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CEO compensation : evidence from the field

Edmans, Alex; Gosling, Tom; Jenter, Dirk - 2021

We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would sacrifice shareholder value to avoid controversy on CEO pay, implying they face significant constraints other than participation and incentive compatibility. These constraints...

Persistent link: https://www.econbiz.de/10012584217

Firm Performance Implications of Using Qualitative Criteria in CEO Bonus Contracts

Feng, Nancy Chun - 2020

Many argue that the design of compensation contracts for public company chief executive officers (CEOs) is often not guided by a goal of value maximization. Yet, there is limited direct empirical evidence on the negative consequences of the proposed inefficient contracting between shareholders...

Persistent link: https://www.econbiz.de/10012853379

Equity Vesting and Investment

Edmans, Alex - 2020

This paper links the CEO's concerns for the current stock price to reductions in real investment. We identify short-term concerns using the amount of stock and options scheduled to vest in a given quarter. A one standard deviation increase in vesting equity is associated with an annualized 0.2%...

Persistent link: https://www.econbiz.de/10012857035

Does Sensationalism Affect Executive Compensation? Evidence from Pay Ratio Disclosure Reform

Chang, Wonjae - 2019

Beginning in 2018, U.S. public firms were required to report the ratio of the chief executive officer's (CEO) compensation to their median employee's compensation in the annual proxy statement. We find that this pay ratio disclosure leads to declines in both total compensation and...

Persistent link: https://www.econbiz.de/10012861111

Anti-Pledging Policy, CEO Compensation, and Investment

Bae, Jihun - 2019

, which limits managers' ability to unwind their equity-based compensation. Using a sample of S&P 1500 firms, we find that …

Persistent link: https://www.econbiz.de/10012863878

Does Managerial Ability Drive Firm Innovativeness?

Mishra, Chandra S - 2020

greater is the investment in R&D. Strategic managers seek and cultivate growth opportunities to resolve the uncertainty …

Persistent link: https://www.econbiz.de/10012845564

Spinning the CEO Pay Ratio Disclosure

Boone, Audra L. - 2020

We examine the real effects of disclosing information about the pay gap between the CEO and employees. Firms reporting higher pay ratios tend to include discretionary narrative portraying their employee relations or compensation practices in a positive light. Reporting higher ratios is...

Persistent link: https://www.econbiz.de/10012846938

The Impact of Management Practices on SME Performance

Forth, John - 2018

We examine the impact of management practices on firm performance among SMEs in Britain over the period 2011-2014, using a unique dataset which links survey data on management practices with firm performance data from the UK's official business register. We find that SMEs are less likely to use...

Persistent link: https://www.econbiz.de/10012923226

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

Learning about the Details in CEO Compensation

Hu, Shuting (Sophia) - 2018

I document the richness of CEO compensation packages and show that boards learn about the desirability of the many complex package features through observing how these features are associated with firm performance. I first capture the detailed features of plan-based awards for CEOs of the...

Persistent link: https://www.econbiz.de/10012932128