Say on pay laws, executive compensation, pay slice, and firm valuation around the world

被引：90

作者：

Correa, Ricardo ^{[1
]}

Lel, Ugur ^{[2
]}

机构：

[1] Fed Reserve Board, Constitut Ave NW & 20th St NW, Washington, DC USA

[2] Univ Georgia, Terry Coll Business, Dept Finance, 437 Brooks Hall, Athens, GA 30602 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2016年 / 122卷 / 03期

关键词：

Executive compensation; Say on pay laws; Regulations; CEO pay slice; Firm valuation; RANK-ORDER TOURNAMENTS; CORPORATE GOVERNANCE; POLITICAL-ECONOMY; BOARDS; PERFORMANCE; DIRECTORS; BUSY;

D O I：

10.1016/j.jfineco.2016.09.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a large sample of firms from 38 countries over the 2001-2012 period, this study finds evidence that, following the adoption of say on pay (SoP) laws, chief executive officer (CEO) pay growth rates decline and the sensitivity of CEO pay to firm performance improves. These changes are concentrated in firms with high excess pay and shareholder dissent, long CEO tenure, and less independent boards. Further, the portion of top management pay captured by CEOs is lower in the post-SoP period, which is associated with higher firm valuations. Overall, these results suggest that SoP laws are associated with significant changes in CEO pay policies. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：500 / 520

页数：21

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