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Résumé

This paper empirically analyzes CEOs’ compensati on in the hospitality industry providing stylized facts regardi ng CEOs pay. The paper also addresses the principal - agent problem and it provides new evidence of the various forms of c ompensation ’s effects on companies’ performances . Finally, it compares the results with other industries. The results suggest that CEO s’ compensation in the hospitality sector differ s in magnitude and composition from other industries. The empirical analysis also reveals that there is a positive and significant link between cash - based incentives and performance s . I argue that a positive co rrelation between cash - based compensation and performance does not imply a pos itive causality . I also found evidence that stock options affect negatively firms’ performances in all industries

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