An Empirical Analysis of Executive Compensation and Firm Performance in Greece

This thesis examines the relationship between executive compensation and company performance in Greek publicly listed companies, focusing on firms listed on the Athens Stock Exchange during the tough economic period of 2009-2022. Utilizing firm performance metrics (ROE, ROA, Share price, Tobin's Q etc), the study seeks to determine whether higher executive pay correlates with improved company performance. Amidst public scrutiny and debates on fiscal responsibility, particularly in the context of Greece's economic challenges and rising living costs, this research provides empirical insights into the effectiveness of executive compensation strategies. Employing a quantitative methodology and regression analysis, the findings suggest a complex, yet generally positive link between executive pay and performance indicators like share price and Tobin's Q. This study contributes to the discourse on corporate governance and executive remuneration, offering evidence-based recommendations for policy formulation and corporate governance standards in Greece and similar economies.