Pay For Performance Government Regulation And The Structure Of Compensation Contracts

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Pay for Performance? Government Regulation and the Structure of Compensation Contracts

Author : Tod Perry
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Pay for Performance? Government Regulation and the Structure of Compensation Contracts by : Tod Perry

Download or read book Pay for Performance? Government Regulation and the Structure of Compensation Contracts written by Tod Perry and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1992-1993, the SEC required enhanced disclosure on executive compensation and Congress enacted tax legislation, i.e. Internal Revenue Code Section 162(m), limiting the deductibility of non-performance related compensation over one million dollars. We examine the effects of these regulatory changes and report small and large sample evidence that many million-dollar firms have reduced salaries in response to 162(m) and that salary growth rates have declined post-1993 for the firms most likely to be affected by the regulations. We further document that bonus and total compensation payouts are increasingly sensitive to stock returns after 1993, especially for firms with million-dollar pay packages. We also document that, once we control for factors affecting CEO incentives, the sensitivity of the CEO?s wealth to changes in shareholder wealth has increased from 1993 to 1996 for firms with CEOs approaching the million-dollar mark. Overall, our results suggest that some firms have altered the structure of CEO compensation in response to 162(m) by reducing salaries and that, on average, the pay for performance sensitivity has increased following the regulations, especially for million-dollar firms.

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.

Research Handbook on Executive Pay

Author : John S. Beasley
Publisher : Edward Elgar Publishing
ISBN 13 : 1781005109
Total Pages : 553 pages
Book Rating : 4.7/5 (81 download)

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Book Synopsis Research Handbook on Executive Pay by : John S. Beasley

Download or read book Research Handbook on Executive Pay written by John S. Beasley and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay. The authors analyze the two dominant theoretical approaches – managerial power theory and optimal contracting theory – and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed. A timely study of a controversial topic, the Handbook will be an essential resource for students, scholars and practitioners of law, finance, business and accounting.

Executive Compensation Regulation and the Dynamics of the Pay-performance Sensitivity

Author : Ralf Sabiwalsky
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (837 download)

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Book Synopsis Executive Compensation Regulation and the Dynamics of the Pay-performance Sensitivity by : Ralf Sabiwalsky

Download or read book Executive Compensation Regulation and the Dynamics of the Pay-performance Sensitivity written by Ralf Sabiwalsky and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A substantial number of empirical studies on the linear relationship between executive compensation and firm performance for European firms suggest that the pay-performance sensitivity is not significantly positive. We argue that a nonlinear structure fits the data better, because compensation contracts provide for minimum performance benchmarks and an upper limit to the variable component of compensation. We test for such discontinuities in the pay performance relationship, and confirm their existence, using hand collected data from German Prime All Share firms' CEO bonus compensation. It turns out that there is a significant positive relationship between return on assets and CEO bonus for ROA between -3% and +20%. Performance sensitivity is then tested for changes over time between 2006 and 2009. Results reveal that during the first three years after the introduction of a statutory transparency rule in 2005 governing the disclosure of individual CEO compensation, significant changes to compensation contracts did not occur; but that in 2009 the pay-performance sensitivity exhibited a significant increase, which coincides with the passing of a law that requires supervisory boards to ensure that new CEO employment contracts provide for "reasonable" compensation. -- Executive Compensation ; Regulation ; Pay Performance Sensitivity

Executive Remuneration and Employee Performance-Related Pay

Author : Tito Boeri
Publisher : OUP Oxford
ISBN 13 : 0191648582
Total Pages : 311 pages
Book Rating : 4.1/5 (916 download)

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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 OUP Oxford. This book was released on 2013-03-28 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent financial crisis has created a public outcry over top-executive pay packages and has led to calls for reform of executive pay in Europe and the US. The current controversy is not the first - nor will it be the last - time that executive compensation has sparked outrage and led to regulation on both sides of the Atlantic. This volume compares US and European CEOs to trace the evolution of executive compensation, its controversies and its resulting regulations. It shows that many features of current executive compensation practices reflect the, often-unintended, consequences of regulatory responses to perceived abuses in top-executive pay, which frequently stem from relatively isolated events or situations. Regulation creates unintended (and usually costly) side effects and it is often driven by political agendas rather than shareholder value. Improvements in executive compensation are more likely to come from stronger corporate governance, and not through direct government intervention. The volume also examines the effects of incentive schemes and the patterns of performance related pay both within and across countries. It documents a number of empirical regularities and discusses whether government should intervene to support the implementation of incentive pay schemes. It argues that it makes little sense to undertake reform without detailed simulations of the effect on the economy under alternative economic scenarios, based on sound analysis and extensive discussion with labour, management, and government decision-makers.

Corporate Governance Regimes

Author : Joseph McCahery
Publisher : Oxford University Press, USA
ISBN 13 : 9780199247875
Total Pages : 728 pages
Book Rating : 4.2/5 (478 download)

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Book Synopsis Corporate Governance Regimes by : Joseph McCahery

Download or read book Corporate Governance Regimes written by Joseph McCahery and published by Oxford University Press, USA. This book was released on 2002 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an up-to-the-minute survey of the field of corporate governance, focusing particularly on issues of convergence and diversity. A number of topics are discussed including bankruptcy procedures, initial public offerings, the role of large stakes, comparative corporate governance, and institutional investors.

The Regulation of Executive Compensation

Author : Kym Maree Sheehan
Publisher : Edward Elgar Publishing
ISBN 13 : 0857938339
Total Pages : 255 pages
Book Rating : 4.8/5 (579 download)

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Book Synopsis The Regulation of Executive Compensation by : Kym Maree Sheehan

Download or read book The Regulation of Executive Compensation written by Kym Maree Sheehan and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: ïBased on extensive interviews with those directly involved in the executive pay setting process _ executives themselves, remuneration committee members, remuneration consultants, and institutional investors _ this excellent study finally explains how, despite repeated regulation over the past twenty years in both the UK and Australia, limits on the amount executives get paid, and a clear relationship between pay and performance remain as elusive as ever. Dr. SheehanÍs study suggests that by targeting the pay setting process rather than pay itself, regulation may have contributed, albeit unintentionally, to the endless upward ratcheting of absolute levels of executive pay.Í _ John Roberts, University of Sydney, Australia ïFor those that believe executive remuneration in the UK and Australia is too high and poorly aligned with company performance, this book provides an excellent analytical framework and strong arguments in favor of greater shareholder oversight of remuneration practices and pay levels. It is well-written, carefully argued and persuasive in its treatment of the subject. I wholeheartedly recommend it.Í _ Randall S. Thomas, Vanderbilt University Law School, US In this timely book, Kym Sheehan examines the regulatory technique known as ïsay on payÍ _ where shareholders vote on executive compensation in an annual, advisory vote on the remuneration report. Using the model of the regulated remuneration cycle, and drawing upon evidence of its operation from interviews, voting data and remuneration reports from UK and Australian companies, the book demonstrates whether say on pay can operate successfully to both constrain executive greed and ensure accountability exists for company performance and decision-making. The Regulation of Executive Compensation is essential reading for corporate governance academics, remuneration consultants, company directors, regulators, pension and superannuation fund trustees and unions. Politicians and their policy advisers, lawyers, accountants and anyone concerned about the corporate governance of listed companies will find much to interest them in this detailed study.

Government Pay Policies and Structural Adjustment

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451958463
Total Pages : 48 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Government Pay Policies and Structural Adjustment by : International Monetary Fund

Download or read book Government Pay Policies and Structural Adjustment written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-08-08 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides an overview of the main elements of pay systems that are typically used to remunerate government employees and, with reference to the experience of developed and developing countries, discusses structural issues frequently arising in the formulation of government pay policies: (1) the role of fringe benefits in the compensation system; (2) the pros and cons of a greater merit orientation in the pay system and of special pay schemes designed to remunerate staff at the professional and managerial level; and (3) factors determining internal pay differentials with special emphasis on the compressing effect of flat amount cost of living adjustments.

Optimal compensation contracts with pay-for-performance and termination incentives

Author : Greg Fhay Hallman
Publisher :
ISBN 13 :
Total Pages : 402 pages
Book Rating : 4.:/5 (384 download)

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Book Synopsis Optimal compensation contracts with pay-for-performance and termination incentives by : Greg Fhay Hallman

Download or read book Optimal compensation contracts with pay-for-performance and termination incentives written by Greg Fhay Hallman and published by . This book was released on 1996 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Paying for Performance: An International Comparison

Author : Michelle Brown
Publisher : Routledge
ISBN 13 : 1317463153
Total Pages : 315 pages
Book Rating : 4.3/5 (174 download)

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Book Synopsis Paying for Performance: An International Comparison by : Michelle Brown

Download or read book Paying for Performance: An International Comparison written by Michelle Brown and published by Routledge. This book was released on 2019-07-23 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although performance pay is used in many industrialized nations, the structure and success of this pay system vary widely depending on the institutions, regulatory framework, and legal settings of each country. This book makes the details and effects of these local variations clear for the first time. World-renowned experts on the programs in their respective countries provide in-depth analyses of performance pay in the United States, Canada, France, the United Kingdom, Germany, Australia, Japan, and Brazil. They draw out common themes across the countries, as well as country-specific determinants of the use of performance pay and its level of success.

Public Management Studies Private Pay for Public Work Performance-Related Pay for Public Sector Managers

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264031030
Total Pages : 208 pages
Book Rating : 4.2/5 (64 download)

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Book Synopsis Public Management Studies Private Pay for Public Work Performance-Related Pay for Public Sector Managers by : OECD

Download or read book Public Management Studies Private Pay for Public Work Performance-Related Pay for Public Sector Managers written by OECD and published by OECD Publishing. This book was released on 1993-02-16 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication reviews performance pay schemes covering middle management and senior management levels in departments and agencies of central government and also looks at, on a selective basis, schemes for managers in other parts of the public ...

New Strategies for Public Pay

Author : Howard Risher
Publisher : Jossey-Bass
ISBN 13 :
Total Pages : 378 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis New Strategies for Public Pay by : Howard Risher

Download or read book New Strategies for Public Pay written by Howard Risher and published by Jossey-Bass. This book was released on 1997-05-22 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: The government has acknowledged that its program of compensation and rewards is a roadblock in its movements to reinvent government operations. In its report, From Red Tape to Results: Creating a Government That Works Better and Costs Less, the National Performance Review recommends that government agencies design their own compensation programs to help improve operations. In New Strategies for Public Pay, leading experts examine current civil service compensation systems; analyze proposals for reform; discuss issues of equity and fairness, merit pay, collective bargaining, labor market influences, and more; and offer viable compensation alternatives, which have proven to work in private industry, to current government pay systems.

Modernizing the Federal Government

Author : Silvia Montoya
Publisher : Rand Corporation
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Modernizing the Federal Government by : Silvia Montoya

Download or read book Modernizing the Federal Government written by Silvia Montoya and published by Rand Corporation. This book was released on 2007 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Enhancing the performance of the civil service has been a central objective of the United States since the Civil Service Reform Act of 1978 authorized a performance-based component to federal salary structures. In 2003, the National Commission on the Public Service, also known as the Volcker Commission, recommended that explicit pay-for-performance (PFP) systems be adopted more broadly throughout the federal government. The authors compare several proposals aimed at enhancing the role of PFP in the federal government: a White House proposal (the Working for America Act), which recommends that the entire federal workforce be converted to PFP systems by 2010; and three bills in the 110th Congress. This occasional paper examines the advantages and pitfalls of explicit PFP schemes compared with the largely seniority-based salary system that still covers more than half of federal civil servants. The authors consider why using PFP in the public sector is challenging, what can be learned from the social science literature, recent practical experience, and growing congressional opposition to PFP."--Rand web site

Managing Government Compensation and Employment - Institutions, Policies, and Reform Challenges

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498345778
Total Pages : 99 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Managing Government Compensation and Employment - Institutions, Policies, and Reform Challenges by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Managing Government Compensation and Employment - Institutions, Policies, and Reform Challenges written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2016-08-04 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: Government compensation and employment policies are important for the efficient delivery of public services which are crucial for the functioning of economies and the general prosperity of societies. On average, spending on the wage bill absorbs around one-fifth of total spending. Cross-country variation in wage spending reflects, in part, national choices about the government’s role in priority sectors, as well as variations in the level of economic development and resource constraints.

Optimal Compensation Contracts with Pay-for-Performance and Termination Incentives

Author : Greg Hallman
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Optimal Compensation Contracts with Pay-for-Performance and Termination Incentives by : Greg Hallman

Download or read book Optimal Compensation Contracts with Pay-for-Performance and Termination Incentives written by Greg Hallman and published by . This book was released on 2008 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies optimal compensation contracts in the presence of both pay-for-performance and termination incentives. While these incentives have been studied independently, this paper s model is the first to incorporate both. The primary result is that pay-for-performance and the threat of termination are substitute incentive devices; holding effort constant, optimal pay-for-performance incentives are increasing in the cost of termination. Our test of this result compares compensation contracts of managers of real estate investment trusts and general partners of real estate limited partnerships. REIT managers wealth changes by $25.30 per $1,000 change in REIT value. Compensation for general partners, who are more costly to fire than REIT managers, changes by $253.57 per $1,000 change in partnership value.

Essays on Executive Compensation

Author : Affan Hameed
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (111 download)

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Book Synopsis Essays on Executive Compensation by : Affan Hameed

Download or read book Essays on Executive Compensation written by Affan Hameed and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Globalized Water

Author : Graciela Schneier-Madanes
Publisher : Springer Science & Business
ISBN 13 : 9400773234
Total Pages : 303 pages
Book Rating : 4.4/5 (7 download)

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Book Synopsis Globalized Water by : Graciela Schneier-Madanes

Download or read book Globalized Water written by Graciela Schneier-Madanes and published by Springer Science & Business. This book was released on 2014-05-01 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalized Water presents a compilation of voices that forms a unique scientific exploration of contemporary water management models and governance issues. The book describes the water paradox—how a local resource has become a global product—and the implications of this in how we identify challenges and make policy in the water sector. Over the last 20 years, the foundations of local and national water systems have been rocked by a wave of changes. The authors in this book, experts in a wide range of disciplines, address the resulting debates and issues: water as a commodity and patrimony, technological rent, liberalization and privatization, the continuing evolution of water management and policy at the European level, decision making and stakeholder participation, conflict and consensus, and the inevitable growth of counterpowers at the local and international levels, promoted by the advocates of sustainable development. The selected case studies are from Europe (primarily France but also Spain, Germany, the United Kingdom, and Portugal), Latin America (Argentina, Bolivia), the United States, Lebanon, and India. From this diverse collection of comparative perspectives and research methods, Globalized Water seeks to advance interdisciplinary research, contributing to a new and dynamic role for social sciences and governance on water.