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An Empirical Investigation Of Size And Performance As Determinants Of Chief Executive Compensation
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Book Synopsis An Empirical Investigation of Size and Performance as Determinants of Chief Executive Compensation by : Charlie Phelan
Download or read book An Empirical Investigation of Size and Performance as Determinants of Chief Executive Compensation written by Charlie Phelan and published by . This book was released on 1994 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Determinants of Executive Compensation by : Ellen Pavlik
Download or read book Determinants of Executive Compensation written by Ellen Pavlik and published by Praeger. This book was released on 1991-06-21 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a thorough study of what determines executive compensation levels, challenging prior research which tended to focus solely on the influence of corporate financial performance.
Book Synopsis An Empirical Investigation of the Determinants of Executive Compensation in Large and Small Firms by : Linda Carr-Valinezhad
Download or read book An Empirical Investigation of the Determinants of Executive Compensation in Large and Small Firms written by Linda Carr-Valinezhad and published by . This book was released on 1993 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Determinants of CEO Pay by : W. Otto Carroll
Download or read book Determinants of CEO Pay written by W. Otto Carroll and published by . This book was released on 1996 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How to compensate the CEO? Implications of different factors that determine a CEO’s compensation structure by : Alice Friedl
Download or read book How to compensate the CEO? Implications of different factors that determine a CEO’s compensation structure written by Alice Friedl and published by GRIN Verlag. This book was released on 2021-03-29 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2019 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, Friedrich-Alexander University Erlangen-Nuremberg, language: English, abstract: The objective of the present thesis is the presentation of the most important theoretical ideas to determine an adequate compensation for top managers and their empirical verification. Basis of the empirical assessment are the remunerations of the CEOs of five German companies and business units with diverse sizes and ownership structures. The principal-agent theory has proven most relevant, concluding a pay-per-performance remuneration structure that aligns the financial interests of the company and its executives. The balance between short-term goals and sustainable growth is achieved by a mix of selected short- and long-term incentives. Empirical evidence shows that recently size has become a major determinant of management remuneration and the pay-for-performance link is increasingly weak. Overall the empirical results of the thesis imply that the principal-agent theory is still seen as a valid instrument to create a balanced and for both parts favorable pay package. However, the use of long-term rewards to create sustainable growth is neglected in smaller companies. Size is seen as a relevant factor. The CEO-worker pay ratio is estimated unsuited and insignificant for determining executive compensation.
Book Synopsis Executive Compensation and Firm Performance by : Revonna Graham-Mitchell
Download or read book Executive Compensation and Firm Performance written by Revonna Graham-Mitchell and published by . This book was released on 2002 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Performance and Size as Determinants of Executive Compensation by : Guy Ronald Chamberlain
Download or read book Corporate Performance and Size as Determinants of Executive Compensation written by Guy Ronald Chamberlain and published by . This book was released on 1971 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis CEO Pay and Firm Performance by : Paul L. Joskow
Download or read book CEO Pay and Firm Performance written by Paul L. Joskow and published by . This book was released on 1994 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores the dynamic structure of the pay-for- performance relationship in CEO compensation and quantifies the effect of introducing a more complex model of firm financial performance on the estimated performance sensitivity of executive pay. The results suggest that current compensation responds to past performance outcomes, but that the effect decays considerably within two years. This contrasts sharply with models of infinitely persistent performance effects implicitly assumed in much of the empirical compensation literature. We find that both accounting and market performance measures influence compensation and that the salary and bonus component of pay as well as total compensation have become more sensitive to firm financial performance over the past two decades. There is no evidence that boards fail to penalize CEOs for poor financial performance or reward them disproportionately well for good performance. Finally, the data suggest that boards may discount extreme performance outcomes -both high and low - relative to performance that lies within some `normal' band in setting compensation.
Book Synopsis Executive Compensation, Firm Performance and Corporate Governance by : Aditya Parthasarathy
Download or read book Executive Compensation, Firm Performance and Corporate Governance written by Aditya Parthasarathy and published by . This book was released on 2006 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the determinants of executive compensation using the most recent data on firm performance, corporate governance and managerial compensation for a large sample of Indian firms. A linear regression model is used to develop explanations for total CEO compensation and the proportion of incentive pay that forms a part of the CEO's compensation. It is found that firm size is a significant determinant of both these aspects of CEO compensation. The results also show that CEOs who are promoters of their firms earn significantly more than ordinary CEOs. Such individuals also earn a much larger component of their compensation as incentive pay. In addition, this study also quantifies the significant divergences in compensation policies that are followed at firms in the public sector when compared to private sector firms.
Book Synopsis ESSAYS ON CEO AND EMPLOYEE COMPENSATION by : Ming Ju
Download or read book ESSAYS ON CEO AND EMPLOYEE COMPENSATION written by Ming Ju and published by . This book was released on 2018 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the continued increase in executive compensation and the resulting increase in pay disparity between executives and rank-and-file employees, CEO compensation relative to the average worker pay underscores the popular apprehension related to equity vs. efficiency. This dissertation empirically examines the determinants and consequences of the CEO-worker pay ratio, and the association between acquisitions and CEO compensation. In the first chapter, I show that country-level factors such as national culture, matter in determining the CEO-worker pay ratio across countries. Using global firm-level data from 44 countries for 2002-2015, I show that the CEO-worker pay ratio is associated with national characteristics such as culture and societal equity orientation. Specifically, I find that the CEO-worker pay ratio is positively associated with power distance and masculinity of the national culture, and it is negatively associated with uncertainty avoidance and long-term orientation. This pay ratio also reflects societal equity orientation, measured by income and wealth distribution proxies. This chapter contributes to the existing literature on executive compensation by documenting national culture as an important determinant of CEO-worker pay ratios globally. In the second chapter, I show that the relationship between firm value and the CEO-worker pay ratio exhibits an inverse-U shaped relation, which is consistent with elements of tournament theory, efficient contracting theory, rent extraction theory, and equity fairness theory. This is also consistent with there being an optimal pay ratio, or inflection point, beyond which increases in the pay ratio decrease firm value. I then show that the relationship between the pay ratio and firm performance differs systematically with regard to firm characteristics, i.e., in firms with a greater need for collaboration and information sharing, the optimal ratio is lower. In the final analysis, I show that pay disparity within the executive suite has little effect on firm value, rather it is the pay disparity between the named executive officers and the rank and file that drive my results. This chapter contributes to the existing literature by showing that the relationship between firm value and CEO-worker pay ratio is nonlinear. In the third chapter, I examine the effect of acquisitions, especially international acquisitions on CEO compensation, using firm-level panel data for 1995-2016, covering both international and domestic acquisitions by US firms. I find that acquisitions lead to higher CEO compensation, which can be explained by size premium, complexity premium, and opportunism. I also find that international acquisitions lead to higher CEO compensation than domestic acquisitions, which is consistent with the matching theory, as international acquisitions are larger and more complex to manage. This chapter provides direct empirical evidence on the effect of acquisitions on CEO compensation with a large database based on US firms. This chapter also adds to the literature on the comparison of international acquisition and domestic acquisition in terms of their impact on CEO compensation, which has been lacking in existing work. Overall, this dissertation advances our understanding on the determinants and consequences of the CEO-worker pay ratio, and adds insights to the literature on the implications of international acquisitions and managerial compensation.
Book Synopsis Executive Compensation, Management Turnover and Firm Performance by : Anne T. Coughlan
Download or read book Executive Compensation, Management Turnover and Firm Performance written by Anne T. Coughlan and published by . This book was released on 1984 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Empirical Investigation of Relative Performance Evaluation in UK Chief Executive Compensation by : Mark A. Farmer
Download or read book An Empirical Investigation of Relative Performance Evaluation in UK Chief Executive Compensation written by Mark A. Farmer and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pay Without Performance by : Lucian A. Bebchuk
Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by Harvard University Press. This book was released on 2004 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Book Synopsis Determinants of Chief Executive Officer Compensation by : Hwei Cheng Wang
Download or read book Determinants of Chief Executive Officer Compensation written by Hwei Cheng Wang and published by . This book was released on 2013 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the level and structure of CEO compensation of 2,448 CEO's from 1,622 firms spanning a range extending from 1997 through 2002. Based on agency and expectancy theories, this study tests the hypotheses that corporate diversification is associated with CEO compensation. The results found that the higher degree of international diversification, higher accounting earning performance, higher investment opportunities, and larger firm size, resulted in CEO's receiving higher levels of compensation. In contrast, the higher the degree of industrial diversification, the fewer levels of total compensation, long-term compensation, and stock options corporate CEO's received. In addition, this study finds that both international and industrial diversification is associated with a greater use of current compensation, as well as a greater reliance on accounting-based, rather than stock return earning (market-based measures) of firm performance.
Book Synopsis CEO Compensation and Subsequent Firm Performance by : William W. Stammerjohan
Download or read book CEO Compensation and Subsequent Firm Performance written by William W. Stammerjohan and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study develops and uses a two-stage model to examine the correlation between the compensation of 137 CEO's and the subsequent performance of the 56 companies they manage. This study tests both relationships suggested by the analytical compensation literature and several common assumptions made in the empirical compensation literature. The results suggest that the form of CEO compensation and the relative importance of personal stock ownership both have an effect on subsequent firm performance. Greater reliance on stock options, as a form of CEO compensation is positively correlated with superior subsequent firm performance, while greater reliance on annual bonuses appears to have the opposite effect. The results also suggest that greater personal stock ownership may not provide the commonly assumed alignment of interest between CEO and stockholder.
Book Synopsis Executive Remuneration and Employee Performance-Related Pay by : Tito Boeri
Download or read book Executive Remuneration and Employee Performance-Related Pay written by Tito Boeri and published by Fondazione Rodolfo Debendetti. This book was released on 2013-03-28 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: The compensation packages of a growing proportion of firms include pay schemes that are linked to employee or company performance, yet little is known about the patterns of performance related pay. This book compares US and European CEOs to investigate the evolution of executive compensation, its controversies, and its resulting regulations.
Download or read book Elite CEOs written by and published by . This book was released on 2008 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: A particular body of research examines the issue of linking executive pay to firm performance by focusing on the observation that CEO compensation varies widely across firms, even within the same industry. This research assumes that the same compensation model (i.e., structure of the model, explanatory variables, and coefficients on those variables) can be applied to all CEOs. If you will, extant research assumes a one-size-fits-all CEO compensation model approach to empirical analysis. Furthermore, much of this research also examines firm performance and similarly utilizes a one-size-fits-all firm performance model. I develop a proxy for CEO managerial power that I use to rank and classify CEOs into two groups: Elite CEOs (above a cut-off by the ranking) and Non-Elite CEOs (the remaining CEOs). As a note, I demonstrate that ranking the CEOs by my proxy for CEO managerial power is not the same as simply ranking the CEOs by their total direct compensation. My empirical results show that a one-size-fits-all model can be rejected. That is, the estimated coefficients in compensation models and firm performance models are different for Elite CEOs as compared to Non-Elite CEOs. Also, firms with Elite CEOs do not have higher performance. This suggests that Elite CEOs extract excessive compensation due to undue influence over their respective boards rather than to superior performance. These findings have both academic and corporate policy implications.
