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ABSTRACT This article examines executive compensation in the United States, France, and the Netherlands. A brief review of executive compensation literature is conducted to expose its implicit value systems. Next, a qualitative study examines the interpretive schemas that executives express about the pay‐performance relationship; US‐developed expectancy theory and agency theory serve as a benchmark. the results indicate that US executives understand compensation in different terms from those employed by their European counterparts.
Johannes M. Pennings (1993) studied this question.