THE EFFECT OF CEO PAY DEVIATIONS ON CEO WITHDRAWAL, FIRM SIZE, AND FIRM PROFITS

被引：89

作者：

Fong, Eric A. ^{[1
]}

Misangyi, Vilmos F. ^{[2
]}

Tosi, Henry L., Jr. ^{[3
,4
]}

机构：

[1] Univ Alabama, Coll Business Adm, Dept Management & Mkt, Huntsville, AL 35899 USA

[2] Penn State Univ, Smeal Coll Business, Dept Management & Org, University Pk, PA 16802 USA

[3] Univ Florida, Dept Management, Warrington Coll Business Adm, Gainesville, FL USA

[4] Bocconi Univ, Sch Management, Strategy & Entrepreneurship Management Dept, Milan, Italy

来源：

STRATEGIC MANAGEMENT JOURNAL | 2010年 / 31卷 / 06期

关键词：

CEO compensation; CEO turnover; CEO power; equity; labor markets; overpayment; TOP MANAGEMENT; MANAGERIAL REMUNERATION; EQUITY THEORY; PERFORMANCE; COMPENSATION; OWNERSHIP; CONSEQUENCES; DETERMINANT; STRATEGY; GROWTH;

D O I：

10.1002/smj.827

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We build upon previous work on the effects of deviations in CEO pay from labor markets to assess how overcompensation or undercompensation affects subsequent voluntary CEO withdrawal, firm size, and firm profitability, taking into account the moderating effect of firm ownership structure. We find that CEO underpayment is related to changes in firm size and CEO withdrawal, and that the relationship between CEO underpayment and CEO withdrawal is stronger in owner-controlled firms. We also show that when CEOs are overpaid, there is higher firm profitability; a relationship that is weaker among manager-controlled firms. We then discuss the implications that these findings have for Mitre research. Copyright (C) 2010 John Wiley & Sons, Ltd.

引用

页码：629 / 651

页数：23

共 50 条

[1] CEO Pay and Firm Size: An Update After the Crisis
Gabaix, Xavier
Landier, Augustin
Sauvagnat, Julien
ECONOMIC JOURNAL, 2014, 124 (574): : F40 - F59
[2] CEO Ability, Pay, and Firm Performance
Chang, Yuk Ying
Dasgupta, Sudipto
Hilary, Gilles
MANAGEMENT SCIENCE, 2010, 56 (10) : 1633 - 1652
[3] CEO incentives and firm size
Baker, GP
Hall, BJ
JOURNAL OF LABOR ECONOMICS, 2004, 22 (04) : 767 - 798
[4] The effects of firm size and firm performance on CEO pay in Canada: A Re-Examination and Extension
Yang, Caroline
Singh, Parbudyal
Wang, Jing
CANADIAN JOURNAL OF ADMINISTRATIVE SCIENCES-REVUE CANADIENNE DES SCIENCES DE L ADMINISTRATION, 2020, 37 (03): : 225 - 242
[5] CEO pay, firm size, and corporate performance: evidence from Canada
Zhou, XM
CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE, 2000, 33 (01): : 213 - 251
[6] Compensation committees, CEO pay and firm performance
Kanapathippillai, Sutharson
Gul, Ferdinand
Mihret, Dessalegn
Muttakin, Mohammad Badrul
PACIFIC-BASIN FINANCE JOURNAL, 2019, 57
[7] Deviations from optimal CEO ownership and firm value
Tong, Zhenxu
JOURNAL OF BANKING & FINANCE, 2008, 32 (11) : 2462 - 2470
[8] Politically connected CEOs, firm performance, and CEO pay
Wu, Huiying
Li, Sihai
Ying, Sammy Xiaoyan
Chen, Xuan
JOURNAL OF BUSINESS RESEARCH, 2018, 91 : 169 - 180
[9] The impact of the CEO pay gap on firm competitive behavior
Gnyawali, Devi R.
Offstein, Evan H.
Lau, Rebecca S.
GROUP & ORGANIZATION MANAGEMENT, 2008, 33 (04) : 453 - 484
[10] A study of CEO power, pay structure, and firm performance
Tien, Chengli
Chen, Chien-Nan
Chuang, Cheng-Min
JOURNAL OF MANAGEMENT & ORGANIZATION, 2013, 19 (04) : 424 - 453

← 1 2 3 4 5 →