INFLUENCIA DEL SAY-ON-PAY COMO MECANISMO DE GOBIERNO CORPORATIVO EN LAS EMPRESAS COTIZADAS ESPAÑOLAS

Abstract

The Say-on-Pay (SOP) is considered as a corporate governance mechanism which allows shareholders to vote on executive compensation in listed firms. Using a sample of 113 Spanish firms from 2011 to 2018, this paper analyzes the main effects of SOP on executive compensation considering the different vote typologies. After that, it empirically examines how the implementation of SOP affect executive compensation design.