VD-ersättning och ägarkoncentration: En studie om ersättningsnivåerna i svenska börsbolag

Sammanfattning: This study examines whether the ownership structure of Swedish firms contributes to explain the variations in executive pay. A regression analysis was performed on 102 companies listed on the Stockholm Stock Exchange. The analysis suggests a negative relationship between ownership structure and executive pay after taking company profitability and size into account. The result is in line with previous studies and the agency theory. This indicates that large shareholders have a stronger position in Swedish companies or that large shareholders monitor the management to a larger extent, rather than providing incentives. We find no significant relationships between company performance and executive pay, which contradicts the agency theory but is in line with previous studies on Swedish firms. However, company size contributes in explaining the variation in executive pay. As no studies on executive pay on Swedish firms have taken ownership concentration into account, our study adds to the understanding of variations in executive pay in Sweden.