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Executive Equity Compensation Plans and Board of Director Discretion over Equity Grants

Cadman, Brian D.; Carrizosa, Richard - 2021

Executive equity compensation is granted out of an equity incentive plan that must be approved by shareholders. Equity incentive plans are an important precursor to equity grants because plan terms give boards of directors discretion over the amount and features of equity that can be granted...

Persistent link: https://www.econbiz.de/10013216623

Director Self-Dealing and the Design of Compensation Contracts

Fang, Lily H.; Huang, Sterling - 2022

In 2020, the average total director compensation in U.S. listed companies stood at $450,680, 6.67 times the median household income. Company pairs with shared directors have more similar pay than can be explained by size, industry, and performance. Following a landmark Delaware court ruling that...

Persistent link: https://www.econbiz.de/10013405016

Director Self-Dealing and the Design of Compensation Contracts

Fang, Lily H.; Huang, Sterling - 2022

Persistent link: https://www.econbiz.de/10013405637

ESG Mutual Fund Voting on Executive Compensation Shareholder Proposals

Dikolli, Shane S.; Frank, Mary Margaret; Guo, Zhe (Michael) - 2023

We investigate how mutual funds with environmental, social, and governance (ESG) objectives vote on shareholder proposals related to executive compensation. Using a sample of 94,695 votes by 2,354 mutual funds from 2012 to 2021, we find that ESG funds are 9.4% more likely than non-ESG funds to...

Persistent link: https://www.econbiz.de/10014348933

Governance, Conference Calls and CEO Compensation

Price, S. McKay - 2015

We study the relations between governance mechanisms (internal and external), conference call voluntary disclosures (incidence and length), and CEO compensation using hand-collected data on conference calls, corporate governance, and compensation. We hypothesize and show that institutions push...

Persistent link: https://www.econbiz.de/10013030764

Earnings Management from the Bottom Up : An Analysis of Managerial Incentives Below the CEO

Oberholzer-Gee, Felix - 2012

Performance-based pay is an important instrument to align the interests of managers with the interests of shareholders …. However, recent evidence suggests that high-powered incentives also provide managers with incentives to manipulate the firm …'s reported earnings. The previous literature has focused primarily on Chief Executive Officers, but managers further down in the …

Persistent link: https://www.econbiz.de/10013112655

On the Consequences of Mandatory CEO Pay Ratio Disclosure

Knust, Lucas - 2020

We examine the consequences of the highly anticipated and controversial Section 953(b) of the Dodd-Frank Act, which mandates companies to disclose the CEO-to-median employee pay ratio starting from 2018. We address endogeneity concerns by using a regression discontinuity design around the public...

Persistent link: https://www.econbiz.de/10012841347

Corporate Governance, Managerial Compensation, and Disruptive Innovations

Celik, Murat Alp - 2019

Whether a manager leads the innovation efforts of a firm in line with shareholder preferences has a substantial impact on the firm's market value and growth. This in turn influences aggregate productivity growth and welfare. Using data on US public firms, we find that (i) firms with better...

Persistent link: https://www.econbiz.de/10012900610

Subjective CEO Pay and Long-Term Incentives

Ma, Fangyuan - 2019

I find that corporate boards frequently link CEO compensation to subjective performance measures that are neither accounting ratios nor stock returns. Subjective measurement incorporates soft information privately observed by the board about the CEO's contribution to long-term firm value. I show...

Persistent link: https://www.econbiz.de/10012895181

Does Firing a CEO Pay Off?

Alexandridis, George - 2019

We examine whether involuntary CEO replacements pay off by improving firm prospects. We find CEO successors' acquisition investments to be associated with significantly higher shareholder gains relative to their predecessors and the average CEO. This improvement in post-turnover acquisition...

Persistent link: https://www.econbiz.de/10012899356