CEO Compensation and State Ownership in French Listed Companies

Abstract

This study investigates the determination of French CEO Compensation. Based on a panel sample of 153 French listed firms between 2003 and 2012, we find U-shaped relationship between State Ownership (SO) and CEO compensation. We attempt to fill the gap of previous French empirical research, which has been limited to cross-sectional studies and has focused on other types of shareholders, using panel data over a period of ten years. The non-monotonic relationship between SO and CEO compensation is initially negative, and then becomes positive with increasing State’s voting rights.

The Determinants of CEO Turnover: Evidence from France

“…Several CEOs come from the ranks of the State or maintain close relations with it (Yoo and Lee, 2009). The cross-connections between the political sphere and private French firms are common (Dardour and Boussaada, 2017). The above justifications provide justification for this study.…”

Does CEO compensation matter in boosting firm performance? Evidence from listed French firms

“…Dealing with the French context, the existing literature is counting several works that have addressed the CEO compensation issue within the French context. For example, Dardour and Bousaada (2017) Nevertheless, and as it can be noticed, these works have focused especially on investigating the determinants of French CEO compensation. However, many contextual and academic concerns would let important to study empirically the relationship between executive compensation and French corporate performance.…”

“…Dealing with the French context, the existing literature is counting several works that have addressed the CEO compensation issue within the French context. For example, Dardour and Bousaada (2017) have used a sample of 153 French listed firms between 2003 and 2012, to investigate the CEO compensation determinants. They have found a U‐shaped relationship between state ownership and CEO compensation.…”

Informations environnementales publiées dans le document de référence : quel impact sur les cours boursiers ? Une étude longitudinale sur le CAC 40 (2008-2013)

“…Pour étudier l'effet de la communication environnementale des entreprises, la plupart des travaux empiriques qui s'attachent à expliquer la valeur de la firme retiennent comme assise la théorie des parties prenantes ou la théorie de la légitimité . Cet article se fonde sur une approche théorique alternative (Giordano-Spring et Rivière-Giordano, 2010;Dardour et Husser, 2016;Dardour et Boussaada, 2017), la théorie de la communication volontaire qui s'insère dans le courant de la théorie de l'agence . Cette théorie présente la particularité de s'intéresser plus spécifiquement aux investisseurs et se focalise sur le rôle des reportings financiers à destination des marchés financiers .…”