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rTSR : when do relative performance metrics capture relative performance?
Ma, Paul; Shin, Jee-Eun; Wang, Charles C. Y. - 2019
market participants use to isolate managers' idiosyncratic performance-chosen by boards to evaluate managers. Among firms …
Persistent link: https://www.econbiz.de/10012064869
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The Relation between Public Managers’ Compensation and Governance
Coccia, Mario - 2018
senior managers. However, the institutional factors associated with high levels of compensation of public managers are hardly … known. In particular, studies about the possible relation between factors of governance and compensation of public managers … insights for general reforms of governance aimed to support equitably levels of compensation of public managers and efficiency …
Persistent link: https://www.econbiz.de/10012924133
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Non-price and Price Performance Vesting Provisions and Executive Incentives
Core, John E. - 2017
This paper examines the consequences of the increased use of performance vesting provisions in long-term incentive compensation for CEOs and other executives in the post-2006 period following FAS 123R. We re-examine the agency prediction that incentives provided by accounting or other...
Persistent link: https://www.econbiz.de/10012972293
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Clawback Provisions in Executive Compensation Contracts
Stark, Johanna - 2020
Clawbacks are contractual provisions in executive compensation contracts that allow for an ex post recoupment of variable pay if certain triggering conditions are met. As a result of regulatory responses to financial crises and corporate scandals as well as of growing shareholder pressure to...
Persistent link: https://www.econbiz.de/10012833330
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Are Top Management Teams Compensated as Teams? A Structural Modeling Approach
Li, Chen - 2019
. The results favor the team perspective under which unilateral shirking is assumed infeasible for managers. The analysis …-based measures of agency costs. The risk premium can explain up to 37% of total compensation for higher-paid managers in large firms …. This upper bound is higher than that of lower-paid managers and all managers in small firms. Shareholders could experience …
Persistent link: https://www.econbiz.de/10012904639
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Are Top Management Teams Compensated as Teams? A Structural Modeling Approach
Li, Chen - 2019
. The results favor the team perspective under which unilateral shirking is assumed infeasible for managers. The analysis …-based measures of agency costs. The risk premium can explain up to 37% of total compensation for higher-paid managers in large firms …. This upper bound is higher than that of lower-paid managers and all managers in small firms. Shareholders could experience …
Persistent link: https://www.econbiz.de/10012899926
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Incentive Pay Prior to CEO Turnover When Effort Choices Have Lasting Effects
Chulkov, Dmitriy; Barron, John - 2022
We present a modified principal-agent model to identify a link between the anticipated likelihood of future CEO turnover and the optimal sensitivity of incentive pay to firm performance. The analysis focuses on the optimal sequence of standard one-period incentive contracts when CEO effort...
Persistent link: https://www.econbiz.de/10013306939
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Self-Sorting, Incentive Compensation, and Human-Capital Assets
Abdel-Khalik, A. Rashad - 2014
Skilled labour has gained significance as a production factor in the age of information technology, but accounting does not recognize human capital as an asset that contributes to the firm's earning power. This paper suggests a method to develop a latent index to proxy the managerial-skill...
Persistent link: https://www.econbiz.de/10014096640
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Match Quality, Contractual Sorting and Wage Cyclicality
Gallipoli, Giovanni - 2017
This paper studies the role of match quality for contractual arrangements, wage dynamics and workers' retention. We develop a model in which profit maximizing firms offer a performance-based pay arrangement to retain workers with relatively high match-specific productivity. The key implications...
Persistent link: https://www.econbiz.de/10012947375
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Is Accounting Information Quality Priced in Managerial Labor Market?
Jia, Yonghong - 2020
We study whether accounting information quality (AIQ) is priced in the executive labor market. Focusing on externally hired CEO compensation at their initial appointment, we find a 7.38% pay premium for a one-standard deviation decline in AIQ measured in the years preceding the appointment. This...
Persistent link: https://www.econbiz.de/10012830395