CEO reputation and stock-based compensation

被引：368

作者：

Milbourn, TT ^{[1
]}

机构：

[1] Washington Univ, John M Olin Sch Business, St Louis, MO 63130 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2003年 / 68卷 / 02期

关键词：

CEO compensation; reputation; stock-based pay;

D O I：

10.1016/S0304-405X(03)00066-7

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

I develop a theory of stock-based compensation contracts for the chief executive officers (CEOs) of firms and confront the theoretical predictions with recent CEO compensation data. The model characterizes the optimal contract for a CEO whose reputation evolves as signals of the executive's ability are observed by shareholders. Using various proxies for CEO reputation, I show a positive and economically meaningful relationship between stock-based pay-sensitivities and CEO reputation. The findings are robust to controls for CEO age, firm size, the dollar, variability of the stock returns, and industry effects. (C) 2003 Elsevier Science B.V. All rights reserved.

引用

页码：233 / 262

页数：30

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