CEO Pay Slice as a measure of CEO dominance

被引：9

作者：

Zagonov, Maxim ^{[1
]}

Salganik-Shoshan, Galla ^{[2
]}

机构：

[1] Univ Toulouse, Toulouse Business Sch, 20 Blvd Lascrosses, F-31068 Toulouse, France

[2] Ben Gurion Univ Negev, Guilford Glazer Fac Business & Management, Dept Business Adm, Finance Div, POB 653, IL-84105 Beer Sheva, Israel

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2018年 / 45卷

关键词：

Corporate governance; Executive compensation; Entrenchment; Pay distribution; FIRM PERFORMANCE; POWERFUL CEOS;

D O I：

10.1016/j.ribaf.2017.07.092

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

CEO Pay Slice (CPS), a measure of CEO relative compensation introduced by Bebchuk, Cremers and Peyer [2011. Journal of Financial Economics 102, 199-221], is used widely in the literature as a proxy for chief executive officer dominance. Nonetheless, CPS does not control for the distribution of pay among the top executives and, as we show empirically, often misestimates the level of CEO power. As a result, its empirical application exposes researchers to the risk of drawing false conclusions. We propose a number of supplementary measures that could be used in conjunction with CPS to improve the measurement accuracy of CEO dominance.

引用

页码：571 / 576

页数：6

共 50 条

[1] The CEO pay slice
Bebchuk, Lucian A.
Cremers, K. J. Martijn
Peyer, Urs C.
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2011, 102 (01) : 199 - 221
[2] Determinants and value relevance of UK CEO pay slice
Al-Najjar, Basil
Ding, Rong
Hussainey, Khaled
[J]. INTERNATIONAL REVIEW OF APPLIED ECONOMICS, 2016, 30 (03) : 403 - 421
[3] CEO pay slice and acquisitions in Australia: the role of tournament incentives
Luong, Hoa
Gunasekarage, Abeyratna
Shams, Syed
[J]. INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2022, 18 (05) : 833 - 868
[4] Does CEO pay slice reflect poor corporate governance?
Lel, Ugur
Tepe, Mete
[J]. JOURNAL OF CORPORATE ACCOUNTING AND FINANCE, 2021, 32 (02): : 67 - 89
[5] CEO TENURE AS A DETERMINANT OF CEO PAY
HILL, CWL
PHAN, P
[J]. ACADEMY OF MANAGEMENT JOURNAL, 1991, 34 (03): : 707 - 717
[6] CEO power and the structure of CEO pay
Choe, Chongwoo
Tian, Gloria Y.
Yin, Xiangkang
[J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2014, 35 : 237 - 248
[7] CEO overconfidence, CEO dominance and corporate acquisitions
Brown, Rayna
Sarma, Neal
[J]. JOURNAL OF ECONOMICS AND BUSINESS, 2007, 59 (05) : 358 - 379
[8] The media and CEO dominance
Huang, Jiexiang
Roberts, Helen
Tan, Eric K. M.
[J]. INTERNATIONAL REVIEW OF FINANCE, 2022, 22 (01) : 5 - 35
[9] Restricting CEO pay
Dittmann, Ingolf
Maug, Ernst
Zhang, Dan
[J]. JOURNAL OF CORPORATE FINANCE, 2011, 17 (04) : 1200 - 1220
[10] The CEO pay slice: Managerial power or efficient contracting? Some indirect evidence
Bugeja, Martin
Matolcsy, Zoltan
Spiropoulos, Helen
[J]. JOURNAL OF CONTEMPORARY ACCOUNTING & ECONOMICS, 2017, 13 (01) : 69 - 87

← 1 2 3 4 5 →