| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10141 |
| DP10141 Say Pays! Shareholder Voice and Firm Performance | |
| Vicente Cunat; Maria Guadalupe; Mireia Gine | |
| 发表日期 | 2014-09-14 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper estimates the effects of Say-on-Pay (SoP); a policy that increases shareholder "voice" by providing shareholders with a regular vote on executive pay. We apply a regression discontinuity design to the votes on shareholder-sponsored SoP proposals. Adopting SoP leads to large increases in market value (4%) and to improvements in longterm performance: profitability and labor productivity increase, while overheads and investment fall. In contrast, we find limited effects on pay levels and structure. This suggests that SoP serves as a regular vote of confidence on the CEO, that leads to higher efficiency and market value. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Corporate governance Executive compensation Say-on-pay |
| URL | https://cepr.org/publications/dp10141 |
| 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/538974 |
| 推荐引用方式 GB/T 7714 | Vicente Cunat,Maria Guadalupe,Mireia Gine. DP10141 Say Pays! Shareholder Voice and Firm Performance. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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