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Why Has CEO Pay Increased so Much?
Gabaix, Xavier - 2008
This paper develops a simple competitive model of CEO pay. A large part of the rise in CEO compensation in the US economy is explained without assuming managerial entrenchment, mishandling of options, or theft. CEOs have observable managerial talent and are matched to assets in a competitive...
Persistent link: https://www.econbiz.de/10012727167
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Why Has CEO Pay Increased so Much?
Gabaix, Xavier; Landier, Augustin - 2008
This paper develops a simple competitive model of CEO pay. A large part of the rise in CEO compensation in the US economy is explained without assuming managerial entrenchment, mishandling of options, or theft. CEOs have observable managerial talent and are matched to assets in a competitive...
Persistent link: https://www.econbiz.de/10014027084
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Executive Pay, Talent and Firm Size : Why has CEO Pay Grown so Much?
Sung, Jaeyoung - 2010
We exposit an integrated agency model of multi-period career concerns and labor market equilibrium with managerial reservation utility levels, and thus pay levels, determined endogenously for firms of different sizes. Based on observations from a long time-series of S&P 1500 companies, we...
Persistent link: https://www.econbiz.de/10013152483
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Executive Pay and Firm Size in the Presence of Career Concerns and Labor Market Competition
Sung, Jaeyoung - 2010
We exposit an integrated agency model of multi-period career concerns and labor market equilibrium with managerial reservation utility levels, and thus pay levels, determined endogenously for firms of different sizes. Stochastic managerial talent takes two forms: a manager drawn from a tighter...
Persistent link: https://www.econbiz.de/10013146732
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CEO narcissism, corporate governance, financial distress, and company size on corporate tax avoidance
Kalbuana, Nawang; Taqi, Muhamad; Uzliawati, Lia; … - In: Cogent business & management 10 (2023) 1, pp. 1-22
This research aims to confirm the reliability of agency theory as an approach to explaining the impact of CEO narcissism, corporate governance as represented by boards of size and female directors, financial distress, and company size on corporate tax avoidance. In this quantitative study,...
Persistent link: https://www.econbiz.de/10014460828
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Firm size and the effectiveness of the market for corporate control
Offenberg, David - In: The journal of corporate finance : contracting, … 15 (2009) 1, pp. 66-79
Persistent link: https://www.econbiz.de/10003805334
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Merger performance and managerial incentives
Kräkel, Matthias; Müller, Daniel - 2014
We consider a two-stage principal-agent model with limited liability in which a CEO is employed as agent to gather information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that the CEO systematically recommends targets with low...
Persistent link: https://www.econbiz.de/10011430291
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Managerial entrenchment of anti-takeover devices : quasi-experimental evidence from Korea
Hwang, Sunwoo; Kim, U-chʾan - 2011
With the removal of statute-based anti-takeover provisions during the aftermath of Asian crisis, a significant number … firm-level anti-takeover provisions (ATP) vary over time (making firm fixed effects regression feasible) and its amendment …. Using a sample during 1999-2009, we find that firms with charter-based anti-takeover provisions are smaller in size, have …
Persistent link: https://www.econbiz.de/10011485749
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The consequences to directors of deploying poison pills
Johnson, William C.; Karpoff, Jonathan M.; Wittry, … - 2019 - First complete draft: August 30, 2019
We examine the labor market consequences for directors who adopt poison pills. Directors who become associated with pill adoption experience significant decreases in vote margins and increases in termination rates across all their directorships. They also experience a decrease in the likelihood...
Persistent link: https://www.econbiz.de/10012120332
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Does CEO fitness matter?
Limbach, Peter; Sonnenburg, Florian - 2015 - This draft: November 2015
This study provides evidence suggesting that CEOs’ physical fitness has a positive impact on firm value, consistent with the beneficial effects of fitness on, e.g., cognitive functions, stress coping and job performance. For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if...
Persistent link: https://www.econbiz.de/10011392655