CEO Ability, Pay, and Firm Performance

被引：154

作者：

Chang, Yuk Ying ^{[1
]}

Dasgupta, Sudipto ^{[2
]}

Hilary, Gilles ^{[3
,4
]}

机构：

[1] Massey Univ, Sch Econ & Finance, Coll Business, Wellington 6021, New Zealand

[2] Hong Kong Univ Sci & Technol, Dept Finance, Kowloon, Hong Kong, Peoples R China

[3] Hong Kong Univ Sci & Technol, Dept Accounting, Kowloon, Hong Kong, Peoples R China

[4] HEC Paris, Dept Accounting, F-78350 Jouy En Josas, France

来源：

MANAGEMENT SCIENCE | 2010年 / 56卷 / 10期

关键词：

CEO ability; CEO pay; managerial labor market; firm performance; CORPORATE GOVERNANCE; MANAGEMENT TURNOVER; MARKET; INCENTIVES; SUCCESSION; RETURNS; PRICES;

D O I：

10.1287/mnsc.1100.1205

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Do chief executive officers (CEOs) really matter? Do cross-sectional differences in firm performance and CEO pay reflect differences in CEO ability? Examining CEO departures over 1992-2002, we first find that the stock price reaction upon departure is negatively related to the firm's prior performance and to the CEO's prior pay. Second, the CEO's subsequent labor market success is greater if the firm's predeparture performance is better, the prior pay is higher, and the stock market's reaction is more negative. Finally, better prior performance, higher prior pay, and a more negative stock market reaction are associated with worse postdeparture firm performance. Collectively, these results reject the view that differences in firm performance stem entirely from non-CEO factors such as the firms' assets, other employees, or "luck," and that CEO pay is unrelated to the CEO's contribution to firm value.

引用

页码：1633 / 1652

页数：20

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