Page info: *Author: Mathiesen, H. *Document version: 2.5. *Copyright 1997-2010, ViamInvest. Legal notice.

Table: International corporate governance - Tentative characterizations of legal and empirical state of large firm incentive based compensation systems in various countries as of 1980-1995:

• Developing countries
• Germany
• Japan
• Anglo-American countries
• Denmark

Introduction: Some of the characterizations can be found in Shleifer and Vishny [1996, pages 49-55]. Precautionary statement: The first version of this table was primarily made out of memory and consequently it lacks adequate references and may contain errors about the actual legal and empirical state of the different institutions. As time passes more references will be added..

Tentative characterizations of legal and empirical state of large firm incentive based compensation systems in developing countries as of 1980-1995

A) Laws on executive remuneration.

Legal state: Not accounted.

Empirical state: Stock based executive remuneration is virtually non-existing.

Tentative characterizations of legal and empirical state of large firm incentive based compensation systems in Germany as of 1980-1995

A) Laws on executive remuneration.

Legal state: Not accounted.

Empirical state: Stock based executive remuneration is virtually non-existing.

Tentative characterizations of legal and empirical state of large firm incentive based compensation systems in Japan as of 1980-1995

A) Laws on executive remuneration.

Legal state: Not accounted.

Empirical state: Stock based executive remuneration is virtually non-existing.

Tentative characterizations of legal and empirical state of large firm incentive based compensation systems in Anglo-American countries as of 1980-1995

A) Laws on executive remuneration.

Legal state: Few barriers.

Empirical state: Anglo-American firms use equity-based remuneration much more than firms from any other governance system do.

Tentative characterizations of legal and empirical state of large firm incentive based compensation systems in Denmark as of 1980-1995

A) Laws on executive remuneration.

Legal state: Not accounted.

Empirical state: Stock based executive remuneration is virtually non-existing.

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