The descriptive statistics of sample companies is reported in Table 3 in Appendix. Panel
A shows CEO compensation mean median and standard deviation, which consists of
salary, bonus, stock and stock option grants, pension and perk. The average compensation
for 26 largest companies listed in Stockholm Stock Exchange during the period 2004-
2008 is presented in Figure 1. It is remarkable that the largest portion of CEO
compensation in Sweden is fixed salary and that the share of equity based compensation
is quite small unlike that in US.