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Corporate governance and incentive contracts : historical evidence from a legal reform
Bayer, Christian (contributor); Burhop, Carsten (contributor) - 2008
This paper proposes to exploit a reform in legal rules of corporate governance to identify contractual incentives from … institutional environment, the reform of the German joint-stock companies act in 1884. We analyze a sample of executive pay for 46 … firms for the years 1870 to 1911. In 1884, a law reform substantially enhanced corporate control, strengthened the …
Persistent link: https://www.econbiz.de/10003730741
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Cartels, managerial incentives, and productive efficiency in German coal mining, 1881-1913
Burhop, Carsten (contributor);  … - 2008
significantly correlated with productive efficiency, whereas the debt-equity ratio did not influence it. -- Economic history …
Persistent link: https://www.econbiz.de/10003730769
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An activist view of CEO compensation
Baum, Alex; Hale, Robert; Morfit, Mason; Larcker, David F. - 2017
Understanding CEO compensation plans is a continuing challenge for directors and investors. The disclosure of these plans is dictated by SEC rules that rely heavily on the “fair value” of awards at the time they are granted. The problem with these numbers is that they are static and do not...
Persistent link: https://www.econbiz.de/10011870307
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Clawback provisions and firm risk
Babenko, Ilona; Bennett, Benjamin; Bizjak, John M.; … - 2019
Panel OLS and GMM-IV estimates indicate that executives respond to the adoption of a compensation clawback provision by decreasing firm risk. The mechanisms that transmit incentives to decisions and decisions to risk appear to be more conservative investment and financial policies and preemptive...
Persistent link: https://www.econbiz.de/10012107693
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How do labor representatives affect incentive orientation of executive compensation?
Dyballa, Katharina; Kraft, Kornelius - 2016
Contrary to previous literature we hypothesize that labor's interest may well – like that of shareholders – aim at securing the long-run survival of the firm. Consequently, employee representatives on the supervisory board could well have an interest in increasing incentive-based...
Persistent link: https://www.econbiz.de/10011526742
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Pay increase may not be a strong incentive for undertaking acquisitions : evidence of survivor bias in post-acquisition CEO pay
HomRoy, Swarnodeep - 2014
Persistent link: https://www.econbiz.de/10012173462
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Ending executive manipulations of incentive compensation
Avci, S. Burcu; Schipani, Cindy A.; Seyhun, H. Nejat - 2016
Persistent link: https://www.econbiz.de/10011746890
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CEO pay at valeant : does extreme compensation create extreme risk?
Larcker, David F.; Tayan, Brian - 2016
The litmus test for an effective compensation program is whether it provides “pay for performance.” While the concept of pay for performance is simple, its implementation is not. In particular, boards must consider not only whether a compensation plan encourages executives to pursue...
Persistent link: https://www.econbiz.de/10011864729
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Compensation consultants and the level, composition, and complexity of CEO pay
Murphy, Kevin James; Sandino, Tatiana - 2017
We provide fresh evidence regarding the relation between compensation consultants and CEO pay. First, firms that employ consultants have higher-paid CEOs—this result is robust to firm fixed-effects and matching on economic and governance variables. Second, while this relation is partly due to...
Persistent link: https://www.econbiz.de/10011901860
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Corporate tax avoidance and high powered incentives
Desai, Mihir A.; Dharmapala, Dhammika - 2004
"This paper analyzes the links between corporate tax avoidance, the growth of high-powered incentives for managers, and …
Persistent link: https://www.econbiz.de/10002053456