| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11886 |
| 来源ID | Working Paper 11886 |
| Firm Expansion and CEO Pay | |
| Lucian Bebchuk; Yaniv Grinstein | |
| 发表日期 | 2005-12-19 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We study the extent to which decisions to expand firm size are associated with increases in subsequent CEO compensation. Controlling for past stock performance, we find a positive correlation between CEO compensation and the CEO's past decisions to increase firm size. This correlation is economically meaningful; for example, other things being equal, CEOs who in the preceding three years were in the top quartile in terms of expanding by increasing the number of shares outstanding receive compensation that is higher by one-third than the compensation of CEOs belonging to the bottom quartile. We also find that stock returns are correlated with subsequent CEO pay only to the extent that they contribute to expanding firm size; only the component of past stock returns not distributed as dividends is correlated with subsequent CEO pay. Finally, we find an asymmetry between increases and decreases in size: while increases in firm size are followed by higher CEO pay, decreases in firm size are not followed by reduction in such pay. The association we find between CEOs' compensation and firm-expanding decisions undertaken earlier during their service could provide CEOs with incentives to expand firm size. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Corporate Finance ; Labor Economics ; Labor Compensation |
| URL | https://www.nber.org/papers/w11886 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569537 |
| 推荐引用方式 GB/T 7714 | Lucian Bebchuk,Yaniv Grinstein. Firm Expansion and CEO Pay. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11886.pdf（270KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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