A Comparative Sectoral Analysis of Managerial Compensation and Firm Performance

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F17%3A73945" target="_blank" >RIV/60460709:41110/17:73945 - isvavai.cz</a>

Výsledek na webu

<a href="http://dx.doi.org/10.1007/s11294-017-9648-6" target="_blank" >http://dx.doi.org/10.1007/s11294-017-9648-6</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1007/s11294-017-9648-6" target="_blank" >10.1007/s11294-017-9648-6</a>

Jazyk výsledku

angličtina

Název v původním jazyce

A Comparative Sectoral Analysis of Managerial Compensation and Firm Performance

Popis výsledku v původním jazyce

We examined the relation between Chief Executive Officers (CEO) compensation packages and firm performance, the effect of both the 2008 crisis and an introduction of the say-on-pay (SOP) vote in 2011 on CEO pay in the basic materials, consumer goods and services sectors. The relationship between realized pay and a variety of performance measures including ROE, EPS, operating margin, dividends, and annual capital gain on common stock, was not found. The values are largely concentrated around the mean and huge compensations are earned although the performance does not exceed the sector average. In all three sectors, both the median realized and grant-date compensations are the same in the period before 2008 as in the post-crisis period. Finally, the comparison of medians revealed an unexpected result regarding the stockholders approval of executive compensation. In all three sectors the median realized pay is even higher than before the SOP rule although it is statistically significant only in the con

Název v anglickém jazyce

A Comparative Sectoral Analysis of Managerial Compensation and Firm Performance

Popis výsledku anglicky

We examined the relation between Chief Executive Officers (CEO) compensation packages and firm performance, the effect of both the 2008 crisis and an introduction of the say-on-pay (SOP) vote in 2011 on CEO pay in the basic materials, consumer goods and services sectors. The relationship between realized pay and a variety of performance measures including ROE, EPS, operating margin, dividends, and annual capital gain on common stock, was not found. The values are largely concentrated around the mean and huge compensations are earned although the performance does not exceed the sector average. In all three sectors, both the median realized and grant-date compensations are the same in the period before 2008 as in the post-crisis period. Finally, the comparison of medians revealed an unexpected result regarding the stockholders approval of executive compensation. In all three sectors the median realized pay is even higher than before the SOP rule although it is statistically significant only in the con

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2017

Kód důvěrnosti údajů

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

Název periodika

International Advances in Economic Research

ISSN

1083-0898

e-ISSN

—

Svazek periodika

23

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

NL - Nizozemsko

Počet stran výsledku

2

Strana od-do

359-360

Kód UT WoS článku

000408738500012

EID výsledku v databázi Scopus

2-s2.0-85026820942