Corporate Governance Ceo Compensation And Firm Performance
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Corporate Governance Ceo Compensation And Firm Performance
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Author : John E. Core
language : en
Publisher:
Release Date : 1997
Corporate Governance Ceo Compensation And Firm Performance written by John E. Core and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Chief executive officers categories.
Ceo Compensation Corporate Governance And Firm Performance
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Author :
language : en
Publisher:
Release Date : 2003
Ceo Compensation Corporate Governance And Firm Performance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Impact Of Corporate Governance Excess Ceo Compensation And Ceo Stock Option Grants On Firm Performance During Recessionary Periods
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Author : Robert P. Antenucci
language : en
Publisher:
Release Date : 2013
Impact Of Corporate Governance Excess Ceo Compensation And Ceo Stock Option Grants On Firm Performance During Recessionary Periods written by Robert P. Antenucci and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business enterprises categories.
There is much debate over the efficacy of corporate governance in mitigating agency costs and improving the correlation between firm performance and Chief Executive Officer (CEO) pay. Research on this topic ranges from theories which maintain that CEO compensation in the U.S. is commensurate with CEO ability, and is therefore justified, to theories which maintain that CEOs are little more than overpaid rent extractors. I investigate the above dichotomy in the executive compensation literature by examining the impact of corporate governance on excess CEO compensation and firm performance during recessions. Business cycle contractions are challenging times for firms, and arguably a period when stronger corporate governance and CEO ability is significant to the success of the firm. I posit that better governed firms with lower levels of excess compensation outperform their peers in subsequent challenging recessionary periods. Stock option grants, a frequently used component of CEO pay packages, are thought to better align CEO and shareholder interests. However, with recent financial scandals there is much concern over this form of equity compensation. I examine the use of employee stock option grants in CEO compensation packages and whether such stock option compensation improves the relationship between CEO compensation and firm performance. My research achieves several aims: it extends the literature on the impact of corporate governance on firm performance by using a recessionary period metric, it examines the effectiveness of corporate governance in mitigating agency costs, it examines excess CEO compensation and this excess compensation connection with CEO ability or CEO rent extraction during recessionary periods, and it examines the impact of stock option grants in CEO pay packages on firm performance during recessionary periods. I find support for a decrease in abnormal return associated with trading on stronger corporate governance and support for rent extraction in the CEO compensation process during the 2001 recession.
Pay Without Performance
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Author : Lucian A. Bebchuk
language : en
Publisher: Harvard University Press
Release Date : 2004
Pay Without Performance written by Lucian A. Bebchuk and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate 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.
Fundamentals Of Corporate Governance Executives And Performance
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Author : Thomas Clarke
language : en
Publisher:
Release Date : 2008
Fundamentals Of Corporate Governance Executives And Performance written by Thomas Clarke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Corporate governance categories.
Research Handbook On Executive Pay
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Author : John S. Beasley
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Research Handbook On Executive Pay written by John S. Beasley and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay. The authors analyze the two dominant theoretical approaches – managerial power theory and optimal contracting theory – and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed. A timely study of a controversial topic, the Handbook will be an essential resource for students, scholars and practitioners of law, finance, business and accounting.
Executive Compensation Firm Performance And Corporate Governance
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Author : Aditya Parthasarathy
language : en
Publisher:
Release Date : 2006
Executive Compensation Firm Performance And Corporate Governance written by Aditya Parthasarathy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper investigates the determinants of executive compensation using the most recent data on firm performance, corporate governance and managerial compensation for a large sample of Indian firms. A linear regression model is used to develop explanations for total CEO compensation and the proportion of incentive pay that forms a part of the CEO's compensation. It is found that firm size is a significant determinant of both these aspects of CEO compensation. The results also show that CEOs who are promoters of their firms earn significantly more than ordinary CEOs. Such individuals also earn a much larger component of their compensation as incentive pay. In addition, this study also quantifies the significant divergences in compensation policies that are followed at firms in the public sector when compared to private sector firms.
Corporate Governance And Firm Performance
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Author : Mark Hirschey
language : en
Publisher: Emerald Group Publishing
Release Date : 2009-04-16
Corporate Governance And Firm Performance written by Mark Hirschey and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-16 with Business & Economics categories.
Focuses on corporate governance, broadly defined as the system of controls that helps corporations and other organizations effectively manage, administer, and direct economic resources. This book focuses on: the impact of deregulation and corporate structure on productive efficiency; and the effectiveness of the fraud triangle and SAS.
Global Corporate Governance
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Author : Kose John
language : en
Publisher: Emerald Group Publishing
Release Date : 2017-04-05
Global Corporate Governance written by Kose John and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-05 with Business & Economics categories.
Advances in Financial Economics Vol 19 is peer reviewed and focusses on International Corporate Governance.