Top Management Team Pay Dispersion
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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.
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.
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.
Determinants And Implications Of Executive Pay Dispersion And Compensation To Investor Relations Officers
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Author : Sanghyuk Byun
language : en
Publisher:
Release Date : 2012
Determinants And Implications Of Executive Pay Dispersion And Compensation To Investor Relations Officers written by Sanghyuk Byun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Corporations categories.
"This dissertation consists of two essays. The first chapter of this dissertation examines the relation between pay dispersion among top executives and firm performance, executive turnover, and earnings management ... The second chapter of this dissertation investigates a sample of larger publicly-traded US companies with a designated investor relations (IR) executive, who is among the top five paid employees."--Page iii.
Strategic Leadership
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Author : Sydney Finkelstein
language : en
Publisher: Strategic Management
Release Date : 2009
Strategic Leadership written by Sydney Finkelstein and has been published by Strategic Management this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
This book integrates and assesses the vast and rapidly growing literature on strategic leadership, which is the study of top executives and their effects on organizations. The basic premise is that in order to understand why organizations do the things they do, or perform the way they do, we need to deeply comprehend the people at the top-- their experiences, abilities, values, social connections, aspirations, and other human features. The actions--or inactions--of a relatively small number of key people at the apex of an organization can dramatically affect organizational outcomes. The scope of strategic leadership includes individual executives, especially chief executive officers (CEOs), groups of executives (top management teams, or TMTs); and governing bodies (particularly boards of directors). Accordingly, the book addresses an array of topics regarding CEOs (e.g., values, personality, motives, demography, succession, and compensation); TMTs (including composition, processes, and dynamics); and boards of directors (why boards look and behave the way they do, and the consequences of board profiles and behaviors). Strategic Leadership synthesizes what is known about strategic leadership and indicates new research directions. The book is meant primarily for scholars who strive to assess and understand the phenomena of strategic leadership. It offers a considerable foundation on which professionals involved in executive search, compensation, appraisal and staffing, as well as board members who evaluate executive performance and potential, might build their tools and perspectives.
Explaining Executive Pay
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Author : Lukas Hengartner
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-12-31
Explaining Executive Pay written by Lukas Hengartner 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 2007-12-31 with Business & Economics categories.
Lukas Hengartner shows that both firm complexity and managerial power are associated with higher pay levels. This suggests that top managers are paid for the complexity of their job and that more powerful top managers receive pay in excess of the level that would be optimal for shareholders.
Management Team Incentive Dispersion And Firm Performance
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Author : Robert M. Bushman
language : en
Publisher:
Release Date : 2016
Management Team Incentive Dispersion And Firm Performance written by Robert M. Bushman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Recent theory suggests that firms incorporate synergistic interrelationships among executives into optimal incentive design (Edmans et al. 2013). We focus on Pay Performance Sensitivities (PPS) and use dispersion in PPS across top executives as a proxy for the incentive design component shaped by an executive team's synergy profile. We model optimal PPS dispersion and use residuals from this model to measure deviations from optimal. We find that firm performance is increasing (decreasing) in the residual when PPS dispersion is too low (too high). We conjecture that deviations from optimal are sustained by adjustment costs, finding that firms only close around 60% of the gap between target and actual PPS dispersion over the subsequent year. Viewing a team's equity grants as a vector, we provide evidence that firms use subsequent equity grants to actively manage PPS dispersion towards optimality. Cross-sectional analysis reveals that the deleterious effect of deviations from optimal is decreasing in the duration of a team's tenure together, and increasing in the importance of effort coordination across team members for firm performance.
Overpaid Ceos And Underpaid Managers
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Author : Charles A. O'Reilly
language : en
Publisher:
Release Date : 1996
Overpaid Ceos And Underpaid Managers written by Charles A. O'Reilly and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Executives categories.
Social Norms In Managerial Decision Making Psychological And Or Neural Perspectives
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Author : Xile Yin
language : en
Publisher: Frontiers Media SA
Release Date : 2023-02-03
Social Norms In Managerial Decision Making Psychological And Or Neural Perspectives written by Xile Yin and has been published by Frontiers Media SA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-03 with Science categories.
The Cross Disciplinary Perspectives Of Management
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Author : Yaakov Weber
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-11-29
The Cross Disciplinary Perspectives Of Management written by Yaakov Weber 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 2019-11-29 with Business & Economics categories.
This book provides cross-disciplinary management research that integrates theories, concepts, and perspectives from two or more scientific disciplines. It aims to resolve complex theoretical problems within multiple industries, fields and areas of management including mergers, SMEs, hospitality, and healthcare.