Executive Compensation And Firm Performance
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Author | : Lucian A. Bebchuk |
Publisher | : Harvard University Press |
Total Pages | : 308 |
Release | : 2004 |
Genre | : Business & Economics |
ISBN | : 9780674020634 |
The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Author | : Paul L. Joskow |
Publisher | : |
Total Pages | : 56 |
Release | : 1994 |
Genre | : Chief executive officers |
ISBN | : |
This study explores the dynamic structure of the pay-for- performance relationship in CEO compensation and quantifies the effect of introducing a more complex model of firm financial performance on the estimated performance sensitivity of executive pay. The results suggest that current compensation responds to past performance outcomes, but that the effect decays considerably within two years. This contrasts sharply with models of infinitely persistent performance effects implicitly assumed in much of the empirical compensation literature. We find that both accounting and market performance measures influence compensation and that the salary and bonus component of pay as well as total compensation have become more sensitive to firm financial performance over the past two decades. There is no evidence that boards fail to penalize CEOs for poor financial performance or reward them disproportionately well for good performance. Finally, the data suggest that boards may discount extreme performance outcomes -both high and low - relative to performance that lies within some `normal' band in setting compensation.
Author | : Lucian Bebchuk |
Publisher | : Harvard University Press |
Total Pages | : 293 |
Release | : 2006-09-30 |
Genre | : Business & Economics |
ISBN | : 067426195X |
The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Author | : Revonna Graham-Mitchell |
Publisher | : |
Total Pages | : 488 |
Release | : 2002 |
Genre | : Executives |
ISBN | : |
Author | : George T. Milkovich |
Publisher | : |
Total Pages | : 58 |
Release | : 1989 |
Genre | : Corporations |
ISBN | : |
Author | : Richard F. Vancil |
Publisher | : Harvard Business Review Press |
Total Pages | : 352 |
Release | : 1987 |
Genre | : Business & Economics |
ISBN | : |
Author | : Mohammad Yameenul Abedin |
Publisher | : |
Total Pages | : |
Release | : 2015 |
Genre | : |
ISBN | : |
Author | : Frederick D. Lipman |
Publisher | : John Wiley & Sons |
Total Pages | : 336 |
Release | : 2008-06-27 |
Genre | : Business & Economics |
ISBN | : 9780470283035 |
Executive Compensation Best Practices demystifies the topic of executive compensation, with a hands-on guide providing comprehensive compensation guidance for all members of the board. Essential reading for board members, CEOs, and senior human resources leaders from companies of every size, this book is the most authoritative reference on executive compensation.
Author | : Robert Tempest Masson |
Publisher | : |
Total Pages | : 440 |
Release | : 1969 |
Genre | : |
ISBN | : |
Author | : Tory K. Hastings |
Publisher | : |
Total Pages | : 30 |
Release | : 2010 |
Genre | : Chief executive officers |
ISBN | : |