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Verteilungsgerechtigkeit darstellen und diskutieren. Die Beziehung zwischen Gerechtigkeit und Marktwirtschaft wird in Abschnitt 5 untersucht …. Damit sind die Voraussetzungen geschaffen, um in Abschnitt 6 das Thema Marktwirtschaft und Arbeit und in Abschnitt 7 die …
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regulation enforced by the EU Directive CRD III, and hence how they have to be modified to adjust to the new standards. The … solve corporate governance problems. The analyses based on the sample of listed banks show that new regulation effective as … performance and also increase fixed costs for banks. Ultimately, the new Polish regulation that refers almost exclusively to the …
Persistent link: https://www.econbiz.de/10013089852
Starting from January 2017, all publicly listed firms in the United States are required to disclose a pay ratio of annual CEO compensation to the median employee compensation (Pay Ratio). Opponents of this legislation have argued that this additional Pay Ratio disclosure would simply add to the...
Persistent link: https://www.econbiz.de/10012847655
Current research shows that firms are more likely to benchmark against peers that pay their Chief Executive Officers (CEOs) higher compensation, reflecting self-serving behavior. We propose an alternative explanation: the choice of highly paid peers represents a reward for unobserved CEO talent....
Persistent link: https://www.econbiz.de/10013100759
This paper examines the relation between managerial power and compensation for Chief Executive Officers of S&P 500 companies from 1993 through 2012. We find that more-powerful CEOs earn more than less-powerful CEOs. We refer to this additional compensation as a “power premium” and...
Persistent link: https://www.econbiz.de/10012893667
Contrary to the entrenchment view of executive compensation, I find that CEOs with more control over the firm, proxied by higher equity ownership, have smaller compensation packages and are less likely to have severance contracts. Despite lower pay, these CEOs have longer tenure and their...
Persistent link: https://www.econbiz.de/10012866567
The level of Chief Executive Officer (CEO) pay responds asymmetrically to good and bad news about the CEO's ability. The average CEO captures approximately half of the surpluses from good news, implying CEOs and shareholders have roughly equal bargaining power. In contrast, the average CEO bears...
Persistent link: https://www.econbiz.de/10012857523
This study investigates the relation between the use of explicit employment agreements (EA) and CEO compensation. Overall, our findings are broadly consistent with the predictions of Klein, Crawford, and Alchian (1978) that an EA is used to induce CEOs to make firm-specific human capital...
Persistent link: https://www.econbiz.de/10013045031