Compensation practices in the lodging industry: Does top management pay affect corporate performance?

被引：16

作者：

Upneja, Arun ^{[1
]}

Ozdemir, Ozgur ^{[2
]}

机构：

[1] Boston Univ, Sch Hospitality Adm, Boston, MA 02215 USA

[2] Ozyegin Univ, Dept Hotel Management, Sch Appl Sci, TR-34794 Istanbul, Turkey

来源：

INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT | 2014年 / 38卷

关键词：

Firm performance; Compensation; CEO; CFO; Agency theory; FIRM PERFORMANCE; AGENCY THEORY; OWNERSHIP; PROFITS;

D O I：

10.1016/j.ijhm.2013.12.007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The current study examines the relationship between executive compensation and firm performance in the U.S. lodging industry. It is not clear-cut whether performance leads to compensation or compensation drives firm performance. Our contention is that cash and lagged equity-based compensation drive the firm performance. Our findings suggest that chief executive officer's (CEO) contemporaneous cash-compensation and one-year lagged equity-compensation positively affect the accounting performance measures return on assets and Tobin's Q; but neither compensation components affects the market-performance measure, stock returns, in the lodging industry. Quantitatively similar findings are found for the chief financial officer (CFO). Further robustness test show that further lags of equity compensation of both named executives do not result in increased stock performance in the lodging industry. (C) 2014 Elsevier Ltd. All rights reserved.

引用

页码：30 / 38

页数：9

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