The relationship between the clarity of proxy statement presentation of executive compensation, the level of compensation and firm performance was examined Consistent with the argument that firms attempt to avoid potential threats to legitimacy, clarity of presentation and the level of executive compensation were negatively related. There was no relation between firm performance and presentation clarity. Management stock ownership was not related to clarity of presentation.
McGuire, J. (1997), "LEGITIMACY THROUGH OBFUSCATION: THE PRESENTATION OF EXECUTIVE COMPENSATION", The International Journal of Organizational Analysis, Vol. 5 No. 2, pp. 115-133. https://doi.org/10.1108/eb028864Download as .RIS
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