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Pay for Outsiders : Compensation Incentives for Nonfamily Executives in Family Firms
Li, Zhi - 2017
Motivated by the dual agency environment in founding family firms, we examine how family firms provide compensation incentives to nonfamily executives. Nonfamily executives receive weaker risk-taking incentives and pay-for-performance incentives when family ownership is high and when family...
Persistent link: https://www.econbiz.de/10012975764
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Pay for outsiders : Incentive compensation for nonfamily executives in family firms
Li, Zhi - 2020
We examine how incentive compensation for nonfamily executives in family firms differs from incentive compensation for executives in nonfamily firms. Nonfamily executives in family firms receive significantly less performance-based pay and equity-based pay. Family monitoring, risk aversion, and...
Persistent link: https://www.econbiz.de/10012857303
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Pay for Outsiders : Incentive Compensation for Nonfamily Executives in Family Firms
Li, Zhi; Ryan, Harley E.; Wang, Lingling - 2021
We use a hand-collected sample of 1,628 S&P 1500 firms and more than 12,000 executives to examine how family firms compensate nonfamily executives. Family firms comprise a large percentage of firms around the world, and most of their executives are not members of the founding family. Moreover,...
Persistent link: https://www.econbiz.de/10013248615
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Incentivizing the Owner : Why Family Firms offer Pay-for-Performance Contracts to their CEOs
Abrardi, Laura - 2019
We study the managers' compensation schemes adopted by publicly listed family firms by means of a theoretical model and … typically exhibit lower expected pay but higher pay-for-performance sensitivity than external managers, despite their large …
Persistent link: https://www.econbiz.de/10012866080
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Family Firms and Top Management Compensation Incentives
Li, Zhi; Ryan, Harley E.; Wang, Lingling - 2022
-held public firms which focus on aligning the interests of managers with those of dispersed shareholders. Using a sample of S …
Persistent link: https://www.econbiz.de/10013492593
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Note on Investment Policy and Executive Compensation in Family Firms vs. Non-Family Firms
Miglo, Anton - 2023
This note compares the investment policy and managerial compensation in family and non-family firms. The model is based on one hand a manager/shareholders conflict that should be more pronounced in non-family firms. Secondly large shareholders/small shareholders conflict should play a...
Persistent link: https://www.econbiz.de/10014361967
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Loss of control vs. risk reduction : decision factors for hiring non-family CFOs in family firms
Lutz, Eva; Schraml, Stephanie C.; Achleitner, Ann-Kristin - 2010
explore the perceptions of family firm owners towards external managers by analyzing how their family-specific and company … providers. Prior work: Prior research has acknowledged that the attitude to external managers is a major concern for family … independence and control is high. Furthermore, they do not seem to trust external managers to act in accordance to their goal of …
Persistent link: https://www.econbiz.de/10008659211
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Market competition or family ties : which prevails on Italian CEOs pay?
Graziano, Clara; Rondi, Laura - 2015 - This draft: June 8, 2015
The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed firms from 2000 to 2011 and tests the impact of the 2007-08 financial crisis on pay-performance sensitivity. We argue that important differences both in the level of compensation...
Persistent link: https://www.econbiz.de/10011280832
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The Relationship between Institutional Investor and Remuneration in Family Firm
Jaafar, Syaiful Baharee - 2016
Institutional investor interest associated with firm wealth and required monitor on board of director. In order to remaining board motivation higher remuneration should be awarded especially to family executive due to top position is among them. This study examined the relationship between the...
Persistent link: https://www.econbiz.de/10013000862
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Earnings Management around Founder CEO Re-appointments and Successions in Family Firms
Goergen, Marc - 2019
This paper studies CEO re-appointment and succession events in listed family firms with an incumbent family CEO in France, Germany and the UK over 2001-2016. The paper explores whether family firms with a founder CEO are more likely to engage in earnings management pre-event than other family...
Persistent link: https://www.econbiz.de/10012865105