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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

Management compensation and the economic crisis : longitudinal evidence from the German chemical sector

Grund, Christian; Hofmann, Tanja - 2013

Making use of unique balanced panel data for the German chemical sector from the years 2008 to 2011, we explore the extent to which managers' compensation was affected by the economic crisis and the extent to which it increased afterwards. Carrying out longitudinal analyses, we find that, on...

Persistent link: https://www.econbiz.de/10009754706

CEO turnover, firm performance and enterprise reform in China : evidence from new micro data

Kato, Takao (contributor); Long, Cheryl (contributor) - 2006

Using comprehensive financial and accounting data on China's listed firms from 1998 to 2002, augmented by unique data on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover. We find consistently for all performance measures including both stock...

Persistent link: https://www.econbiz.de/10003253453

Footsie, yeah! : share prices and worker wellbeing

Bryson, Alex; Clark, Andrew E.; Green, Colin - 2021

A small literature has shown that individual wellbeing varies with the price of company stock, but it is unclear whether this is due to wealth effects among those holding stock, or more general effects on sentiment, with individuals taking rising stock prices as an indicator of improvements in...

Persistent link: https://www.econbiz.de/10012612648

Say pays! : shareholder voice and firm performance

Cuñat, Vicente; Giné, Mireia; Guadalupe, Maria - 2014

This paper estimates the effects of Say-on-Pay (SoP); a policy that increases shareholder "voice" by providing shareholders with a regular vote on executive pay. We apply a regression discontinuity design to the votes on shareholder-sponsored SoP proposals. Adopting SoP leads to large increases...

Persistent link: https://www.econbiz.de/10010414206

What explains the rise in CEO pay in Germany? : a panel data analysis for 1977 - 2009

Fabbri, Francesca; Marin, Dalia - 2012

The compensation of executive board members in Germany has become a highly controversial topic since Vodafone's hostile takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on unique panel data evidence of the 500 largest firms...

Persistent link: https://www.econbiz.de/10009533980

Information, uncertainty, and subjective entitlements in bargaining

Karagözoğlu, Emin; Riedl, Arno - 2010

More often than not production processes are the joint endeavor of people having different abilities and productivities. Such production processes and the associated surplus production are often not fully transparent in the sense that the relative contributions of involved agents are blurred;...

Persistent link: https://www.econbiz.de/10008779187

Reference points and the tradeoff between risk and incentives

Dohmen, Thomas; Non, Jan Adrianus; Stolp, Tom - 2021

rate contracts in the presence of output risk, and provide novel insights that reference dependent preferences affect the … tradeoff between risk and incentives. Subjects in our experiments choose their compensation for performing a real-effort task … from a menu of linear piece rate and fixed payment combinations. As classical principal-agent models predict, more risk …

Persistent link: https://www.econbiz.de/10012698074

How does the economic uncertainty affect asset prices under normal and financial distress times?

Balcilar, Mehmet; Ozdemir, Zeynel Abidin; Ozdemir, Huseyin - 2022

By using a nonlinear VAR model, we investigate whether the response of the US stock and housing markets to uncertainty shocks depends on financial conditions. Our model allows us to change the response of the US financial markets to volatility shocks in periods of normal and financial distress....

Persistent link: https://www.econbiz.de/10013198932

Wage dispersion and firm productivity in different working environments

Mahy, Benoît; Rycx, François; Volral, Mélanie - 2009

This paper investigates the impact of wage dispersion on firm productivity in different working environments. More precisely, it examines the interaction with: i) the skills of the workforce, using a more appropriate indicator than the standard distinction between white- and blue collar workers,...

Persistent link: https://www.econbiz.de/10003817906

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