Fågel, fisk eller mittemellan? En kvantitativ studie av hur institutionellt ägarskap inverkar på VD-ersättning i svenska börsnoterade företag
Sammanfattning: Sweden has seen a dramatic increase in institutional ownership in publicly listed companies during the last two decades. The development has resulted in a discussion of the role of institutional investors in corporate governance. By analysing their impact on one of the most debated corporate governance mechanisms, the CEO compensation contract, this study aims to find empirical evidence of institutional influence by testing hypotheses formulated with basis in agency theory. A regression analysis of data from 235 Swedish listed firms is used to test institutional ownership impact on the total, variable and long-term variable CEO compensation for the fiscal year 2016. No significant relationship is found in the study between concentration of institutional ownership and total, variable and long-term variable CEO compensation, after introducing controlling variables such as firm size. However, a broader theoretical framework is used to discuss whether the result implies that Swedish institutional investors are passive in the formulation of CEO compensation contracts. While our study did not find a significant impact of institutional ownership, we argue that the institutions are likely to have an impact on Swedish corporate governance practices that in turn may influence CEO compensation contracts. The study introduces several aspects for further research to explore this statement based on a more applied agency theory approach, or a broader theoretical framework. Furthermore, the study highlights the potential simplification of current discussion about institutional investor impact on an aggregate level and stresses the need to view institutional actors as a heterogeneous group.
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