COMPENSATION POLICY AND THE INVESTMENT OPPORTUNITY SET

被引：80
|
作者：
GAVER, JJ
GAVER, KM
机构：
来源：
FINANCIAL MANAGEMENT | 1995年 / 24卷 / 01期
关键词：
D O I：
10.2307/3665874
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We analyze the proportions of executive pay derived from salary, bonus, long-term incentive compensation, and stock-based compensation for a sample of 321 Fortune 1,000 firms in 1992. We find that firms with abundant investment opportunities pay higher levels of total compensation to their executives. Executives of growth firms receive a larger portion of their compensation from long-term incentive compensation (such as performance awards, restricted stock grants, and stock option grants), while those of non-growth firms receive a larger portion of their pay from fixed salary. An implication is that long-term incentive contracts reduce agency costs associated with manager-shareholder information asymmetries in growth firms.
引用
收藏
页码：19 / 32
页数：14
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