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CEO Compensation : Evidence From the Field

Edmans, Alex; Gosling, Tom; Jenter, Dirk - 2021

We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would sacrifice shareholder value to avoid controversy on CEO pay, implying they face significant constraints other than participation and incentive compatibility. These constraints...

Persistent link: https://www.econbiz.de/10013220645

Voting Choice

Malenko, Andrey; Malenko, Nadya - 2023

Traditionally, fund managers cast votes on behalf of investors whose capital they manage. Recently, this system has … come under intense debate given the growing concentration of voting power among a few asset managers and disagreements over … environmental and social issues. Major fund managers now offer their investors a choice: delegate their votes to the fund or cast …

Persistent link: https://www.econbiz.de/10014355573

Between Scylla and Charybdis : CEO Political Ideology, Dividends and Downsizing During the Pandemic

Bayat, Ali; Goergen, Marc; Koutroumpis, Panagiotis; … - 2022

the 2019 dividends to make their dividend decision …

Persistent link: https://www.econbiz.de/10014361502

Does Paying Passive Managers to Engage Improve ESG Performance?

Becht, Marco; Franks, Julian R.; Miyajima, Hideaki; … - 2023

The paper studies a natural experiment in responsible investment conducted by the Japanese Government Pension Investment Fund (GPIF), the largest public pension fund in the world. In 2018 GPIF gave its largest passive manager a remunerated mandate to improve the environmental (E), social (S) and...

Persistent link: https://www.econbiz.de/10014362024

Why do Investors Vote Against Corporate Directors?

Aggarwal, Reena; Dahiya, Sandeep; Yilmaz, Umit - 2023

We analyze voting records for management proposals and find that investors today hold directors accountable for a much wider range of issues, such as climate change and board diversity, than in the past. Within environment, climate change is the only subcategory that is significantly associated...

Persistent link: https://www.econbiz.de/10014362057

A Theory of Fair CEO Pay

Chaigneau, Pierre; Edmans, Alex; Gottlieb, Daniel - 2022

This paper studies optimal executive pay when the CEO is concerned about fairness: if his wage falls below a perceived fair share of output, the CEO suffers disutility that is increasing in the discrepancy. Fairness concerns do not lead to fair wages always being paid -- to induce effort, the...

Persistent link: https://www.econbiz.de/10014235868

Consequences of Environmental Failures to CEOs : Evidence from EPA Enforcements

Lel, Ugur - 2022

I examine changes in CEO labor market outcomes following corporate environmental failures. CEOs of firms subject to Environmental Protection Agency (EPA) enforcements experience a decline in labor market opportunities as outside directors and a higher likelihood of dismissal as CEOs. They also...

Persistent link: https://www.econbiz.de/10014238625

Benchmarking of Pay Components in CEO Compensation Design

Grinstein, Yaniv; Lauterbach, Beni; Yosef, Revital - 2021

Eighty-nine percent of S&P500 companies report benchmarking CEO pay components. Analyzing a panel of CEO compensation data entailing 1,251 S&P 1500 firms during 2007-2013, we find that: 1) total compensation benchmarking less effectively explains CEO compensation than does component-of-pay...

Persistent link: https://www.econbiz.de/10013224725

CEO Political Ideology, Shareholder Primacy and Dividend Policy

Bayat, Ali - 2020

the ﬁrm's decision making. We hypothesize that these diﬀerences stem from diﬀerences in political ideology: Liberal CEOs …

Persistent link: https://www.econbiz.de/10012843632

A Survey of Recent Evidence on Boards of Directors and CEO Incentives

Masulis, Ronald W. - 2020

This article surveys the recent literature on boards of directors and the interplay between director incentives and CEO incentives. The primary focus is on how the incentives and other characteristics of directors, boards and CEOs interact to affect firm performance. The article reviews the...

Persistent link: https://www.econbiz.de/10012843937