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Power, rent extraction, and executive compensation
Bebchuk, Lucian; Fried, Jesse - In: CESifo Forum 03 (2002) 3, pp. 23-28
Persistent link: https://www.econbiz.de/10011695703
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Determinants of director compensation in two-tier systems: evidence from German panel data
Andreas, Jörn Michael; Rapp, Marc Steffen; Wolff, Michael - 2010
Building on a unique panel data set of German Prime Standard companies for the period 2005-2008, this paper investigates the influencing factors of both director compensation levels and structure, i.e. the probability of performance-based compensation. Drawing on agency theory arguments and...
Persistent link: https://www.econbiz.de/10010305725
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Verringern Management-Entlohnungskosten die Agency-Kosten? Empirische Evidenz von netzwerkorientierten und marktorientierten Unternehmenskontrollsystemen
Crespi-Cladera, Rafel; Gispert, Carles; Renneboog, Luc - In: Vierteljahrshefte zur Wirtschaftsforschung 70 (2001) 2, pp. 234-246
In the UK, the top executive remuneration policy is not geared towards the creation of value but compensation revisions are rather driven by changes in corporate size, measured by sales growth. This suggests that managing larger firms requires special managerial skills. Even in UK companies with...
Persistent link: https://www.econbiz.de/10010377541
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Investment opportunity set, product mix, and the relationship between bank CEO compensation and risk-taking
Elijah Brewer, III; Hunter, William Curt; William E. … - 2004
The product mix changes that have occurred in banking organizations during the 1990s provide a natural experiment for investigating how firms adjust their executive compensation contracts as their mix of businesses changes. Deregulation and new technology have eroded banking organizations’...
Persistent link: https://www.econbiz.de/10010397654
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Executive compensation and the susceptibility of firms to hostile takeovers. An empirical investigation of the U.S. oil industry
Nowak, Eric; Haid, Michael H. - 1999
We investigate the suggested substitutive relation between executive compensation and the disciplinary threat of takeover imposed by the market for corporate control. We complement other empirical studies on managerial compensation and corporate control mechanisms in three distinct ways. First,...
Persistent link: https://www.econbiz.de/10010316286
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Do Entrenched Managers Pay Their Workers More?
Cronqvist, Henrik; Heyman, Fredrik; Nilsson, Mattias; … - 2005
find that entrenched managers pay their workers more. For example, our estimates show that CEOs with more control rights … as evidence of agency problems between shareholders and managers affecting workers' pay. The findings do not appear to be … with an agency model in which entrenched managers pay high wages because they come with private benefits, such as lower …
Persistent link: https://www.econbiz.de/10010320116
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The Effects of Internationalization on CEO Compensation
Oxelheim, Lars; Randøy, Trond - 2004
This study examines the relation between the internationalization of firms and CEO compensation. Starting from a sample of Norwegian and Swedish listed firms we analyze the effects of internationalization as manifest in the capital market (international cross-listing), the market for corporate...
Persistent link: https://www.econbiz.de/10010320148
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The effect of the Sarbanes-Oxley Act on CEO pay for luck
Paligorova, Teodora - 2008
According to the rent-extraction hypothesis, weak corporate governance allows entrenched CEOs to capture the pay-setting process and benefit from events outside of their controlget paid for luck. In this paper, I find that the independence requirement imposed on boards of directors by the...
Persistent link: https://www.econbiz.de/10010280049
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CEO compensation
Frydman, Carola; Jenter, Dirk - 2010
result of powerful managers setting their own pay. Others interpret high pay as the result of optimal contracting in a …
Persistent link: https://www.econbiz.de/10010285538
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Corporate governance and current regulation in the German banking sector: an overview and assessment
Köhler, Matthias - 2010
changes mainly focus on the remuneration of managers and on further professionalizing the supervisory board. Problematic is …-taking and not managers. This contrast with public view that the bank managers are pushed by aggressive remunerations schemes to …
Persistent link: https://www.econbiz.de/10010299931