Form of Compensation and Managerial Decision Horizon
Author | : M. P. Narayanan |
Publisher | : |
Total Pages | : 52 |
Release | : 1996 |
Genre | : Chief executive officers |
ISBN | : |
Download Form Of Compensation And Managerial Decision Horizon full books in PDF, epub, and Kindle. Read online free Form Of Compensation And Managerial Decision Horizon ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author | : M. P. Narayanan |
Publisher | : |
Total Pages | : 52 |
Release | : 1996 |
Genre | : Chief executive officers |
ISBN | : |
Author | : Byunghoon Jin |
Publisher | : |
Total Pages | : 95 |
Release | : 2015 |
Genre | : |
ISBN | : |
Managers have shorter investment horizons than well-diversified shareholders for various reasons such as the threat of managerial turnover arising from takeovers, risk aversion, liquidity constraints, and the need to access capital markets. Such myopic managerial behaviors are affected by various factors including monetary incentives and internal/external monitoring by board of directors or active shareholders. In this dissertation, I first provide empirical evidence that myopic behaviors of managers are affected by their compensation structure. Using a sample of 23,107 firm-year observations from 1993-2014 for firms in the S&P 1500 index, I show that the asymmetric cost behavior called cost stickiness is 1) weaker when CEOs are compensated relatively more in the form of annual cash bonus, and 2) stronger when they receive relatively more long-term compensation. I also show that the magnitude of analysts' earnings forecast bias created by cost stickiness also decreases with CEO's short-term cash bonus and increases with long-term compensation. Next, I show how corporate governance affects managerial decision horizon directly and indirectly through executive compensation. Using a sample of 7,639 firm-year observations from 1999-2011 for firms in the S&P 1500 index, I show that board characteristics such as board independence and CEO-chairman separation induce more R&D investments not only directly but also indirectly by encouraging more use of long-term compensation and thus extending managerial decision horizon.
Author | : Mike Wright |
Publisher | : Oxford University Press, USA |
Total Pages | : 830 |
Release | : 2013-03-28 |
Genre | : Business & Economics |
ISBN | : 0199642001 |
Corporate governance remains a central area of concern to business and society, and this Handbook constitutes the definitive source of academic research on this topic, synthesizing international studies from economics, strategy, international business, organizational behavior, entrepreneurship, business ethics, accounting, finance, and law.
Author | : Joshua Ronen |
Publisher | : Springer Science & Business Media |
Total Pages | : 587 |
Release | : 2008 |
Genre | : Business & Economics |
ISBN | : 0387257691 |
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Author | : John S. Beasley |
Publisher | : Edward Elgar Publishing |
Total Pages | : 553 |
Release | : 2012-01-01 |
Genre | : Business & Economics |
ISBN | : 1781005109 |
Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay. The authors analyze the two dominant theoretical approaches – managerial power theory and optimal contracting theory – and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed. A timely study of a controversial topic, the Handbook will be an essential resource for students, scholars and practitioners of law, finance, business and accounting.
Author | : Cheng F. Lee |
Publisher | : World Scientific |
Total Pages | : 376 |
Release | : 2006 |
Genre | : Business & Economics |
ISBN | : 9812700218 |
An annual publication to disseminate developments in the quantitative analysis of finance and accounting. This publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management.
Author | : David Lowe |
Publisher | : John Wiley & Sons |
Total Pages | : 480 |
Release | : 2008-04-15 |
Genre | : Technology & Engineering |
ISBN | : 1405171898 |
This is the first book to establish a theoretical framework forcommercial management. It argues that managing the contractual andcommercial issues of projects – from project inception tocompletion – is vital in linking operations at the projectlevel and the multiple projects (portfolios/ programmes) level tothe corporate core of a company. The book focuses on commercial management within the context ofproject oriented organisations, for example: aerospace,construction, IT, pharmaceutical and telecommunications – inthe private and public sectors. By bringing together contributionsfrom leading researchers and practitioners in commercialmanagement, it presents the state-of-the-art in commercialmanagement covering both current research and best practice. Commercial Management of Projects: defining thediscipline covers the external milieu (competition,culture, procurement systems); the corporate milieu(corporate governance, strategy, marketing, trust, outsourcing);the projects milieu (management of uncertainty, conflictmanagement and dispute resolution, performance measurement, valuemanagement); and the project milieu (project governance,contract management, bidding, purchasing, logistics and supply,cost value reconciliation). Collectively the chapters constitute a step towards the creationof a body of knowledge and a research agenda for commercialmanagement.
Author | : Edwin J. Elton |
Publisher | : John Wiley & Sons |
Total Pages | : 748 |
Release | : 2009-11-16 |
Genre | : Business & Economics |
ISBN | : 0470388323 |
An update of a classic book in the field, Modern Portfolio Theory examines the characteristics and analysis of individual securities as well as the theory and practice of optimally combining securities into portfolios. It stresses the economic intuition behind the subject matter while presenting advanced concepts of investment analysis and portfolio management. Readers will also discover the strengths and weaknesses of modern portfolio theory as well as the latest breakthroughs.