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Author : W. Otto Carroll
Publisher :
ISBN 13 :
Total Pages : 240 pages
Book Rating : 4.:/5 (38 download)
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:
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 : Steven Clifford
Publisher : Penguin
ISBN 13 : 0735212392
Total Pages : 289 pages
Book Rating : 4.7/5 (352 download)
Download or read book The CEO Pay Machine written by Steven Clifford and published by Penguin. This book was released on 2017 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The pay gap between chief executive officers of major U.S. firms and their workers is higher than ever before--depending on the method of calculation, CEOs get paid between 300 and 700 times more than the average worker. Such outsized pay is a relatively recent phenomenon, but ... few detractors truly understand the numerous factors that have contributed to the dizzying upward spiral in CEO compensation. Steven Clifford, a former CEO who has also served on many corporate boards, has a name for these procedures and practices: 'The CEO Pay Machine.' [This book] is Clifford's ... explanation of the 'machine'--how it works, how its parts interact, and how every step pushes CEO pay to higher levels"--
Author : Alice Friedl
Publisher : GRIN Verlag
ISBN 13 : 3346376222
Total Pages : 52 pages
Book Rating : 4.3/5 (463 download)
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.
Author : Christoph Kotsch
Publisher : diplom.de
ISBN 13 : 3961160562
Total Pages : 32 pages
Book Rating : 4.9/5 (611 download)
Download or read book How justifiable is high CEO pay in the United States? written by Christoph Kotsch and published by diplom.de. This book was released on 2016-11-17 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The high compensation for executives and in particular for CEOs has been a topic of debate for many years. Increasing salaries and bonuses for leaders of companies have mostly been criticized and even pointed out as a key factor for a rising wealth distribution inequality. Especially in the United States, where CEO pay is most extreme, the public as well as the media ask for new regulations and political intervention. But are these high compensations really undeserved and unfair? How much do top managers actually earn and why do businesses support it? This academic paper will first give an overview of some important numbers and statistics in order to have an idea of how high a CEO’s income is compared to an average employee. It will also explain how to properly interpret these data and how much an executive’s income can vary depending on different factors. After analyzing the recent history and developments in CEO pay, chapter 8 will provide the necessary economic background to help understand companies’ decisions and see high wages from a business point of view. Although the paper will focus on CEO earnings in the US, it will give examples of differences in other countries and systems. Due to a distinct set of labor regulations, we will draw a comparison to CEO pay in Germany and furthermore illustrate the event of a political referendum in Switzerland. Finally, we will pick on various arguments by media, the public, as well as renowned economists, listing a series of pros and cons for excessive CEO pay. An insightful survey, conducted in the US, will then close the debate and leave the reader with the final thoughts of the conclusion.
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 : Christoph-Michael Sollberger
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (611 download)
Download or read book Determinants and Structure of CEO Pay in Theory and Swiss Business Practise written by Christoph-Michael Sollberger and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Executive compensation represents a controversial subject in Swiss public. The discussion is often marked by a lack of objectivity. This paper examines the structure and determinants of CEO pay in theory and Swiss business practise from a rational economic perspective. The paper consists of three parts. The first contains an analysis of the relevant literature of executive compensation. Most research findings have been derived in the USA. In order to draw any conclusions, the insights of the analysis had to be adapted to Swiss realities. This has been achieved by conducting several expert interviews, which are comprised in the second part. The paper ends with recommendations for theory and practise.
Author : Jess Reaser
Publisher :
ISBN 13 :
Total Pages : 284 pages
Book Rating : 4.3/5 (129 download)
Download or read book CEO and Average Employee Pay During the 1980s written by Jess Reaser and published by . This book was released on 1999 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Brian D. Cadman
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (129 download)
Download or read book Determinants of CEO Pay written by Brian D. Cadman and published by . This book was released on 2010 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document that firms included in the ExecuComp database tend to be larger, more complex, followed by more analysts, have greater stock liquidity levels, and have higher total, but less concentrated, institutional ownership than other firms. Based on these differences, we test and find support for three predictions. First, ExecuComp firms rely more heavily on earnings and stock returns in determining CEO cash compensation. Second, the weight on earnings is more sensitive to differences in the extent of growth opportunities for ExecuComp firms. Third, the positive relation between institutional ownership concentration and the value of stock option grants is stronger for ExecuComp firms. Overall, our results suggest that ExecuComp and non-ExecuComp firms operate in different contracting environments that lead to differences in the design of their executive compensation contracts. As a result, care should be taken in extending results based on ExecuComp samples to non-ExecuComp firms.
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 : 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 : Paul L. Joskow
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)
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.
Author : Ellen Geesje Schraa
Publisher :
ISBN 13 : 9780494279809
Total Pages : 212 pages
Book Rating : 4.2/5 (798 download)
Download or read book Compensation Practices and Determinants of CEO Pay written by Ellen Geesje Schraa and published by . This book was released on 2007 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two interpretations are possible. Ontario hospital boards may be trading-off the difficulties in implementing a formal pay-for-performance incentive plan with a more subjective and comprehensive evaluation process. This supports the claim that monitoring and bonus plans can both be used as an executive motivational device. Another interpretation, a criticism expressed in current business literature, is that agency problems are unaddressed in current CEO contracting arrangements, and the use of peer comparison and competitive benchmarking simply ratchets up year-to-year CEO compensation. Corporate governance entails monitoring, evaluating and rewarding the performance of the Chief Executive Officer (CEO) of the corporation. An economic approach to understanding CEO compensation predicts that financial incentives will be written into the CEO's compensation contract to align the goals of the owners of the firm with those of the top executive of the firm. At the same time, economic theory predicts that not-for-profit organizations, which have multiple stakeholders, complex multidimensional missions and hard to observe and measure outputs, may be unable to write similar incentive contracts for the CEO and hence suffer from enhanced agency problems. This thesis is an exploratory investigation into the CEO compensation policies employed by the Board of Directors of Ontario public not-for-profit hospitals. A survey of CEOs and boards finds that the majority of Ontario hospitals do base CEO compensation in part on performance, this performance evaluation being a comprehensive review of CEO specific performance goals and objectives, including specific hospital targets. These surveys also highlighted that Ontario hospital boards have had difficulties in establishing formal pay-for-performance systems due in large part to hospital outcomes being perceived as largely beyond the control of the CEO. Guided by equity theory, an empirical model investigates how pay comparisons with peer hospital CEOs influence subsequent CEO compensation adjustments, and finds that changes in CEO compensation are significantly related to the relative inequity position of a CEO compared to its peers.
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 : Sarah Annandsingh
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (643 download)
Download or read book Determinants of CEO Pay: Case Study Evidence from Trinidad written by Sarah Annandsingh and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Takao Kato
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (318 download)
Download or read book CEO Compensation and Firm Performance in Japan written by Takao Kato and published by . This book was released on 2003 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Helen Spiropoulos
Publisher :
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.:/5 (89 download)
Download or read book The Determinants and Performance Consequences of the CEO Pay Slice written by Helen Spiropoulos and published by . This book was released on 2013 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
