Manager remuneration, share buybacks, and firm performance

被引：12
|
作者：
Dawid, Herbert [1 ,2 ]
Harting, Philipp [1 ]
van der Hoog, Sander [1 ]
机构：
[1] Bielefeld Univ, Dept Business Adm & Econ, D-33615 Bielefeld, Germany
[2] Bielefeld Univ, Ctr Math Econ, D-33615 Bielefeld, Germany
来源：
INDUSTRIAL AND CORPORATE CHANGE | 2019年 / 28卷 / 03期
关键词：
HETEROGENEOUS AGENT MODELS; PERSISTENCE; REPURCHASES; INNOVATION;
D O I：
10.1093/icc/dty073
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a dynamic heterogeneous agent industry model, we examine the impact of manager remuneration schemes on firms' investment decisions and on the evolution of their competitiveness and share values. Whereas an increase in the share-based manager remuneration component is always beneficial to the manager, it is beneficial for shareholders only if such a change in the remuneration scheme is adopted by all firms in the industry. In that case, productivity growth is slowed down and workers' real wages are reduced.
引用
收藏
页码：681 / 706
页数：26
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