Regression CEO Total Compensation
The natural logarithm CEO Compensation (dependent variable) is the sum of salary, bonus, stock and stock options grants,
pension and perk paid to CEO. Top 5 is the percentage of shares held by top 5 institutional shareholders out of total shares
outstanding. Herfindahl Index is the sum of the squares of each institutional shareholder’s ownership percentages. Total –
Top 5 is the difference of total institutional shareholding’s and top 5 institutional shareholding’s percentages in total shares
outstanding. Size is natural logarithm of firm year-end market value of equity in the yeart-1. MTB is natural logarithm of
Market to book ratio of a firm in the yeart-1. The return on equity is net income relative to total year-end equity of a firm in
the yeart-1. For each column t-statistics are presented in parentheses. ***, **, and * denote significance at the 1%, 5%, and
10% levels, respectively