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| Author: | Kerr, J. Bettis, R. A. |
| Title: | Boards of directors, top management compensation, and shareholder returns |
| Journal: | Academy of Management Journal
1987 : DEC, VOL. 30:4, p.645-664 |
| Index terms: | EXECUTIVE REMUNERATION COMPENSATION TOP MANAGEMENT |
| Language: | eng |
| Abstract: | Empirical work on rewarding of executives by boards of directors has been inconclusive about the relationship between compensations and shareholder returns. Performance is defined in terms of annual returns adjusted for overall fluctuation in the stock market and time-event methodology is employed, a technique from financial economics, to measure these abnormal returns. The results presented strongly suggest that neither overall market movements nor variation in abnormal returns are associated with adjustments in compensation of top executives. Tentative explantations and implications for the role of boards of directors in evaluating and rewarding top managements are also discussed. |
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