Differences in compensation changes may also be attributed to the way and extent firms have
been affected by the crisis. They may have been affected, for instance, by decreasing demand
for goods and services or by a credit crunch. Thus, large firms’ managers might be less affected
by the economic crisis because bigger firms probably have better access to bank loans
(Westergard-Nielsen & Neamtu, 2012). As a result, they have fewer credit problems or a better
financial situation during the crisis, which leads to a smaller extent of compensation reductions
for larger firms` managers. However, performances of firms may considerably differ as
well as firms` internal incentive structures, so that employees of some firms are hit much
harder than those of others.