This study investigates how the implementation of special attributes of CEO compensation contracts is determined by both the acquisition and the acquirer features for a set of M&A deals undertaken by Canadian acquiring firms. Our findings reveal that when agency problems are higher, manifested by larger control premiums and poor firm performance, boards of directors tend to implement stronger mechanisms of incentive alignment around M&A transactions. Relying on multiple interdisciplinary logics that are activated to explain directors' ability to effectively perform their monitoring function, we show that boards are reactive rather than proactive in dealing with agency problems. Data are further interpreted in light of the unique aspects of the Canadian institutional context. Based on asymmetric risk properties of two different groups of executive compensation modes examined in this study, testing the substitution effects between alternative governance mechanisms is proposed as an interesting avenue for future research. Copyright © 2009 John Wiley & Sons, Ltd.

The implementation of special attributes of CEO compensation contracts around M&A transactions

https://link.springer.com/content/pdf/10.1057%2Fpalgrave.jam.2240121.pdf

Integrated wealth management: ‘The new direction’ for portfolio managers

The purpose of the study is to examine the impact of total compensation on pay satisfaction of employees in Telenor Pakistan. Data was collected through questionnaire and interview. It is revealed that fixed pay components such as merit increments are prominent unlike seniority bonuses in Telenor because of the fact that the company has a flexible pay structure of broadband. Broadband offer flexibility and easy salary progression as employees is not promoted to another grade but moved within band (in-grade promotion). Among the variable pay dimensions, goal based pay, accurate information use related to salary decisions, employee rights concern and information sharing regarding employee related decisions are much satisfactory at Telenor compared to other components of variable pay. In case of benefits, employees were highly satisfied with allowances, welfare programs and consider it reason for their motivation and stay in Telenor. Overall, equity in Telenor is nearly in balance and pay satisfaction over various components of total compensation has an nutshell positive effect in creating strong sense of belonging of employee with their organization.

/pdf/effect-of-total-compensation-on-pay-satisfaction-in-telenor-36v36e417l.pdf

Effect Of Total Compensation On Pay Satisfaction In Telenor Company Pakistan

The purpose of this paper is to review the existing empirical evidence and provide an integrative framework for the growing body of literature that is situated at the intersection of two highly debated topics: merger and acquisition (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 us to identify three main streams of research and five different conceptualizations of causal relationships between M&A transactions and executive compensation. Making a comprehensive review of empirical studies conducted to date we aim at shedding more light on the current and emerging knowledge in this field of investigation, discussing the inconsistencies encountered within each stream of research and suggesting promising directions for further exploration.

3 Merger and Acquisition Transactions and Executive Compensation: A Review of the Empirical Evidence

Many executives hold large concentrated positions in the stock of their own companies, whether in the form of incentive stock options, nonqualified stock options, restricted stock, or unrestricted stock. Executives have several reasons for divesting some or all of their concentrated positions. In this article, the author focuses on the most important of these reasons: diversification, whose potential benefit must be carefully weighed against the loss of option time value, the payment of taxes that could have been delayed or avoided, and the sacrifice of any superior performance that the company stock may offer. The article reviews the properties and evaluates the potential of the Concentrated Holding Analyzer with Ranked Transactions, or CHART, which analyzes the complex trade-off between diversification on the one hand and time value, taxes, and potentially superior performance on the other.

Executive Compensation: An Analytical Approach to Diversification of Concentrated Positions

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Executive Compensation: An Analytical Approach to Diversification of Concentrated Positions