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CEO pay cuts and forced turnover: Their causes and consequences

หน่วยงาน Nanyang Technological University, Singapore

รายละเอียด

ชื่อเรื่อง : CEO pay cuts and forced turnover: Their causes and consequences
นักวิจัย : Gao, Huasheng , Harford, Jarrad , Li, Kai
คำค้น : DRNTU::Business::Finance::Corporate finance
หน่วยงาน : Nanyang Technological University, Singapore
ผู้ร่วมงาน : -
ปีพิมพ์ : 2555
อ้างอิง : Gao, H., Harford, J., & Li, K. (2012). CEO pay cuts and forced turnover: Their causes and consequences. Journal of corporate finance, 18(2), 291-310. , 0929-1199 , http://hdl.handle.net/10220/18162 , http://dx.doi.org/10.1016/j.jcorpfin.2012.01.001
ที่มา : -
ความเชี่ยวชาญ : -
ความสัมพันธ์ : Journal of corporate finance
ขอบเขตของเนื้อหา : -
บทคัดย่อ/คำอธิบาย :

We study large discrete decreases in CEO pay and compare them to CEO forced turnover. The determinants are similar, as are the performance improvements after the action. After the pay cut, the CEO pay-for-performance sensitivity is abnormally high, such that the CEO can restore his pay level by reversing the poor performance. After either a pay cut or forced turnover, CEOs reduce investment and leverage, and improve performance, on average. Together, our results show that the possibility of these large compensation cuts provides ex ante incentives for CEOs to exert effort to avoid poor performance and that CEOs take actions to improve poor performance once pay is cut. The similarity of the causes and outcomes of large pay cuts compared to forced turnover suggests that large pay cuts are used as a substitute for forced turnover, helping to explain why forced turnover is rare.

บรรณานุกรม :
Gao, Huasheng , Harford, Jarrad , Li, Kai . (2555). CEO pay cuts and forced turnover: Their causes and consequences.
    กรุงเทพมหานคร : Nanyang Technological University, Singapore.
Gao, Huasheng , Harford, Jarrad , Li, Kai . 2555. "CEO pay cuts and forced turnover: Their causes and consequences".
    กรุงเทพมหานคร : Nanyang Technological University, Singapore.
Gao, Huasheng , Harford, Jarrad , Li, Kai . "CEO pay cuts and forced turnover: Their causes and consequences."
    กรุงเทพมหานคร : Nanyang Technological University, Singapore, 2555. Print.
Gao, Huasheng , Harford, Jarrad , Li, Kai . CEO pay cuts and forced turnover: Their causes and consequences. กรุงเทพมหานคร : Nanyang Technological University, Singapore; 2555.