Executive pensions and the pay-performance relation-Evidence from changes to pension legislation in the UK

被引：1

作者：

Morris, Damon ^{[1
]}

Gregory-Smith, Ian ^{[1
]}

Main, Brian G. M. ^{[2
]}

Montagnoli, Alberto ^{[1
]}

Wright, Peter W. ^{[1
]}

机构：

[1] Univ Sheffield, Dept Econ, 9 Mappin St, Sheffield S1 4DT, S Yorkshire, England

[2] Univ Edinburgh, Edinburgh Univ Business Sch, 29 Buccleuch St, Edinburgh EH8 9JS, Midlothian, Scotland

来源：

OXFORD ECONOMIC PAPERS-NEW SERIES | 2021年 / 73卷 / 03期

关键词：

COMPENSATION; CEOS; DEBT; PAID;

D O I：

10.1093/oep/gpaa050

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article evaluates the role of executive pensions in the relationship between executive compensation and corporate performance. As a natural experiment, we exploit a major change to the tax-free allowances governing executive pensions. This reform affected the cost of pensions for firms whose executives had accumulated pension benefits in excess of the prescribed limit. We find a strong reaction to the reform. After 6 April 2006, many executives saw their defined benefit pension schemes replaced with risk-free cash payments. This imposition of an exogenous constraint on the contracting over CEO pay significantly decreased the relationship between executive pay and firm performance.

引用

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页码：1304 / 1323

页数：20

共 44 条

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