

    Universidad de Alcalá

    Alcalá de Henares, España

    ROR https://ror.org/04pmn0e78

Journal:
Revista de Trabajo y Seguridad Social. CEF

ISSN: 2792-8314 2792-8322

Year of publication: 2023

Issue: 472

Pages: 217-244

Type: Article

DOI: 10.51302/RTSS.2023.3359 DIALNET GOOGLE SCHOLAR lock_openOpen access editor

More publications in: Revista de Trabajo y Seguridad Social. CEF

Abstract

The say-on-pay (SOP) is a voting held at the annual general meeting that allows shareholders to express their views –by voting in favor, against or by abstaining– on executive compensation. This voting, originally implemented by the United Kingdom in 2002, has been implemented in many countries with different typologies. There is still controversy about the effectiveness of this voting, with the Spanish context being of special interest due to its corporate governance particularities. Based on a sample of Spanish listed companies from 2013 to 2020, the aim of this paper is to analyze the effects of SOP on CEO compensation designs by analyzing the degree of shareholder activism existing as well as the impact of voting results on CEO compensation designs. Our results state that the SOP stimulates the participation of shareholders in corporate governance matters related to pay issues, in addition to encouraging CEO compensation more aligned with firm performance.

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