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| Author: | Evans, J.D. Hefner, F. |
| Title: | Business ethics and the decision to adopt golden parachute contracts: Empirical evidence of concern for all stakeholders |
| Journal: | Journal of Business Ethics
2009 : VOL. 86:1, p. 65-79 |
| Index terms: | business ethics mergers chief executive officers tender offers stakeholders |
| Language: | eng |
| Abstract: | Golden parachutes provide senior management with substantial payouts following and acquisition while other stakeholders are subjected to layoffs, disrupted business relationships and other negative externalities. Golden parachutes are often viewed as a form of excessive compensation. The results of this study indicate that golden parachutes ensure effective corporate governance and this in turn preserve the firm's value for all stakeholders. Parachute agreements are made in order to protect recently hired CEOs' human capital during periods of financial uncertainty and potential takeover activity. Golden parachutes are valuable to all stakeholders bacause they encourage merger or acquisition in lieu of bankruptcy. |
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