Executive remuneration and corporate performance
The topic of this monograph refers to the remuneration of executives and its relationship with corporate performance. The thesis provides the review of the compensation and corporate governance theories with the focus on the principal-agent theory, which describes the conflict of interests between shareholders and executives. It delivers a broad review of corporate governance models, and its control mechanisms. Executive remuneration is a motivational mechanism that should solve the agency problem by aligning incentives of the managers and the shareholders. The monograph involves the review of the structures of remuneration across selected countries, including Poland. It shows different performance measures and their correlations with the executive remuneration in the international studies. The main objective of this monograph is to examine the relationship of executive remuneration of the companies listed on the Warsaw Stock Exchange (WSE), particularly the chief executing officer (CEO) total compensation and corporate performance, measured by the changes in market valuation. The hypothesis of this paper is: The total CEO compensation has a positive relationship with firm performance measured by the stock valuation for non-financial companies listed on the Warsaw Stock Exchange.
This study is the first of such complexity in the area of executive remuneration in Poland.
Prof. dr hab. Maria Aluchna,
An original study both on Polish and international scale. The author undertook a difficult task and performed it in a way that demonstrated his high competences.
Dr hab. Czesław Mesjasz,
The research problems raised in the monograph are important and current. Their cognitive value derives from the perennial attempts to identify and evaluate the relationship between top executive remuneration and the economic performance of companies. The application value of the monograph should also be emphasised. The results of research conducted on a sample of Polish public companes can provide interesting conclusions for legislative initiatives aimed at modifying existing and creating new corporate governance standards on the Polish capital market. In this context, any attempt to describe and evaluate the management remuneration policy deserves recognition.
Dr hab. Piotr Urbanek,
Michał Bartłomiejczyk holds a PhD in economics (scientiffic discipline – management) from Warsaw School of Economics, which he obtained for the research on executive remuneration and corporate performance presented in this book. His academic interests and publications concern questions of company performance.
He also holds master’s degrees in finance and accounting, management, and international business, and a bachelor’s degree in finance and accounting (all from Warsaw School of Economics), as well as many professional certifications in finance (Chartered Financial Analyst) and project management (Project Management Professional, Prince2, Certified Scrum Master). He studied at programs in management, leadership, and business administration at Harvard University, London School of Economics, and Tsinghua University. Professionally, he is advising the world’s biggest investment banks and financial institutions in their global transformation projects.