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Table of contents
1 Introduction
1.1 Role of banks in the economy
1.1.1 The financial intermediary
1.1.2 Banking and crises
1.2 The research context
1.2.1 The economic context
1.2.2 The legal context – Changes in regulation on remuneration policy since 2008
2 Key Concepts
2.1 By what way CEO and executives may affect the risk level of the bank?
2.2 The capital asset pricing model (CAPM)
2.3 Executive Compensation
2.3.1 Fixed components
2.3.2 Variable components
2.4 Risk
2.4.1 Market-based measures of risk
2.4.2 Measures of risk based on the book value
2.4.3 Other measures of risk
2.5 Agency theory in corporate governance
3 Literature review
3.1 Approaches to managerial compensation
3.1.1 Relationships between pay and performance
3.1.2 Relationships among pay and behaviors
3.2 Executive compensation and its influence on risk-taking in the banking sector
3.2.1 Relationship between executive compensation and risk
3.2.2 Responsibility of executive compensation in the financial crisis
3.2.3 Differences in executive compensation policies
3.2.4 Relationship between executive compensation and performance
3.2.5 Summary of research on executive compensation in banking sector
4 Conclusion of Part 1
5 Methodology of research
5.1 Scope of research
5.2 Research question
5.3 Hypotheses
5.4 Methodology
5.4.1 Risk calculation
5.4.2 CEO compensation calculation
5.4.3 Control variables
5.4.4 Regression analysis
5.4.5 Presentation of data and building of the database
6 Analysis and presentation of findings
6.1 Examine effect of CEO compensation on bank risk measures during the period 2004-2008 by using panel data
6.1.1 Compensation level
6.1.2 Compensation structure
6.1.3 Conclusion
6.2 Examine effect of CEO compensation on bank risk at the time of financial crisis by using cross-sectional data
6.2.1 Influence of annual compensation on change in bank risks during the crisis period
6.2.2 Influence of equity-based compensation on change in bank risks during the crisis period
6.2.3 Conclusion
7 Discussion
8 Conclusion
8.1 Summary of work conducted
8.2 Contribution
8.3 Limits of this research
8.4 Suggestions for future research
REFERENCES
