Journal Article10.1016/0304-405X(94)00809-F
Executive compensation structure, ownership, and firm performance
2.4K
TL;DR: An examination of the executive compensation structure of 153 randomly-selected manufacturing firms in 1979-1980 provides evidence supporting advocates of incentive compensation, and also suggests that the form rather than the level of compensation is what motivates managers to increase firm value.
read more
About: This article is published in Journal of Financial Economics. The article was published on 01 Jun 1995. The article focuses on the topics: Executive compensation & Equity (finance).
read more
Chat with Paper
AI Agents for this Paper
Find similar papers on Google Scholar, PubMed and Arxiv
Write a critical review of this paper
Analyze citations of this paper to find unaddressed research gaps
Citations
Differences in pay between owner and non-owner CEOs: Evidence from Israel
Shmuel Cohen,Beni Lauterbach +1 more
TL;DR: In a sample of 124 publicly traded Israeli firms in 1994-2001, this paper found that CEOs who belong to the family or business group that owns most of the firm shares (owner CEOs) receive significantly higher pay than professional CEOs who do not belong to a control group (non-owner CEOs).
40
Determinanten der Vorstandsvergütung - Eine empirische Untersuchung der deutschen Prime-Standard-Unternehmen
Marc Steffen Rapp,Michael Wolff +1 more
TL;DR: In this paper, the deutschen Prime-Standard-Unternehmen für the years 2005-2007 untersuchen wir the Determinanten der Hohe der Vorstandsvergutung, unterscheiden wir drei Kategorien moglicher Einflussfaktoren: Unternehmens-, Performance-and Corporate Governance-Merkmale.
40
Corporate governance mechanisms and their impact on firm value
TL;DR: In this paper, the authors analyzed the impact of compliance with the Spanish Olivencia Code on the value of a firm by using panel data estimation, and concluded that the degree of compliance is more important than the mere reporting of whether firms comply or not with them, which increases the firm's value.
40
•Posted Content
Examining Shareholder Value Creation Over CEO Tenure: A New Approach to Testing Effectiveness of Executive Compensation
TL;DR: In this article, the relationship between CEO compensation and shareholders' value added over a CEO's tenure was examined, and it was shown that higher median pay-for-performance sensitivity during CEO tenure is associated with higher aggregate market value changes and cumulative abnormal stock returns.
40
Executive Remuneration in Crisis: A Critical Assessment of Reforms in Europe
TL;DR: In this paper, the authors consider the regulation on the books of executive pay across the EU and the evidence "in action" on corporate practice concerning executive pay (based on disclosures by FTSE Eurofirst 300 companies) in relation to the best practice recommendations set out in two key Commission Recommendations from 2004 and 2005.
40
References
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
61.3K
A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity
TL;DR: In this article, a parameter covariance matrix estimator which is consistent even when the disturbances of a linear regression model are heteroskedastic is presented, which does not depend on a formal model of the structure of the heteroSkewedness.
28K
Separation of ownership and control
Eugene F. Fama,Michael C. Jensen +1 more
TL;DR: The authors argue that the separation of decision and risk-bearing functions observed in large corporations is common to other organizations such as large professional partnerships, financial mutuals, and nonprofits. But they do not consider the role of decision agents in these organizations.
A heteroskedasticity-consistent covariance matrix estimator and a direct test
Halbert White
- 01 Jan 2016
TL;DR: In this paper, a covariance matrix estimator which is consistent even when the disturbances of a linear regression model are heteroskedastic is presented, but does not rely on a (possibly incorrect) specific formal model of the structure of the heter-kedasticity.
14.9K
Agency Problems and the Theory of the Firm
TL;DR: In this article, the authors explain how the separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization, and set aside the presumption that a corporation has owners in any meaningful sense.