Data for this study was collected mainly from the annual reports of the companies.
Particularly from the annual reports were collected the number of shares outstanding at
year end, book value of equity and return on equity (ROE) and CEO total and cash
compensation. We calculated market to book ratio (MTB) through dividing market
capitalization into book value of equity at year-end. Market to book ratio, market
capitalization and return on equity are taken as control variables.