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There is an ongoing debate about whether executives receive excessive compensation, and if so, how to control it. Several countries have instituted say-on-pay rules (shareholders' right to vote on executive compensation) to reduce excessive compensation. However, determining the effectiveness of say-on-pay is difficult because its tenets vary by country due to political, institutional, cultural, economic, and social factors. Policy issues like say-on-pay are complex, ill-structured problems without definitive assumptions, theories, or solutions. Existing say-on-pay research is inconclusive, since some studies find no change in CEO compensation around its adoption, whereas other studies show that say-on-pay lowers CEO pay or changes its composition. This paper chronicles the history of say-on-pay, compares its implementation by groups (e.g. shareholders-initiated versus legislated and binding versus advisory), discusses the complexities of using say-on-pay to address excessive executive compensation, and recommends future research directions.

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Exports can be an important component of the growth strategy for developing countries, and an understanding of export destination choices can help to facilitate that growth. This paper uses the concept of psychic distance to examine Kenyas export pattern to selected markets. Regression analysis indicates that Kenyas total exports are significantly associated with countries that are psychically close (Uganda, Tanzania, and the United Kingdom), but not with countries that are psychically distant (Ethiopia, Egypt, and the United States). Thus, psychic distance explains Kenyas export choices better than geographic distance does. The paper concludes with suggestions about ways that an understanding of psychic distance can help Kenya and other countries that seek to expand their economies through export.