Executive Pay Dispersion Corporate Governance And Firm Performance
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Executive Pay Dispersion Corporate Governance And Firm Performance
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Author : Kin-Wai Lee
language : en
Publisher:
Release Date : 2008
Executive Pay Dispersion Corporate Governance And Firm Performance written by Kin-Wai Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Much of the research on management compensation focuses on the level and structure of executives' pay. In this study, we examine a compensation element that has not received so far considerable research attention - the dispersion of compensation across managers - and its impact on firm performance. We examine the implications of two theoretical models dealing with pay dispersion - tournament vs. equity fairness. Tournament theory stipulates that a large pay dispersion provides strong incentives to highly qualified managers, leading to higher efforts and improved enterprise performance, while arguments for equity fairness suggest that greater pay dispersion increases envy and dysfunctional behaviour among team members, adversely affecting performance. Consistent with tournament theory, we find that firm performance, measured by either Tobin's Q or stock performance, is positively associated with the dispersion of management compensation. We also document that the positive association between firm performance and pay dispersion is stronger in firms with high agency costs related to managerial discretion. Furthermore, effective corporate governance, especially high board independence, strengthens the positive association between firm performance and pay dispersion. Our findings thus add to the compensation literature a potentially important dimension: managerial pay dispersion.
Corporate Governance Antecedents Of Top Management Pay Dispersion That Undermines Firm Performance
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Author : Sarah Burrows
language : en
Publisher:
Release Date : 2018
Corporate Governance Antecedents Of Top Management Pay Dispersion That Undermines Firm Performance written by Sarah Burrows 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.
Using social comparison and social network theory, I sought to examine the corporate governance antecedents of top management team (TMT) horizontal pay dispersion that may be interpreted as unjustifiable reasons of pay dispersion and therefore undermine firm performance. I therefore examined compensation data from firms appearing on the S&P500 from 2008 to 2013 and ran panel regressions. This paper adds to the existing literature, as it is one of the first studies to explicitly examine the corporate governance mechanisms that affect TMT pay dispersion. I hope these findings can remedy the continuance of ineffective compensation practices which lead to unjustified pay dispersion among executives and in turn harm firm performance.
The Regulation Of Executive Compensation
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Author : Kym Maree Sheehan
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
The Regulation Of Executive Compensation written by Kym Maree Sheehan 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.
ïBased on extensive interviews with those directly involved in the executive pay setting process _ executives themselves, remuneration committee members, remuneration consultants, and institutional investors _ this excellent study finally explains how, despite repeated regulation over the past twenty years in both the UK and Australia, limits on the amount executives get paid, and a clear relationship between pay and performance remain as elusive as ever. Dr. SheehanÍs study suggests that by targeting the pay setting process rather than pay itself, regulation may have contributed, albeit unintentionally, to the endless upward ratcheting of absolute levels of executive pay.Í _ John Roberts, University of Sydney, Australia ïFor those that believe executive remuneration in the UK and Australia is too high and poorly aligned with company performance, this book provides an excellent analytical framework and strong arguments in favor of greater shareholder oversight of remuneration practices and pay levels. It is well-written, carefully argued and persuasive in its treatment of the subject. I wholeheartedly recommend it.Í _ Randall S. Thomas, Vanderbilt University Law School, US In this timely book, Kym Sheehan examines the regulatory technique known as ïsay on payÍ _ where shareholders vote on executive compensation in an annual, advisory vote on the remuneration report. Using the model of the regulated remuneration cycle, and drawing upon evidence of its operation from interviews, voting data and remuneration reports from UK and Australian companies, the book demonstrates whether say on pay can operate successfully to both constrain executive greed and ensure accountability exists for company performance and decision-making. The Regulation of Executive Compensation is essential reading for corporate governance academics, remuneration consultants, company directors, regulators, pension and superannuation fund trustees and unions. Politicians and their policy advisers, lawyers, accountants and anyone concerned about the corporate governance of listed companies will find much to interest them in this detailed study.
Top Management Team Pay Dispersion
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Author : Marilou Rozé Bianchi
language : en
Publisher:
Release Date : 2017
Top Management Team Pay Dispersion written by Marilou Rozé Bianchi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This paper explores TMT pay dispersion in lone founder firms. The scarcity of the literature on this topic provides an opportunity to study the influence of extra- and intra-organizational factors on TMT pay dispersion. Knowing that high pay dispersion hurts firm performance, it is important to understand its antecedents. Based on panel data analyses of all S&P500 firms from 2008-2013, my results demonstrate that lone founder firms exhibit less pay dispersion than other firms. It seems that when founders are present on their firms’ board of directors, the effective monitoring of firm managers makes it redundant to offer the latter high incentive pay that would fuel pay dispersion. Regarding extra-organizational factors, recession appears to increase TMT pay dispersion, particularly in lone founder firms – possibly because lone founder firms regularly use attractive pay packages to hire talent from competitors during economic downturns and thereby foster pay dispersion. Finally, high-tech industries are negatively related to pay dispersion. The complexity of managerial tasks in such industries makes it necessary to pay all (rather than some) managers relatively high compensation, limiting pay dispersion.
Incentives For Helping On The Job
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Author : Robert William Drago
language : en
Publisher:
Release Date : 1994
Incentives For Helping On The Job written by Robert William Drago and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Incentives in industry categories.
A Unified Analysis Of Executive Pay
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Author : Eli Talmor
language : en
Publisher:
Release Date : 2003
A Unified Analysis Of Executive Pay written by Eli Talmor 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.
This study examines executive compensation determinants in the U.S. financial services sector. Multiple theories of executive pay are discussed and tested using a relatively homogenous sample. We perform an in-depth look at the corporate governance and ownership structure of the companies selected. The analysis is conducted for the financial sector as a whole and for each of three sub-groups: commercial banks, brokerage and other non-depository institutions, and insurance companies. Variables that proxy for managerial strategic discretion and task complexity are found to best explain CEO compensation. Corporate governance, including board characteristics and external ownership, is the second leading determinant of pay variation, while firm performance and CEO specific characteristics seem to play the least role. We explore the simultaneous relationship between compensation, firm performance, and board strength and find evidence that the board of directors provides a monitoring function and that a strong board appears to be a substitute with incentive compensation for aligning incentives. These findings, when viewed with subsequent firm performance, support an efficient contracting argument.
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.
Corporate Governance Matters
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Author : David Larcker
language : en
Publisher: FT Press
Release Date : 2011-04-14
Corporate Governance Matters written by David Larcker and has been published by FT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-14 with Business & Economics categories.
Corporate Governance Matters gives corporate board members, officers, directors, and other stakeholders the full spectrum of knowledge they need to implement and sustain superior governance. Authored by two leading experts, this comprehensive reference thoroughly addresses every component of governance. The authors carefully synthesize current academic and professional research, summarizing what is known, what is unknown, and where the evidence remains inconclusive. Along the way, they illuminate many key topics overlooked in previous books on the subject. Coverage includes: International corporate governance. Compensation, equity ownership, incentives, and the labor market for CEOs. Optimal board structure, tradeoffs, and consequences. Governance, organizational strategy, business models, and risk management. Succession planning. Financial reporting and external audit. The market for corporate control. Roles of institutional and activist shareholders. Governance ratings. The authors offer models and frameworks demonstrating how the components of governance fit together, with concrete examples illustrating key points. Throughout, their balanced approach is focused strictly on two goals: to “get the story straight,” and to provide useful tools for making better, more informed decisions.
Pay Without Performance
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Author : Lucian Bebchuk
language : en
Publisher:
Release Date : 2004-11-22
Pay Without Performance written by Lucian Bebchuk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-11-22 with Business & Economics categories.
A powerful critique of executive compensation and corporate governance, "Pay Without Performance" points the way to restoring corporate integrity and improving corporate performance.
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.