Mergers And Acquisitions And Executive Compensation
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Mergers And Acquisitions And Executive Compensation
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Author : Virginia Bodolica
language : en
Publisher: Routledge
Release Date : 2015-06-26
Mergers And Acquisitions And Executive Compensation written by Virginia Bodolica and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-26 with Business & Economics categories.
Over the past decades, the total value of executive compensation packages has been rising dramatically, contributing to a wider pay gap between the chief executive officer and the average worker. In the midst of the financial turmoil that brought about a massive wave of corporate failures, the lavish executive compensation package has come under an intense spotlight. Public pressure has mounted to revise the levels and the structure of executive pay in a way that will tie more closely the executive wealth to that of shareholders. Merger and acquisition (M&A) activities represent an opportune setting for gauging whether shareholder value creation or managerial opportunism guides executive compensation. M&As constitute major examples of high-profile events prompted by managers who typically conceive them as a means for achieving higher levels of pay, even though they are frequently associated with disappointing returns to acquiring shareholders. Mergers and Acquisitions and Executive Compensation reviews the existing empirical evidence and provides an integrative framework for the growing body of literature that is situated at the intersection of two highly debated topics: M&A activities and executive compensation. The proposed framework structures the literature along two dimensions, such as M&A phases and firm’s role in a M&A deal, allowing readers to identify three main streams of research and five different conceptualizations of causal relationships between M&A transactions and executive compensation. The book makes a comprehensive review of empirical studies conducted to date, aiming to shed more light on the current and emerging knowledge in this field of investigation, discuss the inconsistencies encountered within each stream of research, and suggest promising directions for further exploration. This book will appeal to researchers and students alike in the fields of organizational behavior and governance as well as accounting and accountability.
Three Essays In Mergers And Acquisitions And Executive Compensation
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Author : Nada El-Hassan
language : en
Publisher:
Release Date : 2021
Three Essays In Mergers And Acquisitions And Executive Compensation written by Nada El-Hassan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
Several studies in the finance literature (and other fields) focus on how compensation contracts of CEOs shape incentives and affect risk-taking behaviour. We examine how CEOs with varying risk appetites approach merger and acquisition (M&A) deals differently due to incentives driven by their compensation structure. Relying on VEGA, the sensitivity of executive's portfolio to a one percent change in volatility of stock returns, we document that acquirers and targets behave differently vis-à-vis their compensation. We show that a longer time to completion is related to the target VEGA (and not bidder VEGA). We also find that a more risk-taking CEO (as encouraged by VEGA) selling his firm would delay completing a deal by a significant three weeks. We conjecture that target CEOs choose to delay deal completion to look for better bids that tally their need to change their portfolio of company holdings. Next, we link executive compensation, mergers and acquisitions, and environmental, social and governance in one framework that produces new insights into how CEO's incentives yield sub-optimal investment decisions. Our sample consists of 1,280 mergers (M&A) from the period of 1993-2018 and uses the CEO's wealth sensitivity to stock price volatility (VEGA) as a proxy for risk-taking behaviour. We establish that there is a shift in the relation between CSR rating and cumulative abnormal announcement returns of M&As deals. After 2008, the market for corporate control no longer rewards more commitment to CSR activities. We examine the performance of our sample of mergers in comparison with that of a matched sample of non-bidding firms vis-à-vis their environmental, social and governance (ESG) profiles over the long term. Our results indicate that more CSR commitment does not translate into better long-term returns for shareholders and stakeholders if the firms participate in M&As. Moreover, we investigate how the bidder and target CSR ratings, as well as management risk-taking incentives (proxied by VEGA), affect deals total synergy estimated around the announcement day. Our results show that firms with lower CSR ratings yield more synergy gains, which are not related to both bidder and target risk-taking incentives. Finally, we provide new evidence related to the debate whether corporate social responsibility (CSR) strategies intrinsically benefit organizations and contribute to wealth creation after controlling for CEO compensation. We utilize a sample of M&A deals spanning the period 1993 to 2018 of target firms with different CSR ratings and investigate the effect of CEOs' executive compensation driven incentives. Our main finding is that Low CSR firms becoming targets of M&A contests in the subperiod post-2008 record the highest cumulative average abnormal returns (compared to High CSR over the same period and other subsamples). We report that Low CSR firms with High VEGA target CEOs specifically perform better in corporate control contests in later years. We justify this as Low CSR firms are characterized by lower governance and more agency costs where management seeks benefit its own interests instead of being considerate for the stakeholders at large.
Impacts Of Mergers And Acquisitions On Executive Compensation Of Acquiring Firms
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Author : Virginia Bodolica
language : en
Publisher:
Release Date : 2005
Impacts Of Mergers And Acquisitions On Executive Compensation Of Acquiring Firms written by Virginia Bodolica and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Exploring The Effects Of Mergers And Acquisitions On Executive Compensation
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Author : Laurent Brosius
language : en
Publisher:
Release Date : 2014
Exploring The Effects Of Mergers And Acquisitions On Executive Compensation written by Laurent Brosius and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Merger Activity And Executive Pay
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Author : Sourafel Girma
language : en
Publisher:
Release Date : 2002
Merger Activity And Executive Pay written by Sourafel Girma and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Consolidation and merger of corporations categories.
Executive Compensation Following Mergers And Acquisitions
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Author : Yanxue Liu
language : en
Publisher:
Release Date : 2013
Executive Compensation Following Mergers And Acquisitions written by Yanxue Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Research Into Executive Compensation Risk And Mergers And Acquisitions
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Author : Bo Wang
language : en
Publisher:
Release Date : 2020
Research Into Executive Compensation Risk And Mergers And Acquisitions written by Bo Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Three Essays On Executive Compensation Mergers And Acquisitions And Index Changes
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Author : Jie Cai
language : en
Publisher:
Release Date : 2005
Three Essays On Executive Compensation Mergers And Acquisitions And Index Changes written by Jie Cai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Executives categories.
The Association Between The Executive Compensation Of The Acquiring Company And The Performance Of Corporate Mergers And Acquisitions Taiwan S Financial Industry As The Example
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Author :
language : en
Publisher:
Release Date : 2023
The Association Between The Executive Compensation Of The Acquiring Company And The Performance Of Corporate Mergers And Acquisitions Taiwan S Financial Industry As The Example written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
Mergers Motivation And Directors Remuneration
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Author : Peter Abell
language : en
Publisher:
Release Date : 1994
Mergers Motivation And Directors Remuneration written by Peter Abell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Chief executive officers categories.