Bonus Contracts Private Information And Ceo Turnover
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| Author | : Felix Hoppe |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
In this paper, we address the question whether performance measures that are specified in annual bonus contracts represent overall performance dimensions used by boards of directors in making governance decisions. Recent studies claim that managerial incentives are predominantly provided by equity holdings rather than short-term cash compensation. Given the dominance of equity compensation and the fact that firms invest resources in the design and use of bonus contracts, it is unclear why the vast majority of firms continue to use annual bonus contracts if these would create only minor, or no incentive benefits. We argue that boards of directors use bonus contracts as a channel to ex-ante communicate how performance will be evaluated annually and thus signal the measures relevant for CEO termination decisions, which provides significant incentives. Further, the resulting cash compensation communicates the board's actual performance evaluation of the CEO, which can disclose private information to the capital market. Our empirical results are consistent with these arguments and show that the incentive weight on privately observed performance measures in bonus contracts is systematically related to the importance of these measures for CEO turnover. We further show that the stock market reaction to a management change depends on bonus contract design. We specifically find a positive reaction when boards of directors have signaled to solely use public information in CEO performance evaluation (good news about the board) and a negative reaction when they (also) use private information (bad news about the CEO). Overall, we show that the care taken in designing annual bonus contracts can be explained by its link with governance decisions and indicate that performance measurement issues are an important part of the corporate governance process.
| Author | : Benjamin Hermalin |
| Publisher | : Elsevier |
| Total Pages | : 762 |
| Release | : 2017-09-18 |
| Genre | : Business & Economics |
| ISBN | : 0444635408 |
The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. Concentrates on underlying principles that change little, even as the empirical literature moves on Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field’s substantive findings, all of which help point the way forward
| Author | : J. Jay Choi |
| Publisher | : Emerald Group Publishing |
| Total Pages | : 388 |
| Release | : 2012-10-17 |
| Genre | : Business & Economics |
| ISBN | : 1780527659 |
For this volume we have collected 12 original research papers dealing with various issues relating to transparency. This topic spans many disciplines beyond accounting and finance, intersecting economics, law and management, embracing sociology and political science, and offering opportunities for creative interdisciplinary research. We hope this v
| Author | : United States. Congress. Joint Economic Committee |
| Publisher | : |
| Total Pages | : 168 |
| Release | : 1990 |
| Genre | : Consolidation and merger of corporations |
| ISBN | : |
| Author | : United States. Office for Emergency Management. Price Stabilization Division |
| Publisher | : |
| Total Pages | : 38 |
| Release | : 1940 |
| Genre | : Defense contracts |
| ISBN | : |
| Author | : Geoff White |
| Publisher | : Routledge |
| Total Pages | : 310 |
| Release | : 2013-05-13 |
| Genre | : Business & Economics |
| ISBN | : 1134082983 |
This thoroughly revised edition adopts a critical and theoretical perspective on remuneration policy and practices in the UK, from the decline of collective bargaining to the rise of more individualistic systems based on employee performance. It tackles the conceptual issues missing from existing texts in the field of HRM by critically examining the latest academic literature on the topic. Fully updated to cover the Chartered Institute of Personnel and Development's reward syllabus, and offering a less prescriptive alternative to current texts for HR practitioners and MBA students, this new edition includes: new chapters on executive reward, pensions and benefits clear routes to assist the student reader in the journey through this complex area a strong contextual framework to enable better understanding The second edition of Reward Management is an essential read for all those studying or with an interest in human resource management, performance management and reward.
| Author | : Graciela Schneier-Madanes |
| Publisher | : Springer Science & Business |
| Total Pages | : 303 |
| Release | : 2014-05-01 |
| Genre | : Science |
| ISBN | : 9400773234 |
Globalized Water presents a compilation of voices that forms a unique scientific exploration of contemporary water management models and governance issues. The book describes the water paradox—how a local resource has become a global product—and the implications of this in how we identify challenges and make policy in the water sector. Over the last 20 years, the foundations of local and national water systems have been rocked by a wave of changes. The authors in this book, experts in a wide range of disciplines, address the resulting debates and issues: water as a commodity and patrimony, technological rent, liberalization and privatization, the continuing evolution of water management and policy at the European level, decision making and stakeholder participation, conflict and consensus, and the inevitable growth of counterpowers at the local and international levels, promoted by the advocates of sustainable development. The selected case studies are from Europe (primarily France but also Spain, Germany, the United Kingdom, and Portugal), Latin America (Argentina, Bolivia), the United States, Lebanon, and India. From this diverse collection of comparative perspectives and research methods, Globalized Water seeks to advance interdisciplinary research, contributing to a new and dynamic role for social sciences and governance on water.
| Author | : Christopher S. Chapman |
| Publisher | : Elsevier |
| Total Pages | : 1584 |
| Release | : 2009-01-30 |
| Genre | : Business & Economics |
| ISBN | : 0080879306 |
Winner of the Management Accounting section of the American Accounting Association notable contribution to Management Accounting Literature AwardVolume One of the Handbook of Management Accounting Research series sets the context for the Handbooks, with three chapters outlining the historical development of management accounting as a discipline and as a practice in three broad geographic settings.Volume Two provides insights into research on different management accounting practices. Volume Three features contributions from some of the most influential researchers in various areas of management accounting research, consolidates the content of volumes one and two, and concludes with examples of management accounting research from around the world.Volumes 1, 2 and 3 are also available as individual product. * ISBN Volume 1: 978-0-08-044564-9* ISBN Volume 2: 978-0-08-044754-4* ISBN Volume 3: 978-0-08-055450-1 Three volumes of the popular Handbooks of Management Accounting Research series now available in one complete set Examines particular management accounting practices and specific organizational contexts Adopts a global perspective of management accounting practice Award: "Winner of the Management Accounting section of the American Accounting Association notable contribution to Management Accounting Literature Award."
| Author | : Nicolas Tichy |
| Publisher | : BoD – Books on Demand |
| Total Pages | : 234 |
| Release | : 2023-03-14 |
| Genre | : Business & Economics |
| ISBN | : 3947095090 |
Executive compensation has inspired controversial debate in both academia and the general public, and many voices criticize that executive compensation designs fail to deliver desired outcomes. Although much research has been devoted to understanding the antecedents and consequences of executive compensation design, important questions remain unanswered. This dissertation contributes to the field by exploring a previously neglected aspect: executive compensation complexity. Given the absence of an established measure of executive compensation complexity, there is an incomplete understanding of how complexity enters executive compensation contracts and what the consequences are for managers and corporations. The essays of this dissertation aim to narrow this gap. The first study presents a novel measure of executive compensation complexity, which is validated and utilized to examine the antecedents of executive compensation complexity. The second study explores the consequences of executive compensation complexity and finds that complexity impairs firm performance, regardless of the performance metric chosen (accounting-based, market-based, or ESG-based performance metrics). The third study explores the link between compensation design dispersion and executive turnover and reveals that executives with riskier compensation packages and fewer performance goals are more likely to move. The fourth study provides experimental evidence on the effect of CSR Fit dimensions and organizational reputation. Taken together, the essays of this dissertation make a significant and valuable contribution to the scholarly discourse on executive compensation. By shedding light on the complex nature of executive compensation and its implications for managers and corporations, this dissertation advances the current understanding of executive compensation and provides insights for policymakers, managers, and investors.
| Author | : |
| Publisher | : Elsevier |
| Total Pages | : 472 |
| Release | : 2023-08-15 |
| Genre | : Business & Economics |
| ISBN | : 0128240067 |
Private Equity and Entrepreneurial Finance, volume 1 of the new series, Handbook of the Economics of Corporate Finance, provides comprehensive and accessible updates of central theoretical and empirical issues in corporate finance. The demand for these updates reflects the rapid evolution of corporate finance research, which has become a dominant field in financial economics. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. The dense roadmaps are intended to make the economics of corporate finance and governance accessible not only to doctoral students but also researchers not intimately familiar with this important field. Provides the authority and expertise of leading contributors from an international board of authors Presents the latest release in the Handbook of the Economics of Corporate Finance series Updated release includes the latest information on Private Equity and Entrepreneurial Finance
