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| Author: | Mehran, H. Nogler, G. E. Schwartz, K. B. |
| Title: | GEO incentive plans and corporate liquidation policy. |
| Journal: | Journal of Financial Economics
1998 : DEC, VOL. 50:3, p. 319-349 |
| Index terms: | Incentives Investment incentives Compensation Managing directors Chief Executive Officers Structural analysis Structural change |
| Language: | eng |
| Abstract: | To investigate Chief executive officers' incentives to liquidite their firms, the authors examine the effects of insider ownership and compensation in stock options on 30 voluntary liquidation decisions by industrial firms in the period 1975-1986. They find that liquidation decisions are influenced by CEO incentice plans and increase shareholder value. Firms with more outside board members, smaller market-to-book ratios, and attempts by outsiders to gain control are more likely to be liquidated. Although few top executives of liquidating firms subsequently take comparable jobs, at least 41 % of CEOs who downsize are made better of by liquidation. |
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