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Translated Title

Analysis of Managerial Earnings in Unlisted Companies in Slovenia

Please Note:

This article is in Slovenian.

Ključne besede

nejavne družbe, managerski zaslužki, uspešnost podjetja, velikost podjetja, lastništvo

Keywords

unlisted companies, managerial earnings, company performance, company size, ownership

Povzetek

Čeprav družbe, ki ne kotirajo na borzi, predstavljajo hrbtenico gospodarstva, je področje nagrajevanja managerjev v teh družbah v svetu in v Sloveniji zelo slabo raziskano. Malo je znanega ne le o dejavnikih, ki vplivajo na višino zaslužkov, temveč tudi višina in struktura zaslužkov. Značilno za nejavne družbe je, da so manjše, imajo bolj koncentrirano lastništvo in večji delež managerskega lastništva. Na vzorcu 185 nejavnih družb v Sloveniji iz leta 2013 smo preučevali višino in strukturo zaslužkov in dejavnike, ki vplivajo nanje. Raziskava je pokazala, da na managerske zaslužke poleg dveh klasičnih dejavnikov - velikosti in uspešnosti podjetja - ključno vpliva tudi lastništvo podjetja – solastništvo managerjev, tuje poreklo kapitala in zasebno lastništvo v nasprotju z državnim. Nismo pa zaznali vpliva spola, izobrazbe ter internacionalizacije podjetja.

Abstract

Although companies that are not listed on the stock exchange are the backbone of the economy, the area of executive remuneration in these companies is very poorly researched in the world and in Slovenia. Not only is little known about the factors that influence the level of managerial earnings, but also about the amount and structure of managerial earnings. Typically, unlisted companies are smaller, have a higher concentration of ownership and have a larger share of managerial ownership. Using a sample of 185 unlisted companies in Slovenia from 2013, we examined the level and structure of earnings and the factors that influence them. The research found that in addition to the two classic factors - size and performance of the company - the ownership of the company - co-ownership by managers, foreign origin of capital and private ownership as opposed to the state - are also crucial. However, we did not find the effects of gender, education and internationalisation of the company.

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