An Empirical Study Of Executive Management Team Compensation And Company Performance
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An Empirical Study Of Executive Management Team Compensation And Company Performance
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Author : Gregory A. Jonas
language : en
Publisher:
Release Date : 2007
An Empirical Study Of Executive Management Team Compensation And Company Performance written by Gregory A. Jonas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Corporations categories.
Increasing compensation disclosures mandated by the Securities Exchange Commission provide transparency that allows more shareholders to question the results produced by highly compensated executives. The popular business press often decries the apparent imbalance between executive pay and firm performance. Published academic research has responded with hundreds of studies attempting to explain executive pay in terms of firm performance. The preponderance of these studies focus on Chief Executive Officers. This study empirically examines executive compensation for team effects on future firm performance. Applying a firm specific fixed-effects model to a sample of 13,021 firm-year observations from ExecuComp, the current study regresses top management team compensation and control variables on firm performance averaged one, three, and five years following the year of compensation. One accounting based measure of performance (return on assets) and one market based measure of firm performance (shareholder return) is examined over the one three and five year horizons. Consistent with increasing concerns raised by investors regarding excess executive pay, this study finds evidence that higher top management team pay is associated with companies experiencing lower rates of return in the future. However, higher management team pay is associated with higher profits and market value measured in dollars. Theses effects are significantly different between the short-term and long term components of compensation. Although compensation of the team is highly correlated with the CEO, the compensation of the executive team has incremental effects on future firm performance of the company. This study contributes to the executive compensation literature by providing evidence that the compensation of the top management team affects future company performance. The observed impact of management team compensation on company performance is: incremental to CEO effects noted in prior studies, differential between short- and long-term components of compensation, sensitive to the proxy used for company performance, and attenuates over time. These findings suggest that further research on executive management team compensation is merited in order to address an interesting gap in the extant literature.
Top Management Team Compensation Structures
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Author : Markus Georg Ehrmann
language : de
Publisher:
Release Date : 2018
Top Management Team Compensation Structures written by Markus Georg Ehrmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Executive Compensation Increases Vs Corporate Performance An Empirical Study
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Author : Jay W. Sigler
language : en
Publisher:
Release Date :
Executive Compensation Increases Vs Corporate Performance An Empirical Study written by Jay W. Sigler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with Management categories.
Executive Compensation And Firm Performance
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Author : Bonnie R. Rabin
language : en
Publisher:
Release Date : 1987
Executive Compensation And Firm Performance written by Bonnie R. Rabin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Corporations categories.
Compensation And Organizational Performance
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Author : Luis R. Gomez-Mejia
language : en
Publisher: Routledge
Release Date : 2014-12-18
Compensation And Organizational Performance written by Luis R. Gomez-Mejia and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-18 with Business & Economics categories.
This up-to-date, research-oriented textbook focuses on the relationship between compensation systems and firm overall performance. In contrast to more traditional compensation texts, it provides a strategic perspective to compensation administration rather than a functional viewpoint. The text emphasizes the role of managerial pay, its importance, determinants, and impact on organizations. It analyzes recent topics in executive compensation, such as pay in high technology firms, managerial risk taking, rewards in family companies, and the link between compensation and social responsibility and ethical issues, among others. The authors provide a thorough and comprehensive review of the vast literatures relevant to compensation and revisit debates grounded in different theoretical perspectives. They provide insights from disciplines as diverse as management, economics, sociology, and psychology, and amplify previous discussions with the latest empirical findings on compensation, its dynamics, and its contribution to firm overall performance.
Executive Compensation And Shareholder Value
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Author : Jennifer Carpenter
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17
Executive Compensation And Shareholder Value written by Jennifer Carpenter and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Business & Economics categories.
Executive compensation has gained widespread public attention in recent years, with the pay of top U.S. executives reaching unprecedented levels compared either with past levels, with the remuneration of top executives in other countries, or with the wages and salaries of typical employees. The extraordinary levels of executive compensation have been achieved at a time when U.S. public companies have realized substantial gains in stock market value. Many have cited this as evidence that U.S. executive compensation works well, rewarding managers who make difficult decisions that lead to higher shareholder values, while others have argued that the overly generous salaries and benefits bear little relation to company performance. Recent conceptual and empirical research permits for the first time a truly rigorous debate on these and related issues, which is the subject of this volume.
Complex Compensation Empirical Essays On The Impact Of Compensation Design On Firm Performance Turnover And Organizational Justice
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Author : Tobias Oberpaul
language : en
Publisher: BoD – Books on Demand
Release Date : 2024-01-19
Complex Compensation Empirical Essays On The Impact Of Compensation Design On Firm Performance Turnover And Organizational Justice written by Tobias Oberpaul and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-19 with Business & Economics categories.
Compensation contracts have become ever more complex and individualized, particularly in the executive compensation domain, where increasingly diverse stakeholder demands and governance requirements have led to the inclusion of more and increasingly interrelated components into compensation contracts. Even the compensation of lower-level employees has become complex as firms individualize employee compensation and use many different rewards simultaneously. Research has examined elements of compensation in isolation but has attempted to avoid the complexities of compensation. This dissertation examines the consequences of compensation complexity and compensation design dispersion and contributes to a better understanding of compensation and its consequences for firms and employees. The first study examines how the complexity of executive compensation contracts affects firm performance. It finds that CEO compensation complexity negatively affects accounting, market, and ESG (i.e., environmental, social, and governance) metrics of firm performance and explores mechanisms that help explain the relationships. The second study examines the effect of compensation design dispersion within top management teams and its impact on executive turnover. The results show that compensation design dispersion affects executive turnover, both directly and in interaction with relative pay level. The third study addresses the role of compensation design dispersion in the development of procedural justice perceptions. Using two experiments, this study shows that compensation design dispersion causes lower procedural justice perceptions, which appears to be less problematic for participants with relatively easier to understand contracts. In summary, this dissertation provides a nuanced overview of complex compensation design and compensation design dispersion. The findings contribute to a better understanding of the effectiveness of compensation as an incentive and sorting tool for organizations, and of the implications of compensation design for the functioning of teams.
Executive Compensation Management Turnover And Firm Performance
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Author : Anne T. Coughlan
language : en
Publisher:
Release Date : 1984
Executive Compensation Management Turnover And Firm Performance written by Anne T. Coughlan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with categories.
Executive Remuneration And Employee Performance Related Pay
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Author : Tito Boeri
language : en
Publisher: OUP Oxford
Release Date : 2013-03-28
Executive Remuneration And Employee Performance Related Pay written by Tito Boeri and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-28 with Business & Economics categories.
The recent financial crisis has created a public outcry over top-executive pay packages and has led to calls for reform of executive pay in Europe and the US. The current controversy is not the first - nor will it be the last - time that executive compensation has sparked outrage and led to regulation on both sides of the Atlantic. This volume compares US and European CEOs to trace the evolution of executive compensation, its controversies and its resulting regulations. It shows that many features of current executive compensation practices reflect the, often-unintended, consequences of regulatory responses to perceived abuses in top-executive pay, which frequently stem from relatively isolated events or situations. Regulation creates unintended (and usually costly) side effects and it is often driven by political agendas rather than shareholder value. Improvements in executive compensation are more likely to come from stronger corporate governance, and not through direct government intervention. The volume also examines the effects of incentive schemes and the patterns of performance related pay both within and across countries. It documents a number of empirical regularities and discusses whether government should intervene to support the implementation of incentive pay schemes. It argues that it makes little sense to undertake reform without detailed simulations of the effect on the economy under alternative economic scenarios, based on sound analysis and extensive discussion with labour, management, and government decision-makers.
Firm Performance And The Structure Of Executive Compensation Schemes
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Author : Roy Arthur Wiggins
language : en
Publisher:
Release Date : 1995
Firm Performance And The Structure Of Executive Compensation Schemes written by Roy Arthur Wiggins and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Corporate profits categories.