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

共 50 条

[41] The Efficiency of Stock-Based Incentives: Experimental Evidence
Huddart, Steven
Yavas, Abdullah
[J]. JOURNAL OF BEHAVIORAL FINANCE, 2017, 18 (03) : 281 - 303
[42] CEO incentive compensation and stock liquidity
Feng, Hongrui
Yan, Shu
[J]. REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 2019, 53 (04) : 1069 - 1098
[43] The Effects of Stock-Based Incentives on Inventory Management
Wu, Qi
Lai, Guoming
[J]. MANAGEMENT SCIENCE, 2022, 68 (07) : 5068 - 5086
[44] The value-extracting CEO: How executive stock-based pay undermines investment in productive capabilities
Lazonick, William
[J]. STRUCTURAL CHANGE AND ECONOMIC DYNAMICS, 2019, 48 : 53 - 68
[45] Managers' stock-based compensation and disclosures of high proprietary cost information An investigation of US biotech firms
Enache, Luminita
Kim, Jae Bum
[J]. PACIFIC ACCOUNTING REVIEW, 2020, 32 (01) : 96 - 124
[46] Stock-based incentive model: Design and application
Chen, SD
Wang, S
Ma, QK
[J]. PROCEEDINGS OF THE 2004 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING, VOLS 1 AND 2, 2004, : 2719 - 2723
[47] Stock-based pay in new economy firms
Murphy, KJ
[J]. JOURNAL OF ACCOUNTING & ECONOMICS, 2003, 34 (1-3): : 129 - 147
[48] Growing stock-based assessment of the carbon stock in the Belgian forest biomass
Vande Walle, I
Van Camp, N
Perrin, D
Lemeur, R
Verheyen, K
Van Wesemael, B
Laitat, E
[J]. ANNALS OF FOREST SCIENCE, 2005, 62 (08) : 853 - 864
[49] CEO Stock-Based Pay, Home-Country Risk, and Foreign Firms' Capital Acquisition in the US Market
Carpenter, Mason A.
Indro, Daniel C.
Miller, Stewart R.
Richards, Malika
[J]. CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2010, 18 (06) : 496 - 510
[50] Dispersion of soybean stock-based nanofiber in a plastic matrix
Wang, Bei
Sain, Mohini
[J]. POLYMER INTERNATIONAL, 2007, 56 (04) : 538 - 546

← 1 2 3 4 5 →