Pay me later: Inside debt and its role in managerial compensation

被引：291
|
作者：
Sundaram, Pangarajan K. [1 ]
Yermack, David L. [1 ]
机构：
[1] New York Univ, Stern Sch Business, Dept Finance, New York, NY 10011 USA
来源：
JOURNAL OF FINANCE | 2007年 / 62卷 / 04期
关键词：
D O I：
10.1111/j.1540-6261.2007.01251.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Though widely used in executive compensation, inside debt has been almost entirely overlooked by prior work. We initiate this research by studying CEO pension arrangements in 237 large capitalization firms. Among our findings are that CEO compensation exhibits a balance between debt and equity incentives; the balance shifts systematically away from equity and toward debt as CEOs grow older; annual increases in pension entitlements represent about 10% of overall CEO compensation, and about 13% for CEOs aged 61-65; CEOs with high debt incentives manage their firms conservatively; and pension compensation influences patterns of CEO turnover and cash compensation.
引用
收藏
页码：1551 / 1588
页数：38
相关论文
共 50 条
  • [1] Pay me now or pay me later
    Beichl, I
    Sullivan, F
    COMPUTING IN SCIENCE & ENGINEERING, 1999, 1 (04) : 59 - 62
  • [2] PAY ME NOW - OR PAY ME LATER
    SMITH, DA
    PENNSYLVANIA MEDICINE, 1982, 85 (12) : 8 - 8
  • [3] Pay me now or pay me later
    Consulting-Specifying Engineer, 1997, 22 (03):
  • [4] The Role of Non-Managerial Inside Debt in Firm Risk and the Cost of Debt
    Wang, Linyan
    Sui, Xiaoxu
    Feng, Yun
    Zhang, Huijuan
    Zhang, Bingda
    EMERGING MARKETS FINANCE AND TRADE, 2023, 59 (09) : 3076 - 3093
  • [5] Debt, managerial compensation and learning
    Jain, N
    EUROPEAN ECONOMIC REVIEW, 2006, 50 (02) : 377 - 399
  • [6] Pay me now or pay me more later
    McGregor, John D.
    JOURNAL OF OBJECT TECHNOLOGY, 2008, 7 (04): : 7 - 18
  • [7] LOSS ASSUMPTION - PAY ME NOW OR PAY ME LATER
    MCINTYRE, WS
    KAKACEK, K
    FINANCIAL EXECUTIVE, 1977, 45 (04): : 12 - 16
  • [8] Commentary: Pay Me Now and Pay Me Later Comment
    Beaver, Thomas M.
    Demos, Daniel
    Ejaz, Ahsan A.
    SEMINARS IN THORACIC AND CARDIOVASCULAR SURGERY, 2022, 34 (02) : 441 - 442
  • [9] Managerial compensation and the debt placement decision
    Albring, Susan M.
    Khurana, Inder K.
    Nejadmalayeri, Ali
    Pereira, Raynolde
    JOURNAL OF CORPORATE FINANCE, 2011, 17 (05) : 1445 - 1456
  • [10] Maintaining test chambers: Pay me now or pay me later
    Gibbons, Dave
    Test Engineering and Management, 2008, 70 (06): : 2 - 3
12345