Religion, corporate governance, and executive compensation

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F18%3A10372211" target="_blank" >RIV/00216208:11230/18:10372211 - isvavai.cz</a>

Výsledek na webu

<a href="http://journal.fsv.cuni.cz/storage/1402_34-70_novak_final_issue_1_2018.pdf" target="_blank" >http://journal.fsv.cuni.cz/storage/1402_34-70_novak_final_issue_1_2018.pdf</a>

DOI - Digital Object Identifier

—

Jazyk výsledku

angličtina

Název v původním jazyce

Religion, corporate governance, and executive compensation

Popis výsledku v původním jazyce

We investigate how regional variation in religiosity and the prevalent religious denomination in a U.S. state where a company is headquartered are associated with the level and structure of executive compensation. We document a substantial compensation premium in executives working at firms headquartered in U.S. states with a high proportion of Catholics and conversely a discount in states with a high proportion of Protestants. We provide evidence suggesting that these findings are not caused by heterogeneous demand for executive&apos;s effort, managerial ability, or social skills. Our results are consistent with the &quot;Catholic premium&quot; and the &quot;Protestant discount&quot; being associated with the adherence to different social values that have implications for corporate governance quality and for managerial entrenchment. Our results highlight the importance of social values for economic activity and for contracting between economic agents.

Název v anglickém jazyce

Religion, corporate governance, and executive compensation

Popis výsledku anglicky

We investigate how regional variation in religiosity and the prevalent religious denomination in a U.S. state where a company is headquartered are associated with the level and structure of executive compensation. We document a substantial compensation premium in executives working at firms headquartered in U.S. states with a high proportion of Catholics and conversely a discount in states with a high proportion of Protestants. We provide evidence suggesting that these findings are not caused by heterogeneous demand for executive&apos;s effort, managerial ability, or social skills. Our results are consistent with the &quot;Catholic premium&quot; and the &quot;Protestant discount&quot; being associated with the adherence to different social values that have implications for corporate governance quality and for managerial entrenchment. Our results highlight the importance of social values for economic activity and for contracting between economic agents.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50201 - Economic Theory

Projekt

<a href="/cs/project/GA15-13040S" target="_blank" >GA15-13040S: Kvalita účetních údajů, ziskovost obchodování manažerů a informační obsah ceny akcií</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2018

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Finance a úvěr

ISSN

0015-1920

e-ISSN

—

Svazek periodika

68

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

37

Strana od-do

34-70

Kód UT WoS článku

000429611700003

EID výsledku v databázi Scopus

2-s2.0-85042004538