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Executive Compensation : A Survey of Theory and Evidence
Edmans, Alex - 2017
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/10012949331
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A Theory of Tax Avoidance -- Managerial Incentives for Tax Planning in a Multi-Task Principal-Agent Model
Ewert, Ralf - 2014
We derive determinants of tax avoidance by means of a multi-task principal-agent model. We extend prevailing models by integrating both corporate and individual income taxation as well as by including tax planning effort in the agent's action portfolio. Our model shows novel and apparently...
Persistent link: https://www.econbiz.de/10013051278
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Corporate Deductibility Provisions and Managerial Incentives
Koethenbuerger, Marko - 2014
findings suggest that, when managers engage in wasteful capital expenditures, welfare may decline if the cost of investment is …
Persistent link: https://www.econbiz.de/10013060519
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The Diffusion of Knowledge Via Managers' Mobility
Mion, Giordano - 2017
Better managers and managerial practices lead to better firm performance. Yet, little is known about what happens when … managers move across firms. Does a firm hiring a good manager improve its performance? If yes is there some valuable knowledge …-invariant ability of the manager as well as overall firm performance. We find that the export experience gained by managers in previous …
Persistent link: https://www.econbiz.de/10012964189
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Common Ownership, Competition, and Top Management Incentives
Anton, Miguel - 2020
When one firm's strategy affects other firms' value, optimal executive incentives depend on whether shareholders have interests in only one or in multiple firms. Performance-sensitive contracts induce managerial effort to reduce costs, and lower costs induce higher output. Hence, greater...
Persistent link: https://www.econbiz.de/10012854854
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Disentangling Managerial Incentives from a Dynamic Perspective : The Role of Stock Grants
Hili, Amal - 2016
We analyze the optimal contract between a risk-averse manager and the initial shareholders in a two-period model where the manager's investment effort, carried out in period 1, and her current effort, carried out in period 2, both impact the second-period profit, so that it may be difficult to...
Persistent link: https://www.econbiz.de/10012979660
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Globalization and Executive Compensation
Keller, Wolfgang - 2017
This paper identifies globalization as a factor behind the rapid increase in executive compensation and inequality over the last few decades. Employing comprehensive data on top executives at major U.S. companies, we show that compensation is higher at more global firms. We find that pay...
Persistent link: https://www.econbiz.de/10012942995
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Market Competition or Family Ties : Which Prevails on Italian CEOs Pay?
Graziano, Clara - 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/10013020525
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What Explains the Rise in CEO Pay in Germany? A Panal Data Analysis for 1977-2009
Fabbri, Francesca - 2012
work for. We reject, however, the efficient pay hypothesis as CEO pay and the demand for managers increases in Germany in … difficult times when the typical firm size shrinks. We find further that domestic and global competition for managers has …
Persistent link: https://www.econbiz.de/10013109325
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The Effects of a Bonus Tax on Manager Compensation and Welfare
Radulescu, Doina Maria - 2010
managers between countries whereas in the second scenario relocation possibilities exist. Our findings show that the effort …
Persistent link: https://www.econbiz.de/10013144210