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The impact of executive substitution on executive pay: internal versus external hires - the United States market perspective
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This research examines the dynamics of executive pay during turnover events. It explores ex ecutive compensation practices in Germany. By distinguishing between internal and external
hires, we uncover patterns and implications of compensation adjustments. The findings reveal
inconsistent results for different markets, highlighting the effects of different corporate govern ance practices across regions that have a distinct impact on CEO recruitment and executive
compensation. Our analysis of German firms shows that internal CEO successors earn signifi cantly more than external ones. By identifying different determinants of CEO succession, the
research contributes to the broader discourse on executive compensation and provides actiona ble insights for boards and stakeholders.
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Ceo pay External hires Corporate governance Ceo turnovers