search query: @author Karuna, C. / total: 1
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| Author: | Karuna, C. |
| Title: | Industry product market competition and managerial incentives |
| Journal: | Journal of Accounting & Economics
2007 : JUL, VOL. 43:2-3, p. 275-297 |
| Index terms: | executive remuneration managers incentives compensation corporate governance performance appraisal competition markets products industries |
| Language: | eng |
| Abstract: | It is suggested by recent studies that competition can reflect several dimensions: market size, product substitutability, and entry costs, given the level of industry concentration. Based on data from Compustat and CRSP from 1992 to 2003 with observations for over 7.500 firm-years arising from over 1.500 firms in 224 industries for more than 2.200 CEOs across all industrial sectors, and using the above determinants of competition, this study shows that: i. firms provide stronger incentives when industry competition is greater, ii. competition is multi-dimensional in its relation to incentives, and iii. industry characteristics play a major role in influencing incentives. |
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