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. Lastly, our evidence suggests that women directors in China are not underpaid …
Persistent link: https://www.econbiz.de/10012931880
While executive compensation is often blamed for the excessive risk taking by banks, little is known about the operating performance incentives used in the finance industry both prior to and subsequent to the recent crisis. We provide a comprehensive analysis of incentive design -- the link of...
Persistent link: https://www.econbiz.de/10011962226
employed as a way of asset appropriation at the managers' discretion. The results also confirm that corporate governance is …
Persistent link: https://www.econbiz.de/10010490450
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
We consider a model of executive compensation in which CEOs have power to influence their compensation and test its implications using CEO compensation data from Execucomp. In the proposed model, CEOs endogenously determine their equity and salary compensation by maximizing the expected utility...
Persistent link: https://www.econbiz.de/10014256616
Since August 2009, German legislation allows for voluntary Say on Pay Votes (SoPV) during Annual General Meetings (AGMs). We examine 1,169 AGMs of all German listed firms with more than 10,000 agenda items over the period 2010-2013 to identify (1) determinants and approval rates of voluntary...
Persistent link: https://www.econbiz.de/10010530578
We examine the effect of say on pay regulation in the United Kingdom (UK). Consistent with the view that shareholders regard say on pay as a value-creating mechanism, the regulation's announcement triggered a positive stock price reaction at firms with weak penalties for poor performance. UK...
Persistent link: https://www.econbiz.de/10013134605
We document that firms whose compensation peers experience weak say on pay votes reduce CEO compensation following those votes. Reductions reflect proxy adviser concerns about peers' compensation contracts and are stronger when CEOs receive excess compensation, when they compete more closely...
Persistent link: https://www.econbiz.de/10012902356
This paper examines the relation between managerial power and compensation for Chief Executive Officers of S&P 500 companies from 1993 through 2012. We find that more-powerful CEOs earn more than less-powerful CEOs. We refer to this additional compensation as a “power premium” and...
Persistent link: https://www.econbiz.de/10012893667
In March 2010, Japanese regulators implemented the country's first legislation concerning the disclosure of director compensation for named individuals. Using the first publicly available data for Japanese executives, we document direct evidence on the level, structure, and mechanisms of CEO...
Persistent link: https://www.econbiz.de/10012917053