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Author :
Publisher :
ISBN 13 :
Total Pages : 408 pages
Book Rating : 4.:/5 (831 download)
Download or read book Executive Compensation Among Investor-owned Electric Utilities written by and published by . This book was released on 1982 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas Wayne De Berry
Publisher :
ISBN 13 :
Total Pages : 286 pages
Book Rating : 4.:/5 (39 download)
Download or read book The Determinants of CEO Compensation in Regulated Investor-owned Electric Utilities written by Thomas Wayne De Berry and published by . This book was released on 1994 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul L. Joskow
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (129 download)
Download or read book Political Constraints on Executive Compensation written by Paul L. Joskow and published by . This book was released on 2010 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores the effect of regulatory and political constraints on the level of CEO compensation for 87 state-regulated electric utilities during 1978-1990. The results suggest that political pressures may constrain top executive pay levels in this industry. First, CEOs of firms operating in regulatory environments characterized by investment banks as relatively `pro-consumer' receive lower compensation than do CEOs of firms in environments ranked as more friendly to investors. Second, CEO pay is lower for utilities with relatively high or rising rates, or a higher proportion of industrial sales, consistent with earlier research that describes political pressures on electricity rates. Finally, attributes of the commission appointment and tenure rules affect CEO compensation in ways consistent with the political constraint hypothesis: for example, pay is lower in states with elected commissioners than in states where commissioners are appointed by the governor, all else equal. Despite apparently effective pressure to constrain pay levels in this sector, however, we find no evidence of related intra-industry variation in the sensitivity of pay to firm financial performance.
Author : Paul L. Joskow
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (318 download)
Download or read book Political Constraints on Executive Compensation written by Paul L. Joskow and published by . This book was released on 1994 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores the effect of regulatory and political constraints on the level of CEO compensation for 87 state-regulated electric utilities during 1978-1990. The results suggest that political pressures may constrain top executive pay levels in this industry. First, CEOs of firms operating in regulatory environments characterized by investment banks as relatively pro-consumer' receive lower compensation than do CEOs of firms in environments ranked as more friendly to investors. Second, CEO pay is lower for utilities with relatively high or rising rates, or a higher proportion of industrial sales, consistent with earlier research that describes political pressures on electricity rates. Finally, attributes of the commission appointment and tenure rules affect CEO compensation in ways consistent with the political constraint hypothesis: for example, pay is lower in states with elected commissioners than in states where commissioners are appointed by the governor, all else equal. Despite apparently effective pressure to constrain pay levels in this sector, however, we find no evidence of related intra-industry variation in the sensitivity of pay to firm financial performance
Author : Ben Johnson (M.S.)
Publisher :
ISBN 13 :
Total Pages : 336 pages
Book Rating : 4.:/5 (876 download)
Download or read book Executive Compensation, Size, Profit and Cost in the Electric Utility Industry written by Ben Johnson (M.S.) and published by . This book was released on 1982 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 168 pages
Book Rating : 4.:/5 (946 download)
Download or read book Executive Compensation, Size, Profit, and Cost in the Electric Utility Industry written by and published by . This book was released on 1982 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stephen Bryan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book The Change in Operating and Regulatory Environment and the CEO Compensation-Performance Sensitivity written by Stephen Bryan and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study tests whether firms in the electric utility industry alter their compensation policies in response to the recent and dramatic changes that the 1992 Energy Policy Act imposes on their operating and regulatory environment. The 1992 Act intensifies competition in the utility industry by opening up the generation and wholesale markets for electric power, thereby providing greater managerial incentives to improve utilities' operating efficiency. Our evidence shows that utilities significantly increased (by almost 70%) the CEO cash compensation-earnings performance sensitivity in the post-1992 period compared to the pre-1992 period. Additionally, an analysis for non-utility firms does not indicate such a high increase in the CEO cash compensation-earnings sensitivity over the same period. Further, electric utilities that diversify into unregulated operations and that operate in a less severe regulatory environment exhibit an even greater increase in the CEO cash compensation-earnings sensitivity over the same period of time. Unlike the generation and wholesale sectors of the utility industry, however, rate-setting, capital investments, and retail operations remain regulated, thereby limiting managerial discretion in exploiting future investment opportunities. Consequently, we find that the sensitivity of utility CEO stock-based compensation (stock option compensation and stock ownership) to stock performance does not increase in the post-1992 period relative to the pre-1992 period. Finally, our comparison of electric utilities to independent power producers (IPPs), which have less constrained investment opportunities, shows that the average proportion of CEO stock option compensation for IPPs is six times greater than that for electric utility CEOs.
Author : James Newman
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (753 download)
Download or read book Determinants of Chief Executive Officer Compensation in Electric Utilities written by James Newman and published by . This book was released on 1985 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David Adam Nislick
Publisher :
ISBN 13 :
Total Pages : 414 pages
Book Rating : 4.:/5 (341 download)
Download or read book The Effects of State Regulation on Risk and Executive Compensation in the Electric Utility Industry written by David Adam Nislick and published by . This book was released on 1994 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 266 pages
Book Rating : 4.:/5 (841 download)
Download or read book Executive Compensation Among Electric and Gas Utilities, 1983 written by and published by . This book was released on 1983 with total page 266 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 : United States. Office of Wage Stabilization. Executive Compensation Branch
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.3/5 (91 download)
Download or read book Report on Executive Compensation written by United States. Office of Wage Stabilization. Executive Compensation Branch and published by . This book was released on 1974 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Dennis Graham
Publisher : AMACOM Div American Mgmt Assn
ISBN 13 : 081441012X
Total Pages : 545 pages
Book Rating : 4.8/5 (144 download)
Download or read book Effective Executive Compensation written by Michael Dennis Graham and published by AMACOM Div American Mgmt Assn. This book was released on 2008 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the Enron, Tyco, and WorldCom debacles, we all know what can happen when executives go wild. Creative accounting, inflated pay, runaway perks-and a downward spiral of the companies they run.
Author : Lucian Bebchuk
Publisher : Harvard University Press
ISBN 13 : 067426195X
Total Pages : 293 pages
Book Rating : 4.6/5 (742 download)
Download or read book Pay without Performance written by Lucian Bebchuk and published by Harvard University Press. This book was released on 2006-09-30 with total page 293 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 : United States. Cost of Living Council
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 ( download)
Download or read book Report on Executive Compensation written by United States. Cost of Living Council and published by . This book was released on 1974 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David F. Larcker
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Executive Compensation written by David F. Larcker and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the late 1990s, UtiliCorp United, a utility that owned natural gas and power assets in the Midwest and internationally, moved aggressively into the business of wholesale energy trading. The move came after Congress passed legislation that opened wholesale energy markets to competition, with the expectation that competition would reduce prices. Following the legislation, trading activity in these markets exploded, a trend which UtiliCorp participated in through its energy trading subsidiary Aquila Merchant Energy. In recognition of the important role that energy trading was expected to play for the company going forward, UtiliCorp officially changed its name to Aquila in March 2002. At the same time, the board of directors awarded a discretionary bonus of $4.5 million to Chief Executive Officer Robert Green, “in recognition of his contribution in establishing and cultivating the merchant services business.” He had been on the job just three months, having succeeded his older brother Richard Green Jr. who remained chairman. Just months later, however, energy markets collapsed and the company reported major losses. As a result, Aquila announced that it would close its energy trading division and that Robert Green would resign as CEO. He would retain his bonus and also take with him a substantial and controversial severance package. This case explores the appropriateness of these payments, given the change in the company's strategic model and performance.
Author : Steven Balsam
Publisher : Academic Press
ISBN 13 : 9780120771264
Total Pages : 410 pages
Book Rating : 4.7/5 (712 download)
Download or read book An Introduction to Executive Compensation written by Steven Balsam and published by Academic Press. This book was released on 2002 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: General readers have no idea why people should care about what executives are paid and why they are paid the way they are. That's the reason that The Wall Street Journal, Fortune, Forbes, and other popular and practitioner publications have regular coverage on them. This book not only proposes a reason - executives need incentives in order to maximize firm value (economists call this agency theory) - it also describes the nature and design of executive compensation practices. Those incentives can take the form of benefits (salary, stock options), or prerquisites (reflecting the status of the executive within the organizational culture.
