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Author:Fong, E.A.
Misangyi, V.F.
Tosi, H.L. Jr.
Title:The effect of CEO pay deviations on CEO withdrawal, firm size, and firm profits
Journal:Strategic Management Journal
2010 : JUN, VOL. 31:6, p. 629-651
Index terms:managers
executive remuneration
compensation
pay
turnover
power
company ownership
USA
Language:eng
Abstract:This paper explores how overcompensation or undercompensation affects subsequent voluntary executive (CEO) withdrawal, firm size, and firm profitability, taking into account the moderating effect of firm ownership structure. CEO underpayment is found to be related to changes in firm size and CEO withdrawal. The relationship btw. CEO underpayment and CEO withdrawal is found to be stronger in owner-controlled firms. It is also shown that when CEOs are overpaid, there is higher firm profitability. This relationship is weaker among manager-controlled firms.
SCIMA record nr: 269879
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