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首页> 外文期刊>European review of economic history >Incentives work: performance-related remuneration of directors before and during the great depression in Belgium
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Incentives work: performance-related remuneration of directors before and during the great depression in Belgium

机译：激励措施：在比利时大萧条之前和期间，与绩效挂钩的董事薪酬

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摘要

We study the payment of bonuses to directors of Belgian firms listed on the Brussels Stock Exchange in 1925-1934. Directors received substantial cash bonuses which were positively related to firm performance, measured by accounting income and changes in the market value of equity. If shareholders were expropriated via the payment of excessive director bonuses, we would expect a larger drop in stock market performance during the Great Depression for firms paying higher bonuses. However, our findings suggest that bonuses were a valuable tool for aligning the interest of directors and shareholders in an environment characterized by weak legal investor protection.
机译：我们研究了1925年至1934年在布鲁塞尔证券交易所上市的比利时公司董事的奖金支付情况。董事们获得了大量现金红利，这些现金红利与公司的业绩呈正相关，通过会计收入和股权市场价值的变化来衡量。如果股东因支付过多的董事奖金而被没收，我们预计大萧条期间股票市场表现的下跌会给那些支付更高奖金的公司带来更大的影响。但是，我们的研究结果表明，在合法投资者保护薄弱的环境中，奖金是使董事和股东利益保持一致的宝贵工具。

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