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

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