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

[41] Firm performance and CEO turnover: the moderating role of CEO attributes
Chijoke-Mgbame, Aruoriwo Marian
Boateng, Agyenim
Mgbame, Chijoke Oscar
Yekini, Kemi C.
CORPORATE GOVERNANCE-THE INTERNATIONAL JOURNAL OF BUSINESS IN SOCIETY, 2023, 23 (07): : 1778 - 1801
[42] Determinants of Vietnamese Listed Firm Performance: Competition, Wage, CEO, Firm Size, Age, and International Trade
Thi-Hanh Vu
Van-Duy Nguyen
Manh-Tung Ho
Quan-Hoang Vuong
JOURNAL OF RISK AND FINANCIAL MANAGEMENT, 2019, 12 (02)
[43] CEO DIVORCE AND FIRM OPERATING PERFORMANCE
Kleindienst, Ingo
Abreha, Kaleb Girma
Schweizer, Denis
Proelss, Juliane
Cserpes, Tunde
ACADEMY OF MANAGEMENT DISCOVERIES, 2022, 8 (04): : 561 - 584
[44] CEO charisma, compensation, and firm performance
Tosi, HL
Misangyi, VF
Fanelli, A
Waldman, DA
Yammarino, FJ
LEADERSHIP QUARTERLY, 2004, 15 (03): : 405 - 420
[45] An investigation of CEO characteristics on firm performance
Shen, Yun
Wallace, Damien
Reddy, Krishna
Ramiah, Vikash
ACCOUNTING AND FINANCE, 2022, 62 (03): : 3563 - 3607
[46] CEO compensation structure and firm performance
Matolcsy, Zoltan
Wright, Anna
ACCOUNTING AND FINANCE, 2011, 51 (03): : 745 - 763
[47] CEO and Chairperson characteristics and firm performance
Peni E.
Journal of Management & Governance, 2014, 18 (1) : 185 - 205
[48] CEO dominance and firm innovation effort
Prugsamatz, Nicolette Chatelier
MANAGERIAL FINANCE, 2021, 47 (07) : 998 - 1015
[49] CEO COMPENSATION MONITORING AND FIRM PERFORMANCE
TOSI, HL
GOMEZMEJIA, LR
ACADEMY OF MANAGEMENT JOURNAL, 1994, 37 (04): : 1002 - 1016
[50] Former CEO advisors and firm performance
Ogoe, Satoshi
Suzuki, Katsushi
PACIFIC-BASIN FINANCE JOURNAL, 2023, 79

← 1 2 3 4 5 →