| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3239 |
| DP3239 On the Consequences of the US Withdrawal from the Kyoto/Bonn Protocol | |
| Carlo Carraro; Barbara Buchner; Igor Cersosimo | |
| 发表日期 | 2002-03-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This Paper examines the impact of mergers and acquisitions on the remuneration of the CEOs in a large unbalanced panel of UK firms, over the period 1981-96. We find significant and substantial executive pay increases in excess of those generated by the growth in firm size consequent upon the merger. This is consistent with the view that mergers reveal information about the quality of management that is useful to the firm?s remuneration committee. Executive pay is, however, nine times more sensitive to internal growth than to growth as a result of acquisition. Furthermore, there is some evidence that hostile transactions generate smaller pay effects than friendly deals, probably because they are followed, at some remove, by size-reducing divestments. When mergers are distinguished by their impact on shareholder wealth we find that CEOs engaging in ?bad? (ie wealth-reducing) acquisitions experience significantly lower remuneration than their counterparts whose deals meet with market approval. This result suggests that shareholder-principals have at least some success in penalising managers for unwarranted empire-building mergers. |
| 主题 | Industrial Organization |
| 关键词 | Mergers Acquisition Executive pay |
| URL | https://cepr.org/publications/dp3239 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532270 |
| 推荐引用方式 GB/T 7714 | Carlo Carraro,Barbara Buchner,Igor Cersosimo. DP3239 On the Consequences of the US Withdrawal from the Kyoto/Bonn Protocol. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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