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Pay for Outsiders : Compensation Incentives for Nonfamily Executives in Family Firms
Li, Zhi - 2017
Motivated by the dual agency environment in founding family firms, we examine how family firms provide compensation incentives to nonfamily executives. Nonfamily executives receive weaker risk-taking incentives and pay-for-performance incentives when family ownership is high and when family...
Persistent link: https://www.econbiz.de/10012975764
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Pay for outsiders : Incentive compensation for nonfamily executives in family firms
Li, Zhi - 2020
We examine how incentive compensation for nonfamily executives in family firms differs from incentive compensation for executives in nonfamily firms. Nonfamily executives in family firms receive significantly less performance-based pay and equity-based pay. Family monitoring, risk aversion, and...
Persistent link: https://www.econbiz.de/10012857303
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Managerial Remuneration and Disciplining in the UK : A Tale of Two Governance Regimes
Renneboog, Luc - 2010
We simultaneously analyze two mechanisms of the managerial labor market (CEO turnover and remuneration schemes) in two different regulatory regimes, namely before and after the sweeping governance reforms adopted in the UK in the 1990s. We employ sample selection models to examine firms in a...
Persistent link: https://www.econbiz.de/10013135217
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Performance-Vesting Provisions in Executive Compensation
Bettis, J. Carr - 2018
The usage of performance-vesting (p-v) equity awards to top executives in large U.S. companies has grown from 20 to 70 percent from 1998 to 2012. We measure the effects of p-v provisions on value, delta, and vega of equity-based compensation. We find large differences in the value of p-v awards...
Persistent link: https://www.econbiz.de/10012938441
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CEO Compensation and Future Shareholder Returns : Evidence from the London Stock Exchange
Balafas, Nikolaos - 2016
This study examines the ex-post consequences of CEO compensation for shareholder value. The main objective is to explore whether companies that pay their CEO excessive fees (in comparison to those of peer firms in the same industry and size group) generate superior future returns and better...
Persistent link: https://www.econbiz.de/10013007051
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Resources or Power? Implications of Social Networks on Compensation and Firm Performance
Horton, Joanne - 2013
Using a sample of 4,278 listed UK firms, we construct a social network of directorship-interlocks that comprises 31,495 directors. We use social capital theory and techniques developed in social network analysis to measure a director's connectedness and investigate whether this connectedness is...
Persistent link: https://www.econbiz.de/10013095860
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Family Firms and Top Management Compensation Incentives
Li, Zhi; Ryan, Harley E.; Wang, Lingling - 2022
-held public firms which focus on aligning the interests of managers with those of dispersed shareholders. Using a sample of S …
Persistent link: https://www.econbiz.de/10013492593
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Note on Investment Policy and Executive Compensation in Family Firms vs. Non-Family Firms
Miglo, Anton - 2023
This note compares the investment policy and managerial compensation in family and non-family firms. The model is based on one hand a manager/shareholders conflict that should be more pronounced in non-family firms. Secondly large shareholders/small shareholders conflict should play a...
Persistent link: https://www.econbiz.de/10014361967
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Loss of control vs. risk reduction : decision factors for hiring non-family CFOs in family firms
Lutz, Eva; Schraml, Stephanie C.; Achleitner, Ann-Kristin - 2010
explore the perceptions of family firm owners towards external managers by analyzing how their family-specific and company … providers. Prior work: Prior research has acknowledged that the attitude to external managers is a major concern for family … independence and control is high. Furthermore, they do not seem to trust external managers to act in accordance to their goal of …
Persistent link: https://www.econbiz.de/10008659211
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Market competition or family ties : which prevails on Italian CEOs pay?
Graziano, Clara; Rondi, Laura - 2015 - This draft: June 8, 2015
The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed firms from 2000 to 2011 and tests the impact of the 2007-08 financial crisis on pay-performance sensitivity. We argue that important differences both in the level of compensation...
Persistent link: https://www.econbiz.de/10011280832