Explaining Pay Without Performance

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Explaining Pay Without Performance

Author : Iman Anabtawi
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Explaining Pay Without Performance by : Iman Anabtawi

Download or read book Explaining Pay Without Performance written by Iman Anabtawi and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: After only a brief hiatus in the wake of the stock market downturn of 2000, Chief Executive Officer (CEO) pay levels have resumed their upward trajectory. In response, many influential shareholders and academics are asking the question: Are the executive compensation arrangements we observe examples of optimal contracting between CEOs and the boards of directors of the firms they manage, according to which executives are rewarded for enhancing shareholder value? Or do such arrangements indicate a corporate governance failure, whereby CEOs exercise so much influence over boards that managers are effectively setting their own pay? The foregoing accounts - optimal contracting and managerial power, respectively - dominate current explanations of how executive pay is structured. In this Article, I demonstrate that neither explains adequately observed executive pay arrangements. Instead, I turn to the paradigm of tournament theory-in which CEO pay is a prize awarded to the winner of a competition to get to the top of the corporate ladder; to illuminate the structure of executive pay. Introducing tournament theory into the mix of how firms motivate their CEOs can explain features of CEO pay that are either inconsistent with, or deemed inefficient by, competing theories. Because one's view of how executive pay arrangements should be designed has significant implications for our assessment of actual executive pay practices, I argue that we should consider the role that tournaments can play in motivating executives before undertaking reforms in the executive pay arena. Optimal contracting theory, in which boards of directors are assumed to be designing pay-for-performance contracts to align the interests of managers with those of shareholders, remains the dominant lens through which executive pay arrangements are analyzed. Observed executive pay contracting fails, however, to conform to the optimal contracting model. Rather than linking compensation to performance, pay arrangements for executives do not reveal a statistically significant relationship between the two. This anomaly has puzzled scholars in the executive compensation area and generated a vigorous debate over pay without performance.

Pay Without Performance

Author : Lucian A. Bebchuk
Publisher : Harvard University Press
ISBN 13 : 9780674020634
Total Pages : 308 pages
Book Rating : 4.0/5 (26 download)

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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.

Pay Without Performance

Author : Lucian A. Bebchuk
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Pay Without Performance by : Lucian A. Bebchuk

Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by . This book was released on 2009 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a recent book, Pay without Performance: The Unfulfilled Promise of executive Compensation, we critique existing executive pay arrangements and the corporate governance processes producing them, and put forward proposals for improving both executive pay and corporate governance. This paper provides an overview of the main elements of our critique and proposals. We show that, under current legal arrangements, boards cannot be expected to contract at arm's length with the executives whose pay they set. We discuss how managers' influence can explain many features of the executive compensation landscape, including ones that researchers subscribing to the arm's length contracting view have long viewed as puzzling. We also explain how managerial influence can lead to inefficient arrangements that generate weak or even perverse incentives, as well as to arrangements that make the amount and performance-insensitivity of pay less transparent. Finally, we outline our proposals for improving the transparency of executive pay, the connection between pay and performance, and the accountability of corporate boards.

Pay Without Performance

Author : Lucian A. Bebchuk
Publisher :
ISBN 13 : 9780674022287
Total Pages : 278 pages
Book Rating : 4.0/5 (222 download)

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Book Synopsis Pay Without Performance by : Lucian A. Bebchuk

Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by . This book was released on 2006 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a detailed account of how corporate boards have failed to negotiate with executives and how pay practices have decoupled compensation from performance, leading to practices that dilute manager incentives and hurt shareholders.

U.S. Corporate Governance

Author : Donald H. Chew
Publisher : Columbia University Press
ISBN 13 : 9780231519984
Total Pages : 388 pages
Book Rating : 4.5/5 (199 download)

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Book Synopsis U.S. Corporate Governance by : Donald H. Chew

Download or read book U.S. Corporate Governance written by Donald H. Chew and published by Columbia University Press. This book was released on 2009-08-25 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of the U.S. governance system in achieving that end. Essays address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, transferable stock options, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.

Fair Pay, Fair Play

Author : Robin A. Ferracone
Publisher : John Wiley & Sons
ISBN 13 : 0470612851
Total Pages : 291 pages
Book Rating : 4.4/5 (76 download)

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Book Synopsis Fair Pay, Fair Play by : Robin A. Ferracone

Download or read book Fair Pay, Fair Play written by Robin A. Ferracone and published by John Wiley & Sons. This book was released on 2010-05-27 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timely look at how to evaluate and determine executive pay Recognized as the leading expert on executive compensation, Robin Ferracone combines her own 20 years of experience with interviews with executives and compensation committees to provide a clear examination of and guidance on determining pay packages, actions, and designs. and Over the past 25 years, the author has created a database of executive pay across 44,000 companies, broken down by company performance, company revenue and industry. Using this data, the author provides boards and individuals evaluating executive pay with the ability to analytically determine an appropriate compensation package. Provides real-life stories, perspectives, and insights from thought leaders on executive compensation Contains interview with compensation committee members, executives, academicians, government leaders, and shareholder activists Research based on 44,000 companies broken down by performance, revenue and industry Offers a timely resource on a hot button topic.

PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF EXECUTIVE COMPENSATION.

Author : Lucian A. Bebchuk
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (123 download)

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Book Synopsis PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF EXECUTIVE COMPENSATION. by : Lucian A. Bebchuk

Download or read book PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF EXECUTIVE COMPENSATION. written by Lucian A. Bebchuk and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Die deutsche Offensive im Westen im Urteil der feindlichen und neutralen Presse ; Kriegspresseamt. Auslandstelle

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (251 download)

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Book Synopsis Die deutsche Offensive im Westen im Urteil der feindlichen und neutralen Presse ; Kriegspresseamt. Auslandstelle by :

Download or read book Die deutsche Offensive im Westen im Urteil der feindlichen und neutralen Presse ; Kriegspresseamt. Auslandstelle written by and published by . This book was released on 1918 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of Principles of Organizational Behavior

Author : Edwin Locke
Publisher : John Wiley & Sons
ISBN 13 : 0470685336
Total Pages : 694 pages
Book Rating : 4.4/5 (76 download)

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Book Synopsis Handbook of Principles of Organizational Behavior by : Edwin Locke

Download or read book Handbook of Principles of Organizational Behavior written by Edwin Locke and published by John Wiley & Sons. This book was released on 2011-07-15 with total page 694 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a strong movement today in management to encourage management practices based on research evidence. In the first volume of this handbook, I asked experts in 39 areas of management to identify a central principle that summarized and integrated the core findings from their specialty area and then to explain this principle and give real business examples of the principle in action. I asked them to write in non-technical terms, e.g., without a lot of statistics, and almost all did so. The previous handbook proved to be quite popular, so I was asked to edit a second edition. This new edition has been expanded to 33 topics, and there are some new authors for the previously included topics. The new edition also includes: updated case examples, updated references and practical exercises at the end of each chapter. It also includes a preface on evidence-based management. The principles for the first edition were intended to be relatively timeless, so it is no surprise that most of the principles are the same (though some chapter titles include more than one principle). This book could serve as a textbook in advanced undergraduate and in MBA courses. It could also be of use to practicing managers and not just those in Human Resource departments. Every practicing manager may not want to read the whole book, but I am willing to guarantee that every one will find at least one or more chapters that will be practically useful. In this time of economic crisis, the need for effective management practices is more acute than ever.

People, Performance, & Pay

Author : Thomas P. Flannery
Publisher : Simon and Schuster
ISBN 13 : 074323653X
Total Pages : 292 pages
Book Rating : 4.7/5 (432 download)

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Book Synopsis People, Performance, & Pay by : Thomas P. Flannery

Download or read book People, Performance, & Pay written by Thomas P. Flannery and published by Simon and Schuster. This book was released on 2002-01-15 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: People, Performance, and Pay identifies today's four most common organizational work cultures - functional, process, time-based, and network - and explains how to align innovative pay policies with each. With examples from LEGO, Hallmark, Holiday Inn, and other leading organizations, the authors explain how to assess an organization's current culture and determine what its future culture should be. They then demonstrate pay's role in such change initiatives, and how compensation must be integrated with other human resource processes, such as selection, training, and performance management. They also discuss the full range of pay strategies available today and how they can be best used to move the organization forward; for example, they recommend decreasing an organization's emphasis on base pay as it shifts from a functional culture to a process, time-based, or network culture. They also offer guidance on establishing team rewards, especially important in process and team-based cultures, and make a compelling case for putting more pay at risk through variable pay strategies. Here also is strategic advice on competency-based pay, performance-based rewards such as gain-sharing, executive pay, and benefits programs. As responsibility for compensation strategies and compensation decisions shifts away from the realm of the Human Resource Department, line managers and senior executives will find People, Performance, and Pay an invaluable reference for effectively using salary, incentives, and benefits to motivate and reward employees, improve quality, and increase productivity.

Drive

Author : Daniel H. Pink
Publisher : Penguin
ISBN 13 : 1101524383
Total Pages : 275 pages
Book Rating : 4.1/5 (15 download)

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Book Synopsis Drive by : Daniel H. Pink

Download or read book Drive written by Daniel H. Pink and published by Penguin. This book was released on 2011-04-05 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: The New York Times bestseller that gives readers a paradigm-shattering new way to think about motivation from the author of When: The Scientific Secrets of Perfect Timing Most people believe that the best way to motivate is with rewards like money—the carrot-and-stick approach. That's a mistake, says Daniel H. Pink (author of To Sell Is Human: The Surprising Truth About Motivating Others). In this provocative and persuasive new book, he asserts that the secret to high performance and satisfaction-at work, at school, and at home—is the deeply human need to direct our own lives, to learn and create new things, and to do better by ourselves and our world. Drawing on four decades of scientific research on human motivation, Pink exposes the mismatch between what science knows and what business does—and how that affects every aspect of life. He examines the three elements of true motivation—autonomy, mastery, and purpose-and offers smart and surprising techniques for putting these into action in a unique book that will change how we think and transform how we live.

Pay Without Performance

Author : Kenneth West
Publisher :
ISBN 13 :
Total Pages : 6 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Pay Without Performance by : Kenneth West

Download or read book Pay Without Performance written by Kenneth West and published by . This book was released on 2008 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is based on the author's comments at the Columbia University Symposium on Bebchuk and Fried's quot;Pay without Performance: The Unfulfilled Promise of Executive Compensation.quot; The paper discusses the book and the problems of executive compensation from an executive's perspective.

Executive Compensation in Contemporary Corporate Governance

Author : James A. McConvill
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Executive Compensation in Contemporary Corporate Governance by : James A. McConvill

Download or read book Executive Compensation in Contemporary Corporate Governance written by James A. McConvill and published by . This book was released on 2010 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In late 2004, law professors Lucian Bebchuk and Jesse Fried released a controversial new work, Pay without Performance: The Unfulfilled Promise of Executive Compensation. In Pay without Performance, Bebchuk and Fried highlight that in recent times there has been a decoupling of pay and performance in the United States, and articulate a quot;managerial powerquot; thesis to explain this trend. In this article, the author outlines the case for why pay for performance is not an quot;unfulfilledquot; promise, but rather is no promise at all. The author argues that agency theory, and pay for performance which is based upon agency theory, derives from a narrow, and ultimately false understanding of human motivation and behaviour. Drawing on an extensive range of literature in psychology, management and workplace relations, behavioural law and economics, sociology, philosophy and law, the author explains why the view of agency theorists regarding the importance of remuneration is misguided.

Pay for Performance

Author : Thomas C Mawhinney
Publisher : Routledge
ISBN 13 : 1317953061
Total Pages : 199 pages
Book Rating : 4.3/5 (179 download)

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Book Synopsis Pay for Performance by : Thomas C Mawhinney

Download or read book Pay for Performance written by Thomas C Mawhinney and published by Routledge. This book was released on 2019-07-18 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1992. This collection is devoted to trying to provide a better understanding of pay for performance. The volume includes an excellent history, a notable long-term success story that is at least partly based on pay for performance, a discussion of the source of some of the misunderstandings, a review of some of the better research on the subject, and some promising research developments.

Pay for Performance

Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309044278
Total Pages : 221 pages
Book Rating : 4.3/5 (9 download)

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Book Synopsis Pay for Performance by : National Research Council

Download or read book Pay for Performance written by National Research Council and published by National Academies Press. This book was released on 1991-02-01 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Pay for performance" has become a buzzword for the 1990s, as U.S. organizations seek ways to boost employee productivity. The new emphasis on performance appraisal and merit pay calls for a thorough examination of their effectiveness. Pay for Performance is the best resource to date on the issues of whether these concepts work and how they can be applied most effectively in the workplace. This important book looks at performance appraisal and pay practices in the private sector and describes whetherâ€"and howâ€"private industry experience is relevant to federal pay reform. It focuses on the needs of the federal government, exploring how the federal pay system evolved; available evidence on federal employee attitudes toward their work, their pay, and their reputation with the public; and the complicating and pervasive factor of politics.

A Real World Critique of Pay Without Performance

Author : Bevis Longstreth
Publisher :
ISBN 13 :
Total Pages : 10 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis A Real World Critique of Pay Without Performance by : Bevis Longstreth

Download or read book A Real World Critique of Pay Without Performance written by Bevis Longstreth and published by . This book was released on 2008 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is based on the author's comments at the Columbia University Symposium on Bebchuk and Fried's quot;Pay without Performance: The Unfulfilled Promise of Executive Compensation.quot; The paper offers a critique of the book's statement of the problems of executive compensation as well as of the book's proposed solutions.

Comments on Pay Without Performance

Author : Joseph E. Bachelder
Publisher :
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Comments on Pay Without Performance by : Joseph E. Bachelder

Download or read book Comments on Pay Without Performance written by Joseph E. Bachelder and published by . This book was released on 2008 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is the author's contribution to the Columbia University Symposium on Bebchuk and Fried's quot;Pay without Performance: The Unfulfilled Promise of Executive Compensation.quot; The paper seeks to explain why our society quot;toleratesquot; the current high levels of executive pay. The paper argues that cash compensation (salary and bonus) is not what critics are really concerned about but rather their concern is primarily directed at values associated with executive stock options. The paper takes the position that the actual value of option compensation is lower than is suggested by Black-Scholes and other methods of valuation at the time options are granted. The paper also makes the argument that asset managers often receive amounts that substantially exceed CEO pay levels and yet asset manager pay is not generally subject to the criticism directed at CEO pay. Finally, the paper discusses the broader context of economic forces at work on business enterprises that must be taken into account in examining executive pay.