文档介绍：外文文献原文
Title: pensation in UK panies
Material Source:./ Author:Piet M. A. Eichholtz & Nils Kok & Roger Otten
Introduction
Recently, the often very extensive pensation packages, which were originally designed to alleviate the agency problem between managers and shareholders, have attracted intense scrutiny by regulators, the general public, and scrutiny is fuelled by recent corporate scandals panies such as Ahold and Enron, and by management pay hikes at times of worker lay-, more emphasis has been put on the structure of pensation packages.
In this paper, we present evidence on pensation practices in the real estate sector. However, unlike previous research on pensation in the real estate sector, which has been based on US REITs, we focus on the UK property market. A REIT-like structure was only implemented in the UK in January 2007, and thus has not been available until very recently. The lack of a REIT structure impliesthat unlike their US counterparts, UK panies were not obliged to distribute at least 90% of e. Therefore, we expect agency problems to be more severe in the UK listed property market than in the US REIT market.
We study a sample of 39 panies listed in the UK between 1998 and2003. We use three groups of variables to study the level of are economic and accounting measures of performance, governance mech