CEO compensation structure and firm performance

被引：48
|
作者：
Matolcsy, Zoltan [1 ]
Wright, Anna [1 ]
机构：
[1] Univ Technol Sydney, Sch Accounting, Sydney, NSW 2007, Australia
来源：
ACCOUNTING AND FINANCE | 2011年 / 51卷 / 03期
关键词：
Cash versus equity compensation; Firm performance differences; INVESTMENT OPPORTUNITY SET; EXECUTIVE-COMPENSATION; EQUITY GRANTS; OWNERSHIP; INCENTIVES; DIVIDEND;
D O I：
10.1111/j.1467-629X.2010.00363.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The objectives of our study are to estimate a model of 'efficient' compensation structure based on firm characteristics and test the performance consequences of deviation from the efficient compensation structure. Our results are based on 3503 firm years for the period from 1999 to 2005. The results suggest that firms whose CEOs receive compensation inconsistent with their firm characteristics have a lower performance compared to those firms whose CEOs' compensation is consistent with their firms' characteristics. Our measure of performance is based on both accounting and market-based performance measures. Overall, our study provides some important new insights into the links between CEO compensation structure and firm performance.
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页码：745 / 763
页数：19
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