The results of this study are consistent with findings of Schmid (1997) and indicate that
in a different institutional setting the same types of economic problems relating to executive
compensation hold –that is, there is evidence of agency problems caused by the separation of
ownership and control. When ownership is dispersed management can obtain greater monetary
compensation. Unfortunately, we do not have information on non-monetary compensation, but
we might also expect that lack of control by ownership may enable management to extract
greater non-monetary compensation.