Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by Harvard University Press. This book was released on 2004 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.

Download or read book The Handbook of the Economics of Corporate Governance written by Benjamin Hermalin and published by Elsevier. This book was released on 2017-09-18 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. - Concentrates on underlying principles that change little, even as the empirical literature moves on - Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces - Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field's substantive findings, all of which help point the way forward

Download or read book Compensation Committee Handbook written by James F. Reda and published by John Wiley & Sons. This book was released on 2004-10-27 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Second Edition provides a comprehensive review of the issues facing compensation committees and covers functional issues such as organising, planning, and best practice tips. Compliance advice on the implications of Sarbanes-Oxley and other regulations is addressed along with new requirements on disclosures of financial transactions involving management and principal stockholders.

Download or read book The CEO Pay Machine written by Steven Clifford and published by Penguin. This book was released on 2017 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The pay gap between chief executive officers of major U.S. firms and their workers is higher than ever before--depending on the method of calculation, CEOs get paid between 300 and 700 times more than the average worker. Such outsized pay is a relatively recent phenomenon, but ... few detractors truly understand the numerous factors that have contributed to the dizzying upward spiral in CEO compensation. Steven Clifford, a former CEO who has also served on many corporate boards, has a name for these procedures and practices: 'The CEO Pay Machine.' [This book] is Clifford's ... explanation of the 'machine'--how it works, how its parts interact, and how every step pushes CEO pay to higher levels"--

Download or read book Fairness of CEO Compensation written by Mehtap Aldogan Eklund and published by Springer Nature. This book was released on 2019-12-05 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Executive compensation and its fairness to stakeholders are topics of heated debate on platforms ranging from news forums to financial markets. This book stimulates critical thinking on executive compensation and guides academics and practitioners on the key concepts by developing a multi-faceted and multi-cultural framework. It also presents the new ‘Fair CEO Compensation,’ which uses a scientifically developed and structured stakeholder-based approach to reach optimal and fair CEO compensation, without capping bonuses or variable pay by rules and regulations. Financial, non-financial, organizational, strategic, cultural, personal, and social aspects are all taken into account in the framework. In addition to implementation guidelines and real-world examples, the book presents a checklist for businesses to measure the fairness of their CEO compensation based on the suggested framework. Moreover, the author also provides a survey template to help businesses investigate their employees’ perception of the fairness of their CEO’s compensation.

Download or read book Corporate Governance written by Carol Padgett and published by Bloomsbury Publishing. This book was released on 2011-11-29 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent financial crises and instances of corporate malpractice have prompted many questions about how companies are run - and whether this tallies with how they should be run. This book systematically explores the factors that shape corporate governance, and discusses both those governance practices implemented by companies and those imposed by regulators. It also tries to determine how good corporate governance can help companies to create value for their shareholders. To illustrate that some practices are global while others are appropriate only in certain settings, case studies of individual companies from Europe, Asia, North and South America are discussed in each chapter. Corporate Governance: Theory and Practice is firmly grounded in academic literature and packed with empirical evidence from around the world, making it an ideal book for students of business, management, finance, accounting and law taking a one-term course in the subject. It offers considerable lecturer and student support, both in the text itself and on the accompanying website: www.palgrave.com/finance/padgett.

Download or read book Globalized Water written by Graciela Schneier-Madanes and published by Springer Science & Business. This book was released on 2014-05-01 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalized Water presents a compilation of voices that forms a unique scientific exploration of contemporary water management models and governance issues. The book describes the water paradox—how a local resource has become a global product—and the implications of this in how we identify challenges and make policy in the water sector. Over the last 20 years, the foundations of local and national water systems have been rocked by a wave of changes. The authors in this book, experts in a wide range of disciplines, address the resulting debates and issues: water as a commodity and patrimony, technological rent, liberalization and privatization, the continuing evolution of water management and policy at the European level, decision making and stakeholder participation, conflict and consensus, and the inevitable growth of counterpowers at the local and international levels, promoted by the advocates of sustainable development. The selected case studies are from Europe (primarily France but also Spain, Germany, the United Kingdom, and Portugal), Latin America (Argentina, Bolivia), the United States, Lebanon, and India. From this diverse collection of comparative perspectives and research methods, Globalized Water seeks to advance interdisciplinary research, contributing to a new and dynamic role for social sciences and governance on water.

Download or read book An Introduction to Executive Compensation written by Steven Balsam and published by Academic Press. This book was released on 2002 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: General readers have no idea why people should care about what executives are paid and why they are paid the way they are. That's the reason that The Wall Street Journal, Fortune, Forbes, and other popular and practitioner publications have regular coverage on them. This book not only proposes a reason - executives need incentives in order to maximize firm value (economists call this agency theory) - it also describes the nature and design of executive compensation practices. Those incentives can take the form of benefits (salary, stock options), or prerquisites (reflecting the status of the executive within the organizational culture.

Download or read book The Professional Standards of Executive Remuneration Consultants written by Calvin Jackson and published by Taylor & Francis. This book was released on 2023-05-01 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Love them or hate them, executive remuneration consultants are key players in remuneration committees’ pay determination processes. This book concerns the professional standards of executive remuneration consultants (and their ‘in-house’ counterparts; for example, Human Resources Director and Head of Reward) in providing remuneration committee advisory services. The author is a 25-year ‘veteran’ executive remuneration consultant, having worked around the world in this capacity (particularly in the financial services sector). This book is based on a qualitative empirical doctoral research exercise, involving 53 participants in the UK executive pay scene (including regulators, institutional shareholder bodies, proxy advisors, remuneration committees’ chairs/members, executive remuneration consultants and in-house executive reward specialists). The objective was to formulate conclusions that could be used to the benefit of UK practice and contribute to the relevant academic scholarship on executive remuneration consultants. The research covered 18 aspects, ranging from an examination of the independence of such consultants to whether there might be a specialised accreditation/qualification and/or licence to practise regime covering their services. It provides novel insights into this previously under-researched area of corporate governance/financial regulation. This book will be of interest to those involved in the UK executive remuneration scene, whether government, regulators or any of the other parties mentioned already (plus academics in universities and business schools). It is hoped too that overseas remuneration regimes that have respects in common with the UK’s will find this book useful.

Download or read book Deferred Compensation Risk and Company Value written by Chenyang Wei and published by DIANE Publishing. This book was released on 2010-10 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: There have been suggestions that companies pay top executives with deferred compensation (DC), a type of incentive known as inside debt. Recent SEC disclosure reforms greatly increased the transparency of DC. The authors investigate stockholder and bondholder reactions to companies¿ initial reports of their CEOs¿ inside debt positions in early 2007, when new disclosure rules took effect. They find that bond prices rise, equity prices fall, and the volatility of both securities drops upon disclosures by firms whose CEOs have sizable defined benefit pensions or DC. The results indicate a reduction in firm risk, a transfer of value from equity toward debt, and an overall destruction of enterprise value when a CEO¿s DC holdings are large. Charts and tables.

Download or read book Executive Compensation Empirical Essays on the Antecedents and the Consequences and the Role of Executive Personality written by Steffen Florian Burkert and published by BoD – Books on Demand. This book was released on 2023-03-10 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Top managers have a significant impact on organizations because they are responsible for the formulation and implementation of corporate strategies, have the visibility and influence to shape the opinions of internal and external stakeholders, and coin the culture of their organizations, affecting employees at every level of the organization. Research has focused on the drivers and consequences of top managers' actions, with a particular focus on executive compensation, but important questions remain unanswered. This dissertation contributes to the literature on top executives by examining the antecedents of executive compensation, the influence of executive compensation on executive behavior, and the interplay of executive compensation and top executive personality. The first study introduces the role of compensation benchmarking for determining executive compensation to the management literature. It finds that benchmarking leads to compensation convergence. The second study examines the impact of executive compensation complexity on firm performance. The results show that compensation complexity is negatively related to accounting-based, market-based, and ESG-based metric of firm performance. The third study explores the implications of relative performance evaluation (RPE) on the imitation behavior of firms. It finds that the introduction of RPE is positively related to the imitation of the strategic actions of peer firms. The fourth study contributes to the growing literature on the impact of corporate social performance (CSP) goals in CEO contracts. Specifically, it examines how and when CSP incentives influence the CEO's attention to corporate social responsibility topics. The final essay examines the role of CEO personality; it finds that differences in CEO personality explain differences in the level of strategic conformity. Taken together, the essays in this dissertation make a significant contribution to the scholarly discourse on the influence of top managers on their companies. The empirical evidence presented expands the current understanding of how top executives affect strategic firm behaviors, and it provides insights for policymakers, managers, and investors.

Download or read book A Primer on Corporate Governance written by Jean Chen and published by Business Expert Press. This book was released on 2015-06-30 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its opening up and economic reforms in 1979, China has undergone tremendous economic growth and social development, with a ten percent real gross domestic product growth per year on average through 2013. In spite of such an accomplishment, the current economic growth model in China, which is mainly triggered by the export-led policy and the huge government investment, has been challenged by potential external and internal risks, which do not support sustainable economic growth in the long run. In this book, the author comprehensively reviews the corporate governance practices in China, identifying the major problems within such practices. It is contended that these problems have been seen as the major challenges facing the Chinese economy, and further, that the current weakness of corporate governance practices in China can be ascribed, to a great extent, to the incompleteness and weakness of law enforcement.

Download or read book Social Stratification written by David B. Grusky and published by Routledge. This book was released on 2018-05-04 with total page 1152 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book covers the research on economic inequality, including the social construction of racial categories, the uneven and stalled gender revolution, and the role of new educational forms and institutions in generating both equality and inequality.

Download or read book CEO Pay and the Mortgage Crisis written by United States. Congress. House. Committee on Oversight and Government Reform and published by . This book was released on 2008 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The CEO Pay Machine written by Steven Clifford and published by Penguin. This book was released on 2017-05-09 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: The former top CEO examines the scandalous and corrupt reasons behind obscene pay packages for corporate executives—and explains how this hurts all of us--and how we can stop it. Today, the pay gap between chief executive officers of major U.S. firms and their workers is higher than ever before—depending on the method of calculation, CEOs get paid between 300 and 700 times more than the average worker. Such outsized pay is a relatively recent phenomenon, but despite all the outrage, few detractors truly understand the numerous factors that have contributed to the dizzying upward spiral in CEO compensation. Steven Clifford, a former CEO who has also served on many corporate boards, has a name for these procedures and practices— "The CEO Pay Machine." The CEO Pay Machine is Clifford's thorough and shocking explanation of the 'machine'--how it works, how its parts interact, and how every step pushes CEO pay to higher levels. As Clifford sees it, the payment structure for CEOs begins with shared delusions that reinforce one other: Once this groupthink is accepted as corporate dogma, it becomes infinitely harder to see any decision as potentially irrational or dysfunctional. Yet, as Clifford notes, the Pay Machine has caused immeasurable harm to companies, shareholders, economic growth, and democracy itself. He uses real-life examples of the top four CEOs named the highest paid in 2011 through 2014. Clifford examines how board directors and compensation committees have directly contributed to the rising salaries and bonuses of the country's richest executives; what's more, Clifford argues, each of those companies could have paid their CEOs 90 percent less and performed just as well. Witty and infuriating, The CEO Pay Machine is a thorough and incisive critique of an economic issue that affects all American workers.

Download or read book A Financial History of the United States written by Jerry W Markham and published by Routledge. This book was released on 2015-03-17 with total page 839 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new reference by the author of the critically acclaimed A Financial History of the United States covers the aftermath of the Enron-era scandals and the extraordinary financial developments during the period

Download or read book Giving Voice to Values in the Boardroom written by Cynthia E. Clark and published by Routledge. This book was released on 2020-12-30 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes the central issues facing board members today and applies the giving voice to values framework while also providing insights from practicing board members who have faced these issues. It covers such topics as strategic planning and monitoring, director independence, privacy and cyber risk, executive compensation and CEO succession planning. With this book, readers will also grapple with the conflicts of interest that might arise in the director selection process, role of the nominating committee and the compensation committee in order to cultivate more optimal board dynamics. The principles of giving voice to values start by asking a deceptively simple question: ‘What if you were going to act on your values—what would you say and do?’ The book then provides an overview of the current landscape of corporate governance along with the major rules and director duties applicable to the board of directors. The book’s latter chapters contain a series of five scenarios common to the board of directors that are presented as a set of “Board Challenges” involving the tensions often found in board work. In Giving Voice to Values in the Boardroom, the author, Cynthia E. Clark, provides practical strategies for board members and other constituents of corporate governance to deal with these challenges. These cases are designed to help users of the book implement prescripting and action planning. Each case will also have discussion questions about the stakes and stakeholders, common reasons and rationalizations and examples of how firms and governance professionals have handled similar board challenges.