Are European CEOs paid equally? A study of the UK-continental Europe pay gap

Pablo de Andrés , Laura Arranz-Aperte

Research output: Contribution to journalArticleScientificpeer-review

3 Citations (Scopus)


We use an extensive dataset that covers eleven western European countries to document a CEO pay gap between the United Kingdom and continental Europe that is larger than the well-documented gap between US and non-US firms, and remains persistent despite the efforts to harmonize corporate governance and pay in Europe. Country analyses show a stronger association between board independence and CEO pay in the UK. They also show a stronger association between ROA and cash payments, and a stronger association between market-to-book and equity-linked compensation, suggesting that closer scrutiny could partly contribute to CEO pay moderation in continental Europe.
Original languageEnglish
Peer-reviewed scientific journalFinance Research Letters
Number of pages9
Publication statusPublished - 05.07.2018
MoE publication typeA1 Journal article - refereed


  • 512 Business and Management
  • Independent directors
  • CEO compensation
  • Board of directors
  • Corporate governance
  • European companies


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