Does Say-on-Pay Matter? Evidence from Say-on-Pay Proposals in the United States

被引：26
|
作者：
Burns, Natasha [1 ]
Minnick, Kristina [1 ]
机构：
[1] Univ Texas San Antonio, San Antonio, TX USA
来源：
FINANCIAL REVIEW | 2013年 / 48卷 / 02期
关键词：
say-on-pay; executive compensation; corporate governance;
D O I：
10.1111/fire.12002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate the effect of say-on-pay (SOP) proposals on changes in executive and director compensation. Relative to non-SOP firms, SOP firms' total compensation to CEOs does not significantly change after the proposal. However, the mix of compensation does change-companies move away from using cash compensation toward more incentive compensation, offsetting the reduction in bonus. Further, the mix of compensation of non-CEO executives changes similarly to that of CEOs. Compensation to directors of SOP firms increases less than non-SOP firms. Firms whose CEOs are well compensated, especially with cash-based compensation, are most likely to receive a proposal.
引用
收藏
页码：233 / 258
页数：26
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