Download or read book Essays in Relative Performance Evaluation written by Ana Maria Baptista dos Santos Albuquerque and published by . This book was released on 2006 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Relative Performance Evaluation written by Sonja Pisarov and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Relative Performance Evaluation written by Viktoria Diser and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on the Design and Consequences of Relative Performance Evaluation Incentives in CEO Compensation Contracts written by Timothy Michael Keune and published by . This book was released on 2010 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on managerial incentives written by Konstantinos Tzioumis and published by . This book was released on 2005 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Executive Compensation written by Affan Hameed and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 Two Essays in Corporate Finance written by Emmanuel Alanis Hernandez and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, we answer two research question in corporate finance. In the first essay, "A New Benchmark: Relative Performance Evaluation with Total Returns", we revisit the question of relative performance evaluation (RPE) in executive compensation. While previous literature has commonly rejected the use of RPE when using equity returns as performance measure, we argue that the total return of the firm is a preferable metric in RPE regressions since the exogenous common shocks analyzed in extant theory occur at the asset level. Further, it is plausible that executives are concerned about the total value of the firm since shareholders bear most of the brunt of the agency cost of other stakeholders and executives can hold nontrivial amounts of debt-like instruments. We find strong evidence in support of RPE in the compensation of top executives. In addition, we cannot reject that the magnitude of RPE used in the average contract is optimal. Overall, this essay contributes to the ongoing debate about the efficiency of executive pay. In the second essay, "Shareholder Bargaining Power, Debt Overhang, and Investment", we analyze how shareholder bargaining power affects the underinvestment problem caused by debt overhang. Using a dynamic model of strategic bargaining between equity and debt holders following default, we relate firm-specific characteristics, such as the shareholder and bondholder ownership concentration, to debt overhang and investment. Consistent with our predictions, we find expected liquidation values and bondholder ownership concentration enhance the underinvestment effect of debt overhang, while shareholder ownership concentration mitigates it. Our results highlight how shareholder bargaining power in default can affect the underinvestment problem caused by debt overhang. The electronic version of this dissertation is accessible from http://hdl.handle.net/1969.1/155471

Download or read book The Use of Relative Performance Evaluation in Organizations written by Michael Maher and published by . This book was released on 1986 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Complex Compensation Empirical Essays on the Impact of Compensation Design on Firm Performance Turnover and Organizational Justice written by Tobias Oberpaul and published by BoD – Books on Demand. This book was released on 2024-01-19 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compensation contracts have become ever more complex and individualized, particularly in the executive compensation domain, where increasingly diverse stakeholder demands and governance requirements have led to the inclusion of more and increasingly interrelated components into compensation contracts. Even the compensation of lower-level employees has become complex as firms individualize employee compensation and use many different rewards simultaneously. Research has examined elements of compensation in isolation but has attempted to avoid the complexities of compensation. This dissertation examines the consequences of compensation complexity and compensation design dispersion and contributes to a better understanding of compensation and its consequences for firms and employees. The first study examines how the complexity of executive compensation contracts affects firm performance. It finds that CEO compensation complexity negatively affects accounting, market, and ESG (i.e., environmental, social, and governance) metrics of firm performance and explores mechanisms that help explain the relationships. The second study examines the effect of compensation design dispersion within top management teams and its impact on executive turnover. The results show that compensation design dispersion affects executive turnover, both directly and in interaction with relative pay level. The third study addresses the role of compensation design dispersion in the development of procedural justice perceptions. Using two experiments, this study shows that compensation design dispersion causes lower procedural justice perceptions, which appears to be less problematic for participants with relatively easier to understand contracts. In summary, this dissertation provides a nuanced overview of complex compensation design and compensation design dispersion. The findings contribute to a better understanding of the effectiveness of compensation as an incentive and sorting tool for organizations, and of the implications of compensation design for the functioning of teams.

Download or read book Essays on Performance Evaluation written by Korok Ray and published by . This book was released on 2004 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Accounting Theory in Honour of Joel S Demski written by Rick Antle and published by Springer Science & Business Media. This book was released on 2007-02-15 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: The integration of accounting and the economics of information developed by Joel S. Demski and those he inspired has revolutionized accounting thought. This volume collects papers on accounting theory in honor of Professor Demski. The book also contains an extensive review of Professor Demski’s own contributions to the theory of accounting over the past four decades.

Download or read book Relative performance evaluation UK empirical evidence written by Shifei Liu and published by . This book was released on 2003 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Scoring System for Relative Performance Evaluation written by Norman Carroll Mohn and published by . This book was released on 198? with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book What form of relative performance evaluation written by Marco Celentani and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on CEO Compensation written by Scott William O'Brien and published by . This book was released on 2016 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: The two essays of my dissertation examine issues concerning CEO compensation. First, I examine the use of relative performance evaluation (RPE), asymmetry in pay for skill/luck, and compensation benchmarking for a sample of firms involved in a spinoff. The spinoff affects firm characteristics that influence the use of these compensation practices. I find that RPE is used for post-spinoff CEOs, but not pre-spinoff CEOs. This result is consistent with RPE being more prevalent as performance benchmark firms are easier to identify. Post-spinoff CEOs are also paid asymmetrically for luck where they are rewarded for good luck but not punished for bad luck. Both pre- and post- spinoff CEOs receive similar levels of compensation benchmarking. Second, I study the role of reference points in CEO compensation. Using two samples, I identify multiple reference points and link the reference points to the behavioral phenomena of prospect theory and anchoring-and-adjusting. In a sample of CEOs who move from one company to another (mover sample), I estimate the CEOs' expected gain or loss in compensation as a result of the move, but do not find the effects of the expected gain or loss to be consistent with prospect theory preferences. Also in the mover sample, I find evidence of anchoring-and-adjusting where the compensation of the incoming CEO's predecessor (anchor) affects the compensation of the incoming CEO. Lastly, I find evidence that fiscal year high and low prices act as reference points where drops from the fiscal year high price to the fiscal year end price result in larger decreases in compensation than increases in compensation from the fiscal year low price to the fiscal year end price, consistent with prospect theory.

Download or read book A Behavioral Explanation of the Relative Performance Evaluation Puzzle written by Chaim Fershtman and published by . This book was released on 2002 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: