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How do labor representatives affect incentive orientation of executive compensation?
Dyballa, Katharina; Kraft, Kornelius - 2016
Contrary to previous literature we hypothesize that labor's interest may well – like that of shareholders – aim at securing the long-run survival of the firm. Consequently, employee representatives on the supervisory board could well have an interest in increasing incentive-based...
Persistent link: https://www.econbiz.de/10011526742
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Do big inequalities in executive pay hurt firm performance?
Chung, Richard; DeVaro, Jed; Fung, Scott - 2024
Research Question/Issue: Do large, within-firm executive pay differences hurt firm performance? Prior literature shows mixed results concerning the sign of the relationship between executive pay disparity and firm performance. This study evaluates that literature, clarifies what tournament...
Persistent link: https://www.econbiz.de/10015075389
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Management compensation and the economic crisis : longitudinal evidence from the German chemical sector
Grund, Christian; Hofmann, Tanja - 2013
extent to which managers' compensation was affected by the economic crisis and the extent to which it increased afterwards … perspective. We also examine that certain parts of managers seem to have more power to influence their compensation than others …. Inequality in managers' compensation decreased during the crisis. …
Persistent link: https://www.econbiz.de/10009754706
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CEO pay disclosure and within-firm wage inequality
Maida, Agata; Pezone, Vincenzo - 2024
We analyze the effect of CEO pay disclosure on wage distribution by exploiting a 1998 reform requiring Italian publicly listed companies to disclose top executives' compensation. In firms where CEOs disclose high total compensation, the top 5 percent and 1 percent of the within-firm wage...
Persistent link: https://www.econbiz.de/10015050833
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"Should CEOs' salaries be capped?" : a survey experiment on limitarian preferences
Ferreira, João V.; Ramoglou, Stratos; Savva, Foivos; … - 2024
This paper investigates preferences for limiting top incomes and wealth through a surveybased experiment with a large sample of participants (N = 3,954) from the US and Germany. Using a revealed preferences approach, we find that a significant majority (around 85%) of participants support income...
Persistent link: https://www.econbiz.de/10014637223
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The importance of luck in executive promotion tournaments : theory and evidence
DeVaro, Jed; Fung, Scott - 2024
We empirically test whether executives' increases in base salary when promoted to CEO result from the wage bids of competing firms (i.e., "market-based tournaments") or from the strategic choices of the firm's board of directors to elicit optimal executive incentives (i.e., "classic...
Persistent link: https://www.econbiz.de/10015074517
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Bonus payments, hierarchy levels and tenure : theoretical considerations and empirical evidence
Grund, Christian; Kräkel, Matthias - 2010
Using data on executive compensation for the German chemical industry, we investigate the relevance of two theoretical approaches that focus on bonuses as part of a long term wage policy of a firm. The first approach argues that explicit bonuses serve as substitutes for implicit career concerns....
Persistent link: https://www.econbiz.de/10009155574
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CEO and board characteristics as determinants of private benefits of control : evidence from the Russian stock exchange
Berezinec, Irina V.; Ilina, Julja; Muravyev, Alexander - 2011
This paper investigates whether and how various characteristics of CEOs and corporate boards are related to the severity of corporate governance problems within firms. The latter is proxied by private benefits of control, which we measure for dual class stock firms using the voting premium...
Persistent link: https://www.econbiz.de/10009524994
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What explains the rise in CEO pay in Germany? : a panel data analysis for 1977 - 2009
Fabbri, Francesca; Marin, Dalia - 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/10009533980
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The market for CEOs: building legacy and feeling empowered matter
Dupuy, Arnaud; Kennes, John; Lyng, Ran Sun - 2021
We develop a two-sided multidimensional matching model of the market for CEOs that allows for both pecuniary and non-pecuniary (amenity) compensation. The model is estimated by maximum likelihood estimation using matched CEO-firm data from Denmark. We show that CEOs have preferences for building...
Persistent link: https://www.econbiz.de/10012653095