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Author : Michele Fabrizi
Publisher :
ISBN 13 : 9788869382857
Total Pages : 125 pages
Book Rating : 4.3/5 (828 download)
Download or read book Determinants and Consequences of Executive Compensation written by Michele Fabrizi and published by . This book was released on 2021 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yan Yan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (111 download)
Download or read book Determinants and Consequences of Executive Compensation written by Yan Yan and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yan Yan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)
Download or read book Determinants and Consequences of Executive Compensation written by Yan Yan and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jörn Obermann
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Determinants and Consequences of Executive Compensation-Related Shareholder Activism and Say-on-Pay Votes written by Jörn Obermann and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This systematic literature review analyses the determinants and consequences of executive compensation-related shareholder activism and say-on-pay (SOP) votes. The review covers 71 empirical articles published between January 1995 and September 2017. The studies are reviewed within an empirical research framework that separates the reasons for shareholder activism and SOP voting dissent as input factor on the one hand and the consequences of shareholder pressure as output factor on the other. This procedure identifies the five most important groups of factors in the literature: the level and structure of executive compensation, firm characteristics, corporate governance mechanisms, shareholder structure and stakeholders. Of these, executive compensation and firm characteristics are the most frequently examined. Further examination reveals that the key assumptions of neoclassical principal agent theory for both managers and shareholders are not always consistent with recent empirical evidence. First, behavioral aspects (such as the perception of fairness) influence compensation activism and SOP votes. Second, non-financial and sustainable interests significantly moderate shareholder activism. Insofar, we recommend integrating behavioral and non-financial aspects into the existing research. The implications are analyzed, and new directions for further research are discussed by proposing 19 different research questions.
Author : Ellen Pavlik
Publisher : Praeger
ISBN 13 :
Total Pages : 182 pages
Book Rating : 4.:/5 (319 download)
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 182 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.
Author : Barry Gerhart
Publisher : SAGE
ISBN 13 : 0761921079
Total Pages : 320 pages
Book Rating : 4.7/5 (619 download)
Download or read book Compensation written by Barry Gerhart and published by SAGE. This book was released on 2003-05-07 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: `Gerhart and Rynes provide a thorough, comprehensive review of the vast literatures relevant to compensation. Their insights regarding the integration of economic, psychological and management perspectives are particularly enlightening. This text provides an invaluable tool for those interested in advancing our understanding of compensation practices' - Alison Barber, Eli Broad College of Business, Michigan State UniversityCompensation provides a comprehensive, research-based review of both the determinants and effects of compensation. Combining theory and research from a variety of disciplines, authors Barry Gerhart and Sara Rynes examine the three major compensation decisions - pay level, pay structure and pay delivery systems.Revealing the impact of different compensation policies, this interdisciplinary volume examines: the relationship between performance-based pay and intrinsic motivation; implications of individual pay differentials for team or unit performance; the consequences of pay for performance policies; effect sizes and practical significance of compensation findings; and directions for future research.Compensation considers why organizations pay people the way they do and how various pay strategies influence the success of organizations. Critically evaluating areas where research is inconsistent with common beliefs, Gerhart and Rynes explore the motivational effects of compensation.Primarily intended for graduate students in human resource management, psychology, and organizational behaviour courses, this book is also an invaluable reference for compensation management consultants and organizational development specialists.
Author : Lucian A. Bebchuk
Publisher : Harvard University Press
ISBN 13 : 9780674020634
Total Pages : 308 pages
Book Rating : 4.0/5 (26 download)
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.
Author : Benjamin Hermalin
Publisher : Elsevier
ISBN 13 : 0444635408
Total Pages : 762 pages
Book Rating : 4.4/5 (446 download)
Download or read book The Handbook of the Economics of Corporate Governance written by Benjamin Hermalin and published by Elsevier. This book was released on 2017-09-18 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. Concentrates on underlying principles that change little, even as the empirical literature moves on Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field’s substantive findings, all of which help point the way forward
Author : Hassan I. Ballout
Publisher :
ISBN 13 :
Total Pages : 468 pages
Book Rating : 4.:/5 (276 download)
Download or read book Determinants of Executive Compensation written by Hassan I. Ballout and published by . This book was released on 1992 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luis R. Gomez-Mejia
Publisher : Routledge
ISBN 13 : 1317473957
Total Pages : 366 pages
Book Rating : 4.3/5 (174 download)
Download or read book Compensation and Organizational Performance written by Luis R. Gomez-Mejia and published by Routledge. This book was released on 2014-12-18 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: This up-to-date, research-oriented textbook focuses on the relationship between compensation systems and firm overall performance. In contrast to more traditional compensation texts, it provides a strategic perspective to compensation administration rather than a functional viewpoint. The text emphasizes the role of managerial pay, its importance, determinants, and impact on organizations. It analyzes recent topics in executive compensation, such as pay in high technology firms, managerial risk taking, rewards in family companies, and the link between compensation and social responsibility and ethical issues, among others. The authors provide a thorough and comprehensive review of the vast literatures relevant to compensation and revisit debates grounded in different theoretical perspectives. They provide insights from disciplines as diverse as management, economics, sociology, and psychology, and amplify previous discussions with the latest empirical findings on compensation, its dynamics, and its contribution to firm overall performance.
Author : Margery Ellen Obrentz
Publisher :
ISBN 13 :
Total Pages : 122 pages
Book Rating : 4.:/5 (95 download)
Download or read book Determinants of Executive Compensation written by Margery Ellen Obrentz and published by . This book was released on 1982 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Katsuyuki Kubo
Publisher :
ISBN 13 :
Total Pages : 646 pages
Book Rating : 4.:/5 (535 download)
Download or read book The determinants of executive compensation and its effect on company performance in Japan and the UK. written by Katsuyuki Kubo and published by . This book was released on 2000 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mercer, LLC
Publisher : John Wiley & Sons
ISBN 13 : 047047811X
Total Pages : 288 pages
Book Rating : 4.4/5 (74 download)
Download or read book Pay for Results written by Mercer, LLC and published by John Wiley & Sons. This book was released on 2009-03-17 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The numerous incentive approaches and combinations and their implications can be dizzying even to the compensation professional. Pay for Results provides a road map for developing and implementing executive incentives that drive business needs and strategy. It is filled with specific analytic tools, including tables, exhibits, forms, checklists. In addition, it uncovers myths in performance measurement strategy and design. Timely and thorough, this book expertly shows businesses how to drive their specific needs and strategy. Human resources and compensation officers will discover how to apply performance metrics that align with shareholder investment.
Author : Jennifer Carpenter
Publisher : Springer Science & Business Media
ISBN 13 : 1475751923
Total Pages : 159 pages
Book Rating : 4.4/5 (757 download)
Download or read book Executive Compensation and Shareholder Value written by Jennifer Carpenter and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Executive compensation has gained widespread public attention in recent years, with the pay of top U.S. executives reaching unprecedented levels compared either with past levels, with the remuneration of top executives in other countries, or with the wages and salaries of typical employees. The extraordinary levels of executive compensation have been achieved at a time when U.S. public companies have realized substantial gains in stock market value. Many have cited this as evidence that U.S. executive compensation works well, rewarding managers who make difficult decisions that lead to higher shareholder values, while others have argued that the overly generous salaries and benefits bear little relation to company performance. Recent conceptual and empirical research permits for the first time a truly rigorous debate on these and related issues, which is the subject of this volume.
Author : João Paulo Vieito
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book New Vs. Old Economy written by João Paulo Vieito and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyzed the executive compensation in the new and old economy in the period between 1992 to 2005. We focused on the evolution of the compensation and the factors that explain the executive compensation and if the form of compensation changed after the Nasdaq crash and the Sarbanes-Oxley act. Our results reveal that the new economy executives received, on average, much more than executives from the old economy from 1992 to 2003, but after 2004 the mean difference is very small and not statistically significant. In terms of compensation components, old economy executives always received more salary than new economy executives, and between 1992 to 2000, new economy executives received more bonus than old economy executives, but after this year the situation changes.We also found that the crash of Nasdaq and the Sarbanes Oxley act affected in a different way the executive compensation from new and old economy. In the case of the new economy, executives are changing from stock options based compensation to restricted stocks, and in the case of the old economy, they are changing to bonuses. We also investigated the impact of corporate governance and financial variables on new and old economy CEOs' and Directors' compensation and found evidence that the percentage of stock options that are vested but not exercised, size of the firm, the percentage of firm stocks owned by the executive, volatility, closing price of the company stock for the calendar year, one year total return to shareholders, number of board meetings, age as CEO and the ROA are variables that play important roles in explaining CEO and Director compensation. We also found that these factors are not all the same when we explain CEO and directors compensation from new and old economy and, in the case of the variables that are the same the intensity of the coefficients is different and generally statistically significant.
Author : Ming Ju
Publisher :
ISBN 13 :
Total Pages : 126 pages
Book Rating : 4.:/5 (128 download)
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.
Author : Arch Patton
Publisher :
ISBN 13 : 9781258382049
Total Pages : 244 pages
Book Rating : 4.3/5 (82 download)
Download or read book Men, Money, and Motivation written by Arch Patton and published by . This book was released on 2012-06-01 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
