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A quantitative study of the relationship between ceo compensation and firm exploration in high-tech industries.

Torske, Magnus; Sirevaag, Erik
Master thesis
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Permanent link
http://hdl.handle.net/11250/2476905
Issue date
2017
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  • Master of Science [835]
Abstract
The relationship between CEO compensation and exploration is an under

investigated area of literature. In particular, the implications of the share of stockbased

compensation remains largely untested. As the CEO’s wealth is more and

more connected to firm value, risk-aversion should arise. We test for the relationship

between the share of stock-based CEO compensation and exploration by using

patents as proxy for the latter. We create a model based on several previous research

methods. Patents are, per definition, exploration and as such each patent is assigned a

value of 1. Thereafter, we discount the value of the patent based on its exploitative

characteristics. In our study, this is represented by the technical class of the patent

and whether the technical class is novel to the firm or a frequent repeater in the

firm’s patent portfolio. We calculate the value by utilizing a Herfindahl-Hirschman

Index. When conducting the study, we find the relationship to be inconclusive and

not statistically significant. However, our novel model, by its tangible and

quantitative nature, open for future research on the topic.
Publisher
BI Norwegian Business School

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