Say-on-pay judgements: the two-strikes rule and the pay-performance link

Yimeng Liang, Robyn Moroney, Michaela Rankin

Research output: Contribution to journalArticleResearchpeer-review

10 Citations (Scopus)


We undertake an experiment to explore shareholder voting behaviour when the pay-performance link is weak or strong; and when there has (has not) been a first strike in the preceding year. We find shareholders are more supportive of a remuneration package evidencing a strong pay-performance link than a weak link. Further, shareholders are less supportive of a remuneration package when there has been a first strike in the preceding year than when there has not been a first strike. Importantly, we find that a first strike reduces the effect of the pay-performance link on voting intentions. Accounting and Finance

Original languageEnglish
Pages (from-to)943-970
Number of pages28
JournalAccounting & Finance
Issue numberS1
Publication statusPublished - Apr 2020


  • Executive remuneration
  • Pay-performance link
  • Say-on-pay
  • Two-strikes rule

Cite this