Role Of Financial Contracts And Managerial Compensation In Resolving Agency Problems
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Role Of Financial Contracts And Managerial Compensation In Resolving Agency Problems
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Author : Huiyan Qiu
language : en
Publisher:
Release Date : 2006
Role Of Financial Contracts And Managerial Compensation In Resolving Agency Problems written by Huiyan Qiu 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.
Agency Problems And Financial Contracting
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Author : Amir Barnea
language : en
Publisher: Prentice Hall
Release Date : 1985
Agency Problems And Financial Contracting written by Amir Barnea and has been published by Prentice Hall this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Business & Economics categories.
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.
Agency Theory And Executive Pay
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Author : Alexander Pepper
language : en
Publisher: Springer
Release Date : 2018-11-19
Agency Theory And Executive Pay written by Alexander Pepper and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-19 with Business & Economics categories.
This new book examines the relationship between agency theory and executive pay. It argues that while Jensen and Meckling (1976) were right in their analysis of the agency problem in public corporations they were wrong about the proposed solutions. Drawing on ideas from economics, psychology, sociology and the philosophy of science, the author explains how standard agency theory has contributed to the problem of executive pay rather than solved it. The book explores why companies should be regarded as real entities not legal fictions, how executive pay in public corporations can be conceptualised as a collective action problem and how behavioral science can help in the design of optimal incentive arrangements. An insightful and revolutionary read for those researching corporate governance, HRM and organisation theory, this useful book offers potential solutions to some of the problems with executive pay and the standard model of agency.
An Introduction To Executive Compensation
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Author : Steven Balsam
language : en
Publisher: Academic Press
Release Date : 2002
An Introduction To Executive Compensation written by Steven Balsam and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
General readers have no idea why people should care about what executives are paid and why they are paid the way they are. That's the reason that The Wall Street Journal, Fortune, Forbes, and other popular and practitioner publications have regular coverage on them. This book not only proposes a reason - executives need incentives in order to maximize firm value (economists call this agency theory) - it also describes the nature and design of executive compensation practices. Those incentives can take the form of benefits (salary, stock options), or prerquisites (reflecting the status of the executive within the organizational culture.
A Financial Agency Analysis Of Privatization
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Author : John S. Walker
language : en
Publisher: Lehigh University Press
Release Date : 1997
A Financial Agency Analysis Of Privatization written by John S. Walker and has been published by Lehigh University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
The authors argue that resolution of the CEO selection and financial-contracting problems can accelerate efficiency gains realized by the enterprise.
Executive Compensation As An Agency Problem
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Author : Lucian A. Bebchuk
language : en
Publisher:
Release Date : 2003
Executive Compensation As An Agency Problem written by Lucian A. Bebchuk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Agency (Law) categories.
This paper provides an overview of the main theoretical elements and empirical underpinnings of a managerial power' approach to executive compensation. Under this approach, the design of executive compensation is viewed not only as an instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself. Boards of publicly traded companies with dispersed ownership, we argue, cannot be expected to bargain at arm's length with managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers' performance. We show that the managerial power approach can explain many features of the executive compensation landscape, including ones that many researchers have long viewed as puzzling. Among other things, we discuss option plan design, stealth compensation, executive loans, payments to departing executives, retirement benefits, the use of compensation consultants, and the observed relationship between CEO power and pay. We also explain how managerial influence might lead to substantially inefficient arrangements that produce weak or even perverse incentives.
Managerial Compensation And The Agency Costs Of Debt Finance
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Author : Brander, James A
language : en
Publisher: Montréal : Dép. de science économique, Université de Montréal
Release Date : 1988
Managerial Compensation And The Agency Costs Of Debt Finance written by Brander, James A and has been published by Montréal : Dép. de science économique, Université de Montréal this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.
Handbook Of The Economics Of Finance
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Author : G. Constantinides
language : en
Publisher: Elsevier
Release Date : 2003-11-04
Handbook Of The Economics Of Finance written by G. Constantinides and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-11-04 with Business & Economics categories.
Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Encyclopedia Of Corporate Social Responsibility
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Author : Samuel O. Idowu
language : en
Publisher: Springer
Release Date : 2013-01-27
Encyclopedia Of Corporate Social Responsibility written by Samuel O. Idowu and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-27 with Business & Economics categories.
The role of Corporate Social Responsibility in the business world has developed from a fig leaf marketing front into an important aspect of corporate behavior over the past several years. Sustainable strategies are valued, desired and deployed more and more by relevant players in many industries all over the world. Both research and corporate practice therefore see CSR as a guiding principle for business success. The “Encyclopedia of Corporate Social Responsibility” has been conceived to assist researchers and practitioners to align business and societal objectives. All actors in the field will find reliable and up to date definitions and explanations of the key terms of CSR in this authoritative and comprehensive reference work. Leading experts from the global CSR community have contributed to make the “Encyclopedia of Corporate Social Responsibility” the definitive resource for this field of research and practice.