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In this study, I summarize the current state of executive compensation, discuss measurement and incentive issues, document recent trends in executive pay in both U.S. and international firms, and analyze the evolution of executive pay over the past century. Most recent analyses of executive...
Persistent link: https://www.econbiz.de/10014025560
Despite their theoretical value in tackling principal–agent problems at low cost to firms there is almost no empirical literature on the prevalence and correlates of performance bonds posted by corporate executives. We show that they are an important feature in today's CEO labour market in...
Persistent link: https://www.econbiz.de/10010931675
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength of executive incentives. We compare pay in U.S. public...
Persistent link: https://www.econbiz.de/10014023366
We develop a stylized model of efficient contracting in which firms compete for CEOs. The optimal contracts are designed to retain and insure CEOs. The retention motive explains pay-for-luck in executive compensation, while the insurance feature explains asymmetric pay-for-luck. We show that the...
Persistent link: https://www.econbiz.de/10011084007
interquartile increase in instrumented equity sales is associated with a decline of 0.25% in the growth of R&D/assets, 4.6% of the …
Persistent link: https://www.econbiz.de/10011084396
This paper studies the impact of gender quotas for corporate board seats on corporate decisions. We examine the introduction of Norway's 2006 quota, comparing affected firms to other Nordic companies, public and private, that are unaffected by the rule. We find that affected firms undertake...
Persistent link: https://www.econbiz.de/10010815908
The questions of whether there ever existed excessive risk-taking incentives from executive compensation in the financial industry, and whether top executives of financial services firms actually responded to such excessive incentives that eventually led to the crisis remain unanswered. The...
Persistent link: https://www.econbiz.de/10010784999
The corporate governance (CG) system in Japan at the start of the XXI century is analyzed in the study along the following lines: changes in the corporate ownership structure – the dissolution of stable and cross ownership; changes in the composition and structure of corporate boards; the...
Persistent link: https://www.econbiz.de/10010788980
A manager's shareholders, board of directors, and potential future employers are continually assessing his ability. A rich literature has documented that this insight has profound implications for corporate governance because assessment generates incentives (good and bad), introduces assorted...
Persistent link: https://www.econbiz.de/10010950722
increase investment subsequently, leading to "cyclical" firm growth in assets as well as in employment over CEO tenure. The CEO …
Persistent link: https://www.econbiz.de/10010950835