Consequences of deviating from predicted CEO labor market compensation on long-term firm value

被引：20
|
作者：
Fong, Eric A. [1 ]
Xing, Xuejing [2 ]
Orman, Wafa Hakim [3 ]
Mackenzie, William I., Jr. [1 ]
机构：
[1] Univ Alabama, Coll Business Adm, Dept Management & Mkt, Huntsville, AL 35899 USA
[2] Univ Alabama, Coll Business Adm, Dept Accounting & Finance, Huntsville, AL 35899 USA
[3] Univ Alabama, Coll Business Adm, Dept Econ & Informat Syst, Huntsville, AL 35899 USA
来源：
JOURNAL OF BUSINESS RESEARCH | 2015年 / 68卷 / 02期
关键词：
CEO compensation; Firm value; Labor markets; Tobin's Q; MANAGERIAL REMUNERATION; EXECUTIVE PAY; PERFORMANCE; DIVERSIFICATION; PERSPECTIVE; GOVERNANCE; TOURNAMENT; OWNERSHIP; MATTER; COSTS;
D O I：
10.1016/j.jbusres.2014.07.004
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Building upon labor market theory, we investigate whether under- or over-investing in CEOs (i.e., strategically paying above or below a CEO's predicted labor market compensation rate) affects long-term firm value and whether there are diminishing returns to these investments. Our results indicate that investments in CEOs are positively related to long-term firm value and that the relationship diminishes, eventually becoming negative, as investments increase. (C) 2014 Elsevier Inc. All rights reserved.
引用
收藏
页码：299 / 305
页数：7
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