Renira Corinne Angeles
Renira is a PhD candidate in political economy. Her doctoral project examines the political causes and consequences of economic inequality with a focus on top income share and politics of top executive compensation across developed economies. The thesis outlines three main arguments; 1) strength of organized labour more than corporate governance matters for moderation of top incomes, 2) economic policy strategy of left parties in egalitarian economies had a destabilizing impact on the historical bargain between capital and labour, fragmented corporate insiders, strengthened outside investors and led to a surge in top incomes driven by executive pay. The surge in real top executive compensation during a social democratic government was due to tax reforms of private sector and corporate governance/Company Laws that directly affected ownership structures of the largest listed firms at the Swedish stock market, 3) concentration of top incomes, wealth and firm wealth in advanced democracies affect executive government and how politics work, contributing to skewed distribution of political influence. I found that 1) across 17 OECD countries, controlling for firm size and economic variables, strength of labour moderates more significantly top executive compensations more than current regulations on corporate governance, 2) a historical and quantitative analysis of top incomes in egalitarian Sweden shows that it was tax policies and corporate governance of left parties that increased top incomes more than political capture activities, 3) while top managers supporting Conservatives in the UK donate more in values during the sample period, the responsiveness to donate with respect to top executive compensation is higher for managers supporting Labour. The sensitivity is particularly high with respect to the value of stock options and restricted stocks granted. Hence, the ideological distribution may be more scattered than assumed for a specific segment of economic elites. The findings help us understand the link between income and political strategies and motivations of rich individuals.
Renira was chair of the Political Economy Research Group (PERG) 2014/2015 academic year.
- comparative political economy
- parties and economic policy making
- economic and political inequality
- politics of financial/economic/corporate sector regulation
- quantitative research methods
Other research interests:
- history of the politics of economic governance/policy making
WORK IN PROGRESS
(for drafts and abstract please visit my web page)
“The Political Struggle about a Maximum Wage and Labour’s Role in Moderating Executive Compensation in Advanced Economies” (with Prof. Achim Kemmerling) (2nd review in Socio-Economic Review)
“The Global Diffusion of Inequality: US Multinationals as Exporters of the Winner-Take-All-Economy” (with Prof. Jonathan Hopkin, and Dr. Lukas Linsi)
“Top Executive Compensation and Party Donation Elasticities; Is Political Party Donation Driven by Economic Inequality?”
“The politics of top incomes in egalitarian economies: the shift in private sector regulation by the Swedish Social Democrats that increased concentration of top incomes”