Purpose: This PhD research examines how two different institutional logics of corporate governance have shaped the discourse on executive remuneration. Corporate Logic implies executives are intrinsically motivated and will act in the best interests of shareholders as long as their total remuneration is competitive and fair. On the other hand, Investor Logic implies executives are extrinsically motivated (opportunistic) and will only act in the best interests of shareholders if short- and long-term incentive schemes are designed appropriately. Approach: The research has an interpretive methodology and consists of three phases. First, the diffusion of both Logics is examined through a content analysis of a large sample of corporate governance codes of practice and corporate annual reports. Second, how both Logics are embedded in the remuneration principles and practices that are recommended by code issuers and adopted by companies is scrutinised using discourse analysis. Third, how both Logics have shaped the beliefs and decision-making of non-executive directors, executives, and others is studied using discourse analysis. Findings: Both Logics are embedded in the discourse on executive remuneration, although there has been a strengthening of Investor Logic over time. Both Logics co-exist as distinct from compete in the discourse because it has become taken-for-granted that executives should be remunerated comparably to other executives (Corporate Logic) and in line with shareholder returns (Investor Logic). Directors and others manage tension between Corporate Logic and Investor Logic by prioritising (or ordering) the Logics. Theoretical implications: The research shows how competitive and institutional pressures influence how remuneration decisions are made and reported. However, institutional change is complex because companies influence and are influenced by code issuers and others. Practical implications: As both Logics are embedded in the beliefs of companies, code issuers and others, executive remuneration practices have become unnecessarily complex and convoluted. The case for a simpler approach to executive remuneration is advanced.

Background: In health care services, equity is the delivery of similar care for similar needs (horizontal equity), and the delivery of more care for higher needs (vertical equity). This study assessed the extent to which primary care provision is equitable across gender, age and socioeconomic groups, and whether any observed disparity is associated with the type of primary care remuneration model to which a family practice belongs. Remuneration models include Fee For Service in which the physician is paid for each encounter, Salary where payment is fixed for the number of hours worked, and Capitation where payment is tied to the number of patients under the care of the provider, and very little or no additional compensation is provided for each patient encounter. // Methods: This thesis used data from a cross sectional study of 5,361 patients receiving care from practices (n) in which primary care providers were remunerated by Fee For Service (35), Salary (35), or Capitation (68). Multi-level linear or logistic regressions were used to assess the impact of gender, age and socioeconomic strata on quality of care. The quality of health service delivery and health promotion were assessed through surveys based on the Primary Care Assessment Tool (n=5,111). The quality of preventive care (n=4,108) and chronic disease management (n-514) were evaluated through chart abstraction using the Canadian recommendations for care as the standard. The analyses were conducted stratified by remuneration model to allow the impact of the model on the extent of disparity in quality of care between social strata to be assessed. // Results: Men and women reported similar quality of health service delivery. Women were significantly more likely to be up to date on their preventive care, but adherence to recommended guidelines for chronic disease management was better for men in the Fee For Service practices. Older individuals reported better health service delivery than younger ones. The quality of chronic disease management was also age dependent with better care delivered to individuals ages 60-69. Individuals of low income and education had better accessibility than those not disadvantaged in the Salaried model and Fee For Service, but not Capitation model. Despite their higher health risks, these individuals were not more likely to receive healthy lifestyle counseling. // Conclusions: Significant inequalities in the care of patients were found across social strata. In some cases, these inequalities are deemed appropriate; a justifiable response to differing health care needs. In other cases, they are deemed inappropriate and representing inequities in the delivery of care. Some of the observed disparities were present in one remuneration model but not others, suggesting that the payment approach may be contributing to these differences. The results raise the concern that the capitation remuneration structure may compromise accessibility.

This study examines the role of three institutional factors (regulative; normative and cultural-cognitive pillars of institutions) in addressing agency problems of Australia. In the wake of the series of corporate collapses of current decade, director and executive remuneration was identified as one of the major causes behind these scandals. The Australian government and other related organisations made both regulative and non-regulative institutional reforms to manage this agency conflict. These reforms, encapsulated in Corporate Law Economic Reform Program (CLERP) Act 2004 demanded an increased level of disclosure of director and executive remuneration particularly, the disclosure of performance based salary. Subsequently, these amendments provided an opportunity through a non-binding vote to shareholders to participate in executive remuneration decisions. This study proposes a new synthesis of institutional and agency theories by examining how institutional interventions addresses agency conflicts in the Australian context. A conceptual model is developed to measure both the conjoined and distinctive institutional impact on the disclosure level of director and executive remuneration in Australia. To measure and quantify the aforementioned impact a mixed method research strategy was used. First, content analysis as an investigative tool was used to develop a disclosure index which determined the level of disclosure of director and executive remuneration from top 100 Australian listed entities. Second, a conceptual model, positing the relationships between independent and dependent variables was verified through an econometric analysis of collected data, performed through the Statistical Package for the Social Sciences version 15. The findings of this research reveal that there exists a significant difference between the levels of disclosure in the pre and post stages of the introduction of the CLERP Act 2004. This result highlights the significance of regulatory intervention in addressing agency conflicts. The study also indicates that regulative and normative pillars have a higher impact than the culture-cognitive pillar on disclosure practices of Australian firms. In light of these results, the new blend between agency and institutional theories highlight the role of different institutions, particularly the government, in stabilising the organisational practices for good governance and creating national competitive advantages.

The target is to evaluate the effectiveness of employee evaluation in selected company and its link to the reward system. Effectiveness was assessed through a questionnaire survey, which was conducted in the department of preparation of production and quality inspection department. The investigation is due to employees meets the evaluation itself. They are happy with it and find it fair. Certain problems arise in its clarity. On the other hand, many respondents are not completely satisfied with the connection to the evaluation system of remuneration. Based on these findings, three proposals were proposed changes. The first is an increase in relation to wages, which would place the future fee increases at the time wages increased amount of personal evaluation. The second change is the introduction of benefits, collectively awarded according to performance lines. The last change is the introduction of in-house manual payroll calculation.

O objetivo desta tese é investigar a relação entre a remuneração dos executivos e o desempenho financeiro das empresas, no contexto do mercado brasileiro. A premissa é que o sistema de remuneração pode ajudar a direcionar os esforços dos executivos para os objetivos estratégicos do negócio, contribuindo para que a companhia alcance níveis superiores de desempenho financeiro. A amostra não-probabilística é formada por 44 empresas industriais. Elas foram selecionadas dentre as eleitas como As 150 Melhores Empresas para Você Trabalhar no Brasil, em 2007. Os dados da pesquisa são secundários e foram extraídos de dois bancos de dados: a) Programa de Estudos em Gestão de Pessoas (Progep), vinculado à Fundação Instituto de Administração (FIA); b) Fundação Instituto de Pesquisas Contábeis, Atuariais e Financeiras (FIPECAFI). Para operacionalizar a variável independente remuneração, são utilizados, além do salário mensal e do salário variável, três índices criados especialmente para este trabalho: benefícios, carreira e desenvolvimento. Esses índices medem o acesso a benefícios; a mecanismos de estímulo e suporte à carreira; a mecanismos de estímulo à educação e ao desenvolvimento profissional. Trata-se de itens oferecidos pelas empresas a seus diretores, vice-presidentes e presidentes, os quais são denominados, neste trabalho, de executivos. Esses dados de remuneração referem-se ao exercício de 2006. Para operacionalizar a variável desempenho financeiro, são utilizados três indicadores contábeis crescimento das vendas, retorno sobre patrimônio líquido e margem líquida sobre as vendas dos exercícios sociais de 2006 e de 2007. O porte das companhias é utilizado como variável de controle e é medido pelo logaritmo natural do número de funcionários. A hipótese da pesquisa de que existe uma relação positiva e significante entre a remuneração dos executivos e o desempenho financeiro das empresas, no contexto do mercado brasileiro, é verificada por meio de um conjunto de testes estatísticos: de igualdade de médias, análise de correlação e análise de regressão. Os resultados do teste de Mann-Whitney não apresentam evidências de que existe relação entre as variáveis. A análise de correlação de Pearson mostra associações fracas e negativas entre as seguintes variáveis: a) índice de carreira e crescimento das vendas de 2006; b) índice de carreira e retorno sobre patrimônio líquido de 2006; c) índice de desenvolvimento e retorno sobre patrimônio líquido de 2006. Já a análise de correlação de Spearman aponta: a) associação fraca e positiva entre índice de benefícios e margem líquida sobre as vendas de 2006; b) associação fraca e negativa entre índice de desenvolvimento e retorno sobre patrimônio líquido de 2006. Os resultados da análise de regressão linear múltipla não permitem comprovar a existência de relação positiva e significante entre a remuneração dos executivos e o desempenho financeiro das empresas. As contribuições deste trabalho estão em produzir conceitos mais amplos para operacionalizar as variáveis, estudar a relação no contexto do mercado brasileiro e abrir perspectivas para a realização de novos trabalhos acadêmicos. / This thesis is intended to investigate the relation between remuneration of executives and the financial performance of the companies in the context of the Brazilian marketplace. The underlying assumption is that the remuneration system may help to direct the efforts of executives towards the business strategic purposes. Hence, it will contribute for the company to attain higher levels of financial performance. The non-probabilistic sample is comprised of 44 industrial organizations. They have been selected out from the 150 Best Companies to Work For in Brazil in 2007. The research data are secondary and have been taken from two databases: a) Programa de Estudos em Gestão de Pessoas (Progep) linked to Fundação Instituto de Administração (FIA); b) Fundação Instituto de Pesquisas Contábeis, Atuariais e Financeiras (FIPECAFI). In order to operationalize the independent remuneration variable, in addition to using the monthly salary and the variable salary, three indexes that have been especially created for this paper were used: benefits, career and development. These indexes measure the access to benefits, the fostering mechanisms and the support to career, and also the mechanisms fostering the education and the professional development. These are items the companies offer their officers, vice presidents and CEOs, which are referred to in this paper as executives. These remuneration data refer to the fiscal year of 2006. In order to operationalize the financial performance variable, three accounting indicators are used growth of sales, return on equity and net margin for the fiscal years of 2006 and 2007. The companies size is used as a control variable and is measured by the natural logarithm of the number of employees. The research hypothesis that there is a positive and significant relation between the remuneration of executives and the financial performance of companies in the context of the Brazilian marketplace is verified by means of a set of statistical tests of: the Mann-Whitney test, correlation analysis and regression analysis. The results of the Mann-Whitney test do not present any evidences that there actually is a relation between variables. The Pearson correlation analysis shows weak and negative associations between the following variables: a) index of career and growth of sales in 2006; b) index of career and return on equity in 2006; c) index of development and return on equity in 2006. While Spearman correlation analysis points out: a) weak and positive association between the index of benefits and the net margin in 2006; b) weak and negative association between the development index and return on equity in 2006. The results of the multiple regression analysis do not allow to evidence the existence of a positive and significant relation between the remuneration of executives and the financial performance of companies. The contributions of this thesis are in producing broader concepts in order to operationalize the variables, study the relation in the context of the Brazilian marketplace and open up perspectives for the development of new academic studies.

This thesis focuses on the change proposal of employee evaluation and remuneration system in the selected company. The first part contains the general theory where job evaluation, employee evaluation, remuneration and motivation of employees are explained. Next part deals with the analysis of selected company, its employees, the competition and labour market. The last part proposes changes of employee evaluation and remuneration system, their benefits and costs.

The aim of this thesis is to specify certain legal relationship arising between attorney and his client. This legal relationship characterises, to certain extent, role of attorney in the legal system of the Czech Republic and that is why it deserves attention. The main legal source for this thesis is Act No. 85/1996 Coll., on the Legal Profession, as subsequently amended. This act is interpreted in following chapters in coherence with other acts, subordinate legislation and professional rules. After brief introduction into the issue I focus on particular causes of the formation of attorney-client legal relationship. The origin itself is determining for specification of mutual rights of both subjects. Besides talking about the formation, I will also mention the rejection and termination of the legal relationship. The next chapter deals with the ethics in advocacy, which we should keep in mind while interpreting particular rights and obligations. Ethics is characteristic sign of attorney's profession. Chapters 5 and 6 are the actual core of this thesis, when interpreting individual rights, that constitute the actual attorney-client legal relationship. I systematically divided those rights and obligations according to the subject, which has the duty to ensure those obligations. In Chapter 5 I focus on...

Magister Commercii - MCom / As a result of high economic inequality, widespread discontent with excessive chief executive officer (CEO) compensation levels is acute in South Africa (SA). Some commentators argue that instead of high levels of CEO pay causing inequality, it may be part of the solution if higher levels of CEO compensation translate into better company performance, so reducing unemployment. International studies investigating the relationship between CEO short-term cash compensation and current company performance generally report a weak or no relationship where accounting based measures of performance are used. Developments in the international literature reflect a stronger relationship when long-term incentive compensation (LIC) is included and total shareholder return (TSR) used to measure company performance. However, a concerning negative association between the highest paid CEOs in terms of excess LIC and future abnormal TSR is reported. In contrast, SA pay-performance research is largely not reflective of the developments in the international literature, with local studies mostly finding no pay-performance relationship, except where size-related accounting measures are used. As a result of the strong correlation between CEO pay and company size reported in the international literature, and local studies not adequately controlling for company size, the accuracy of the conclusions drawn in prior studies on the pay-performance sensitivity relationship in SA are brought into question. This study addresses the gaps in the SA literature by investigating the relationship between the size-adjusted excess CEO compensation and future abnormal TSR for the top 100 SA companies listed on the Johannesburg Stock Exchange for the period 2011 to 2013. A positive relationship is found between future abnormal TSR and short-term cash compensation, but not LIC. The levels and structure of CEO compensation in SA is also described.

Background: In health care services, equity is the delivery of similar care for similar needs (horizontal equity), and the delivery of more care for higher needs (vertical equity). This study assessed the extent to which primary care provision is equitable across gender, age and socioeconomic groups, and whether any observed disparity is associated with the type of primary care remuneration model to which a family practice belongs. Remuneration models include Fee For Service in which the physician is paid for each encounter, Salary where payment is fixed for the number of hours worked, and Capitation where payment is tied to the number of patients under the care of the provider, and very little or no additional compensation is provided for each patient encounter. // Methods: This thesis used data from a cross sectional study of 5,361 patients receiving care from practices (n) in which primary care providers were remunerated by Fee For Service (35), Salary (35), or Capitation (68). Multi-level linear or logistic regressions were used to assess the impact of gender, age and socioeconomic strata on quality of care. The quality of health service delivery and health promotion were assessed through surveys based on the Primary Care Assessment Tool (n=5,111). The quality of preventive care (n=4,108) and chronic disease management (n-514) were evaluated through chart abstraction using the Canadian recommendations for care as the standard. The analyses were conducted stratified by remuneration model to allow the impact of the model on the extent of disparity in quality of care between social strata to be assessed. // Results: Men and women reported similar quality of health service delivery. Women were significantly more likely to be up to date on their preventive care, but adherence to recommended guidelines for chronic disease management was better for men in the Fee For Service practices. Older individuals reported better health service delivery than younger ones. The quality of chronic disease management was also age dependent with better care delivered to individuals ages 60-69. Individuals of low income and education had better accessibility than those not disadvantaged in the Salaried model and Fee For Service, but not Capitation model. Despite their higher health risks, these individuals were not more likely to receive healthy lifestyle counseling. // Conclusions: Significant inequalities in the care of patients were found across social strata. In some cases, these inequalities are deemed appropriate; a justifiable response to differing health care needs. In other cases, they are deemed inappropriate and representing inequities in the delivery of care. Some of the observed disparities were present in one remuneration model but not others, suggesting that the payment approach may be contributing to these differences. The results raise the concern that the capitation remuneration structure may compromise accessibility.

The aim of this thesis is to analyze the tax effects of various forms of remuneration, with a focus on employee benefits. The thesis is structured into three chapters. In the first chapter there is a definition of labor law relationship, it's participants, rewards and demands that are placed on them. An extensive part describes employee benefits, it's legislative regulation, classification and trends in this area. The second chapter describes taxation of income from employment and compulsory contributions to social and health insurance systems. There is also a description of tax and contribution liability of employee benefits. The third chapter attends to the description of employee benefits in ČSOB Pojišťovna, a.s. and analyses the impact of replacement these employee benefits with monetary income by employees with different level and structure of total gross income. This replacement reduces the total net income by all employees and the specific impact depends on the factors that affect the tax burden. It is influenced by various structural elements of tax or insurance and the rations of income to which they are applied (ie exemption or taxation).