CORPORATE GOVERNANCE, MANAGERIAL COMPENSATION , AND FIRM PERFORMANCE IN LARGE TURKISH COMPANIES

B. Burçin YURTOĞLU (University of Vienna)

The overwhelming majority of executive compensation studies focus on Anglo-Saxon countries with dispersed shareholdings and the resulting managerial discretion problems. We analyze the impact of governance characteristics on the total compensation of boards and top-level managers in a panel of Turkish listed companies. While in a preliminary stage, the results suggest a slightly stronger pay-size elasticity than those estimated for US and UK samples. The paper also explores the link between company performance and total pay