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Pay Harmony : Peer Comparison and Executive Compensation
Gartenberg, Claudine Madras - 2013
increased wage comparisons within firms with geographically-dispersed managers — firms with the greatest information frictions … prior to the rule change. We report three changes related to compensation after 1992 for division managers. First, within … firms with dispersed managers, division manager pay co-moves more with peer pay and is less sensitive to individual …
Persistent link: https://www.econbiz.de/10013082812
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Shareholder Governance and CEO Compensation : The Peer Effects of Say on Pay
Denis, Diane K. - 2019
We document that firms whose compensation peers experience weak say on pay votes reduce CEO compensation following those votes. Reductions reflect proxy adviser concerns about peers' compensation contracts and are stronger when CEOs receive excess compensation, when they compete more closely...
Persistent link: https://www.econbiz.de/10012902356
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Phantom Menace : Role of Pseudo Peers in CEO Compensation
Kalpathy, Swaminathan L. - 2019
We study pay spillovers within the network of peer compensation benchmarking and show that these can reconcile growth differences and convergence in CEO compensation. Specifically, compensation of a small group of prominent, highly-central network firms is shown to have a substantial spillover...
Persistent link: https://www.econbiz.de/10012860019
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Are CEOs incentivized to avoid corporate taxes? : empirical evidence on managerial bonus contracts
Schmittdiel, Heiner - 2014
explanation is that managers require to be compensated for the additional risk inherent in running an aggressive tax strategy. In …
Persistent link: https://www.econbiz.de/10010346227
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Clawback provisions and firm risk
Babenko, Ilona; Bennett, Benjamin; Bizjak, John M.; … - 2019
Panel OLS and GMM-IV estimates indicate that executives respond to the adoption of a compensation clawback provision by decreasing firm risk. The mechanisms that transmit incentives to decisions and decisions to risk appear to be more conservative investment and financial policies and preemptive...
Persistent link: https://www.econbiz.de/10012107693
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Does financial misconduct affect the future compensation of alumni managers?
Groysberg, Boris; Lin, Eric; Serafeim, George - 2017
We explore how an organization's financial misconduct may affect pay for former employees not implicated in wrongdoing. Drawing on stigma theory we hypothesize that although such alumni did not participate in the financial misconduct and they had left the organization years before the...
Persistent link: https://www.econbiz.de/10011928843
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Relative Performance Evaluation and Related Peer Groups in Executive Compensation Contracts
Gong, Guojin - 2010
This study examines the explicit use of relative performance evaluation (RPE) in executive compensation contracts and the selection of RPE peers. Using S&P 1500 firms' first proxy disclosures under the SEC's 2006 executive compensation disclosure rules, we find that about 25 percent of our...
Persistent link: https://www.econbiz.de/10013136412
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Relative Performance Evaluation and Related Peer Groups in Executive Compensation Contracts
Gong, Guojin - 2010
This study examines the explicit use of relative performance evaluation (RPE) in executive compensation contracts and the selection of RPE peers. Using S&P 1500 firms' first proxy disclosures under the SEC's 2006 executive compensation disclosure rules, we find that 25.44 percent of our sample...
Persistent link: https://www.econbiz.de/10013142627
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Determinants and Performance Effects of Executive Pay Multiples
Hyun, Jeong-Hoon - 2012
Disclosure rules for the Korean Stock Exchange require Korean firms to disclose average executive and employee pay. These disclosures provide a unique opportunity to examine factors influencing the executive pay multiple (executive-employee pay disparity) and its effects on performance. We find...
Persistent link: https://www.econbiz.de/10013107909
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CFO co-option and CEO compensation
Dikolli, Shane S. - 2019
We study whether relative power in the CEO-CFO relationship influences CEO compensation. To operationalize relative power of a CEO over a CFO, we define CFO co-option as the appointment of a CFO after a CEO assumes office. We find that CFO co-option is associated with a CEO pay premium of about...
Persistent link: https://www.econbiz.de/10012903005