Sample executive stock option plans and corporate dividend policy
Please note that Internet Explorer version 8. Please refer to this blog post for more information. We find that measures of board and ownership structure explain a significant amount of cross-sectional variation in CEO compensation, after controlling for standard economic determinants of pay.
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Moreover, the signs of the coefficients on the board and ownership structure variables suggest that CEOs earn greater compensation when governance structures are less effective. We also find that the predicted component of compensation arising from these characteristics of board and ownership structure has a statistically significant negative relation with subsequent firm operating and stock return performance.
Overall, our results suggest that firms with weaker governance structures have greater agency problems; that CEOs at firms with greater agency problems receive greater compensation; and that firms with greater agency problems perform worse.
We appreciate the able research assistance of Dan Nunn. We acknowledge the helpful comments of Abbie Smith the refereeKevin Murphy, and workshop participants at Sample executive stock option plans and corporate dividend policy University, the University of California — Los Angeles, the University of Colorado — Boulder, Harvard University, Good volatile stocks for day trading Washington University, Massachusetts Institute of Technology, New York University, Stanford University, and Tempe University.
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Please enable JavaScript to use all the features on this page. Journal of Financial Economics Volume 51, Issue 3MarchPages Corporate governance, chief executive officer compensation, and firm performance 1.
Executive Stock Option Plans and Corporate Dividend Policy | Journal of Financial and Quantitative Analysis | Cambridge Core
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Abstract We find that measures of board and ownership structure explain a significant amount of cross-sectional variation in CEO compensation, after controlling for standard economic determinants of pay. Elsevier About ScienceDirect Remote access Shopping cart Contact and support Terms and conditions Privacy policy.
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