本研究檢視以下兩項議題之研究：高管薪酬以及異常高管薪酬對職工工資的線性及非線性影響，以及所有權型態（國有企業與民營企業）對前述兩者關係之影響。而實證結果發現，高管薪酬及職工工資皆與公司績效呈正向相關，市場化程度高的地區亦會影響其薪酬水準。若以董事會獨立性與是否設立薪酬委員會做為公司治理良窳的指標則與高管薪酬的水準為正相關，但董事會獨立性與職工工資無關。另外與高管薪酬不同的是，機構投資人持股比率會提高職工工資的水準，但對高管薪酬的影響並不顯著。對所有權型態而言，在其他條件不變的情況下，國有企業的高管薪酬及職工工資皆大於非國有企業的高管薪酬。 最後，本研究對發現異常高管薪酬與職工工資的關係呈顯著正相關。而就任職於國有企業的職工與就職於民營企業的職工相比，若其服務企業的異常高管薪酬皆屬於每年前20%者，二組的職工工資並無顯著差異。但是，若其服務企業的異常高管薪酬皆屬於每年後20%者，則國有企業的職工工資會大於民營企業的職工工資。 / This study focuses on two issues: the effect of executive compensation and abnormal executive compensation on salary, and the effect of different ownership types on the relations of two types of compensation and salary. The empirical results show that executives and employees of companies with better performance enjoy higher compensation and salary. Moreover, the marketization level can affect the level of compensation and salary. The results also indicate that the independence level of boards of directors and the establishment of compensation committee both have a positive relationship with executive compensation. However, the independence level of the board of directors has no effect on salary. On the other hand, the shareholding ratio of institutional investors has a positive relationship with salary level, but has no effect on executive compensation. For all the ownership types, all other conditions remain constant, the executive compensation and salary of state-owned enterprises are higher than those of non-state enterprises. In conclusion, this study states that abnormal executive compensation has a positive relationship with salary level. There is no significant difference in salaries between state-owned enterprises and non-state enterprises if the abnormal executive compensation belongs to the top 20% of the sample each year. Conversely, if abnormal executive compensation belongs to the last 20% of the sample each year, the salary of state-owned enterprises is higher than that of non-state enterprises.

<p>The purpose of this thesis is to examine whether institutional ownership has an influence on CEO compensation in companies where the institutions have invested. In order to fulfil the purpose of the thesis a quantitative study was carried out within the Swedish corporate context where we have studied Swedish institutional investors and companies quoted on the Stockholm Stock Exchange. Our period of study was the financial year of 2007.</p><p>The empirical questions at issue is; Was there a connection between Swedish institutional ownership and the size of the CEO compensation, and, does Swedish institutional ownership lead to a certain type of CEO compensation in terms of structure?</p><p>Our results did not suggest that an increased institutional ownership neither leads to a certain type of salary level nor a certain kind of salary structure. These results contradict earlier American research, which has been done within this area and has previously shown a secured connection.</p><p>The reasons for our results may be many and it is difficult to state any concrete conclusions to why we received differing results. Based on our results we can only state that institutional ownership is not decisive for the formation of CEO compensation. It remains for future research to disprove the results of this study.</p> / <p>Syftet med denna uppsats är att undersöka hur institutionellt ägande påverkar VD-lönerna i de företag i vilka de har investerat. För att uppfylla vårt syfte har vi genomfört en kvantitativ studie inom den svenska företagskontexten där vi studerat bolag som var noterade på Stockholmsbörsens Large Cap-lista samt svenska institutionella investerare. Den tidsperiod som studerades var räkenskapsåret 2007.</p><p>De frågeställningar som vi ämnar besvara är dels om det finns ett samband mellan svenskt institutionellt ägande och storlek på VD-lön i svenska börsbolag, dels om svenskt institutionellt ägande leder till en viss typ av VD-lönestruktur i svenska börsbolag.</p><p>Våra resultat visar på intet sätt att ökade ägarandelar för institutioner leder till vare sig en viss typ av lönenivå eller en viss typ av lönestruktur. Detta går emot tidigare amerikansk forskning på området som har funnit just dessa samband.</p><p>Förklaringarna till våra resultat kan vara flera och det är svårt att lägga fram några konkreta slutsatser om vad våra resultat beror på. Utifrån våra resultat så kan vi endast konstatera att institutionellt ägande inte är avgörande för VD-löner utformning. Det återstår för vidare forskning att motbevisa det vi kommit fram till.<em></em></p>

<p>Syftet med uppsatsen är att undersöka om det finns ett samband mellan lönsamhet och storlek på rörlig samt total VD-ersättning i de största svenska aktiebolagen. I uppsatsen diskuteras även funna samband samt bakomliggande teoretiska förklaringar till VD-ersättningens storlek. För att undersöka om VD-ersättning och företags lönsamhet korrelerar utförs kvantitativa undersökningar med hjälp av regressionsanalyser för respektive år mellan 2002 och 2007. Populationen som undersökningen baseras på är de företag som i september 2009 var registrerade på Stockholmsbörsens segment Large och Mid Cap.</p><p>Undersökningen resulterade i slutsatsen att inget samband mellan vare sig rörlig eller total VD-ersättning och lönsamhet kunde styrkas. Istället gavs indikationer om andra faktorer som påverkade VD-ersättningens storlek. Studien visade en tydlig koppling mellan företagsstorlek och VD-ersättning. Andra trender indikerade att det marknadsjämförande synsättet är det vanligaste vid fastställande av VD-ersättningsnivåer. Dessutom diskuterades andra faktorers inflytande på VD-ersättningars storlek utifrån tidigare forskning.</p> / <p>The purpose of this thesis is to examine whether a relationship between CEO compensation and organizational profitability exists in the largest Swedish companies. Both the total and the variable compensation schemes’ dependence on organizational compensation are analyzed. The objective is moreover to discuss the observed relationships in the study as well as the theoretical explanations to the level of the CEO compensation. In order to examine if CEO compensation correlates with organizational profitability quantitative research methods are applied via regression analyses for each separate year between 2002 and 2007. The population our research is based on is the companies quoted on the Stockholm Stock Exchange in September 2009 within the segments Large and Mid Cap.</p><p>It was concluded that no relationship between neither variable nor total CEO compensation and organizational profitability existed. However, indications of other factors affecting the compensation were indicated. The regression confirmed a relationship between organizational size and CEO compensation. Other trends indicated that the market-based approach was the most common when determining CEO compensation levels. In addition we discussed how other previously proved relationships as well as further theoretical research related to our study.</p>

The purpose of this thesis is to examine whether institutional ownership has an influence on CEO compensation in companies where the institutions have invested. In order to fulfil the purpose of the thesis a quantitative study was carried out within the Swedish corporate context where we have studied Swedish institutional investors and companies quoted on the Stockholm Stock Exchange. Our period of study was the financial year of 2007. The empirical questions at issue is; Was there a connection between Swedish institutional ownership and the size of the CEO compensation, and, does Swedish institutional ownership lead to a certain type of CEO compensation in terms of structure? Our results did not suggest that an increased institutional ownership neither leads to a certain type of salary level nor a certain kind of salary structure. These results contradict earlier American research, which has been done within this area and has previously shown a secured connection. The reasons for our results may be many and it is difficult to state any concrete conclusions to why we received differing results. Based on our results we can only state that institutional ownership is not decisive for the formation of CEO compensation. It remains for future research to disprove the results of this study. / Syftet med denna uppsats är att undersöka hur institutionellt ägande påverkar VD-lönerna i de företag i vilka de har investerat. För att uppfylla vårt syfte har vi genomfört en kvantitativ studie inom den svenska företagskontexten där vi studerat bolag som var noterade på Stockholmsbörsens Large Cap-lista samt svenska institutionella investerare. Den tidsperiod som studerades var räkenskapsåret 2007. De frågeställningar som vi ämnar besvara är dels om det finns ett samband mellan svenskt institutionellt ägande och storlek på VD-lön i svenska börsbolag, dels om svenskt institutionellt ägande leder till en viss typ av VD-lönestruktur i svenska börsbolag. Våra resultat visar på intet sätt att ökade ägarandelar för institutioner leder till vare sig en viss typ av lönenivå eller en viss typ av lönestruktur. Detta går emot tidigare amerikansk forskning på området som har funnit just dessa samband. Förklaringarna till våra resultat kan vara flera och det är svårt att lägga fram några konkreta slutsatser om vad våra resultat beror på. Utifrån våra resultat så kan vi endast konstatera att institutionellt ägande inte är avgörande för VD-löner utformning. Det återstår för vidare forskning att motbevisa det vi kommit fram till.

Syftet med uppsatsen är att undersöka om det finns ett samband mellan lönsamhet och storlek på rörlig samt total VD-ersättning i de största svenska aktiebolagen. I uppsatsen diskuteras även funna samband samt bakomliggande teoretiska förklaringar till VD-ersättningens storlek. För att undersöka om VD-ersättning och företags lönsamhet korrelerar utförs kvantitativa undersökningar med hjälp av regressionsanalyser för respektive år mellan 2002 och 2007. Populationen som undersökningen baseras på är de företag som i september 2009 var registrerade på Stockholmsbörsens segment Large och Mid Cap. Undersökningen resulterade i slutsatsen att inget samband mellan vare sig rörlig eller total VD-ersättning och lönsamhet kunde styrkas. Istället gavs indikationer om andra faktorer som påverkade VD-ersättningens storlek. Studien visade en tydlig koppling mellan företagsstorlek och VD-ersättning. Andra trender indikerade att det marknadsjämförande synsättet är det vanligaste vid fastställande av VD-ersättningsnivåer. Dessutom diskuterades andra faktorers inflytande på VD-ersättningars storlek utifrån tidigare forskning. / The purpose of this thesis is to examine whether a relationship between CEO compensation and organizational profitability exists in the largest Swedish companies. Both the total and the variable compensation schemes’ dependence on organizational compensation are analyzed. The objective is moreover to discuss the observed relationships in the study as well as the theoretical explanations to the level of the CEO compensation. In order to examine if CEO compensation correlates with organizational profitability quantitative research methods are applied via regression analyses for each separate year between 2002 and 2007. The population our research is based on is the companies quoted on the Stockholm Stock Exchange in September 2009 within the segments Large and Mid Cap. It was concluded that no relationship between neither variable nor total CEO compensation and organizational profitability existed. However, indications of other factors affecting the compensation were indicated. The regression confirmed a relationship between organizational size and CEO compensation. Other trends indicated that the market-based approach was the most common when determining CEO compensation levels. In addition we discussed how other previously proved relationships as well as further theoretical research related to our study.

Esta investigación apoya el argumento de que las empresas se benefician de la adopción de políticas y estrategias retributivas para sus directivos cuando las características de las mismas se adaptan o adecuan a los requerimientos de control y motivación de los directivos que, en última estancia, vienen impuestos por la orientación estratégica de la empresa y por las características del entorno en el que opera. En este sentido, y en consistencia con la teoría de la agencia, el concepto de discrecionalidad directiva se ratifica como un elemento crucial en la explicación de las relaciones entre retribución directiva y contexto. La empresa diseña el sistema retributivo del directivo en función del grado de discrecionalidad del que éste dispone. Además, el ajuste entre discrecionalidad y retribución directiva tiene efectos positivos en los resultados de la empresa. / This research supports the arguments of that firms obtain benefits of implementing executives' compensation politics linked to supervision and control requirements which are imposed by firms strategic orientations and environment characteristics. In that way, and consistent to agency theory, executive discretion concept is confirmed as a key element in the explanation of relationships between executive compensation and context. Firm design executives compensation system according to the degree of discretion they dispose. Moreover, adjustment between executive discretion and executive compensation has positive effects on firm performance.

Titel: Förklaringar till varför ersättning till VD och styrelse är olika - En studie om ersättningars form och funktion. Bakgrund: Ersättning till VD är generellt sätt högre än den ersättning en styrelse erhåller. Vi ämnar studera varför ersättningarna mellan organen skiljer sig åt i den utsträckning de gör och vad det kan bero på. Syfte: Förklara varför ersättningarnas form och funktion skiljer sig åt mellan VD och styrelse. Metod: Utgå från tidigare forskning och genomföra statistiska analyser av kontrollvariabler, för att sedan studera hur resultaten i testerna förändras när vi tillför våra egna variabler, som mäter skillnader i uppgifter hos VD och styrelse, och observera ifall signifikanta samband till ersättningarna kan utläsas. Resultat: Utifrån våra statistiska tester erhöll vi ett positivt signifikant samband med hur VD:ar har yttrat sig i VD-breven i årsredovisningarna, och VD:ns rörliga ersättning. Vilket visar på att en specifik uppgift för VD genererar en högre ersättning till denne. Detta tyder på att en skillnad i uppgifter mellan organen VD och styrelse, kan förklara varför det finns nivåskillnader i ersättningarna till de båda organen. Vidare kunde inga empiriska samband till VD:ns fasta ersättning, eller styrelsens fasta ersättning hänföras till våra variabler som mätte skillnader i uppgifter. Slutsatser: Vi kan konstatera att VD:ns rörliga ersättning påverkas av hur denne uttalat sig i VD-breven i årsredovisningarna. Vi kan från vår teoretiska referensram, härleda att detta beror på en skillnad i uppgifter mellan organen VD och styrelse. Våra teoretiska modeller konstaterar att VD och styrelse har differentierade uppgifter, vilket i sin tur påverkar hur ersättning till respektive organ kan skilja sig i utformning och nivå. / Title: Explanations as to why compensation to CEO and board of directors are different – A study about the compensations form and function. Background: Compensation to a CEO is generally higher than that of the compensation witch a board of directors receive. We intend to study why the compensation between the agencies differ in the extent that they do, and the reasons for that difference. Purpose: Explain why the compensations form and function differ between the CEO and the board of directors. Method: From existing research, we aim to execute statistical analyses of controlvariables, then study how the results of our tests alters when we insert our own variables that aim to measure the differences in functions of the CEO and the board of directors, and observe if significant relationships are to be found. Results: Based on our statistical tests, we obtained a positive significant relationship with the CEOs discloser in the CEO letters in the annual reports, and the CEOs variable compensation. This shows that a specific function of the CEO generates a higher compensation to such a position. This suggests that a difference in functions between the agencies, CEO and board of directors, may explain why there are different levels of compensations to both agencies. Furthermore, no empirical relationship of the CEOs fixed compensation, or of the board's fixed compensation could be related to our variables measuring differences in functions. Conclusions: We can conclude that the CEO's variable compensation is affected by how the CEO has expressed himself or herself in the CEO letters in the annual reports. We can, from our theoretical framework, deduce that this is due to a difference in functions between the agencies CEO and board of directors. Our theoretical models conclude that the CEO and the board of directors have differentiated tasks, which in turn can affect how the compensation to each agency may differ in form and level.

Silicon alternatives to quartz crystal based oscillators to electronic system clocking are explored. A study of clocking requirements reveals widely different specifications for different applications. Traditional CMOS oscillator-based solutions are optimized for low-cost fully integrated micro-controller clock applications. The frequency variability of these clock generators is studied and techniques to compensate for this variability are proposed. The efficacy of these techniques in reducing variability is proven theoretically and experimentally. MEMS-resonator based oscillators, due to their exceptional quality factors, are identified as suitable integrated replacements to quartz based oscillators for higher accuracy applications such as data converter clocks. The frequency variation in these oscillators is identified and techniques to minimize the same are proposed and demonstrated. The sources of short-term variation (phase noise) in these oscillators are discussed and an inclusive theory of phase noise is developed. Techniques to improve phase noise are proposed. Findings from this research indicate that MEMS resonator based oscillators, may in future, outperform quartz based solutions in certain applications such as voltage controlled oscillators. The implications of these findings and potential directions for future research are identified.

In Inverse Synthetic Aperture Radar (ISAR) systems the motion of the target can be classified in two main categories: Translational Motion and Rotational Motion. A small degree of rotational motion is required in order to generate the synthetic aperture of the ISAR systems. On the other hand, the remaining part of the target&rsquo / s motion, that is any degree of translational motion and the large degree of rotational motion, degrades ISAR image quality. Motion compensation techniques focus on eliminating the effect of the targets&rsquo / motion on the ISAR images. In this thesis, ISAR image generation is discussed using both Conventional Fourier Based and Time-Frequency Based techniques. Standard translational motion compensation steps, Range and Doppler Tracking, are examined. Cross-correlation method and Dominant Scatterer Algorithm are employed for Range and Doppler tracking purposes, respectively. Finally, Time-Frequency based motion compensation is studied and compared with the conventional techniques. All of the motion compensation steps are examined using the simulated data. Stepped frequency waveforms are used in order to generate the required data of the simulations. Not only successful results, but also worst case examinations and lack of algorithms are also discussed with the examples.

Precision control under the effect of friction requires an effective compensation of friction. Since friction has a complex and highly nonlinear behaviour, it is generally insufficient to represent the friction in a dynamic control system only with a linear viscous model, which is mostly valid in high-velocity motions. Especially when the control system moves near zero velocity regions or changes the direction of motion, an accurate modelling of friction including the lowvelocity dynamic behaviour is a prerequisite to obtain a more complete and realistic dynamic model of the system. Furthermore, the parameters of the friction model should be identified as accurate as possible in order to attain a satisfactory performance. Therefore, the parameters of the friction should be estimated regarding the working conditions. The estimated friction force can then be used to improve the controlled performance of the dynamic system under consideration. In this thesis, the modelling, identification and compensation of friction in a rotary mechanical system are studied. The effectiveness of the existing friction models in the literature are investigated / namely the classical Coulomb with viscous friction model, the Stribeck friction model, the LuGre friction model, and the Generalized Maxwell-Slip (GMS) friction model. All friction models are applied to the system together with the same linear, proportional with derivative (PD)-type and proportional with integral and derivative (PID)-type feedback control actions for the sake of being faithful in comparison. The accuracy of the friction compensation methods is examined separately for both the low-velocity and high-velocity motions of the system. The precision of friction estimation is also shown in the case of using both the desired velocity and measured velocity as an input to the friction models. These control studies are verified in simulation environment and the corresponding results are given. Furthermore, an experimental set-up is designed and manufactured as a case study. The parameters of the aforementioned friction models are identified and the control laws with different friction models are applied to the system in order to demonstrate the compensation capabilities of the models. The results of the experiments are evaluated by comparing them among each other and with the simulation results.