Say on pay and executive compensation: A systematic review and suggestions for developing the field

Say on pay (SOP) is a form of shareholder activism where shareholders express their opinions on executive compensation by casting a vote in the annual general meeting. To date, although a large variety of results, antecedents and outcomes have been mentioned and discussed, knowledge about SOP is still limited. This study, through a systematic literature review of 44 articles on SOP published between 2010 and 2018 in finance and management journals, aims to explore our understanding of SOP effectiveness by analyzing its conceptualization, theoretical foundations, methodological issues, antecedents and derived outcomes. After identifying some common patterns in SOP effectiveness that reflect a specific governance contextualization, we provide a guide to develop future research in the field, highlighting key implications for human resource management academics and practitioners.