Executive remuneration Prestige Power + +*** (Exec. Education) H2 Executive remuneration Organization levels + +*** Not convex convex Executive remuneration Level*gov (LG) - -*** H3 Tournament prize No. of contestants Weak+ +NS (Executive pay gap) Tournament prize con*gov (CG) - -*** (Executive pay gap) H4 Firm performance (EPS) Executive pay gap + +** (WD) Firm performance (EPS) WD*gov(WG) - -**/NS * 0.10 significance level; ** 0.05 significance level; and *** 0.01 significance level.
Executive remuneration Prestige Power (Exec. Education) + +*** H2 Executive remuneration Organization levels + Not convex +*** convex Executive remuneration Level*gov (LG) - -*** H3 Tournament prize (Executive pay gap) No. of contestants Weak+ +NS Tournament prize (Executive pay gap) con*gov (CG) - -*** H4 Firm performance (EPS) Executive pay gap (WD) + +** Firm performance (EPS) WD*gov(WG) - -**/NS * 0.10 significance level; ** 0.05 significance level; and *** 0.01 significance level.
Power_%26_tournament_theories_final_14_02_2011.docx