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| Author: | Adut, D. Cready, W. H. Lopez, T. J. |
| Title: | Restructuring Charges and CEO Cash Compensation: A Reexamination |
| Journal: | Accounting Review
2003 : JAN, VOL. 78:1, p. 169-192 |
| Index terms: | EXECUTIVES COMPENSATION COMMITTEES |
| Language: | eng |
| Abstract: | The authors find that after controlling for the growth in annual inflation-adjusted CEO cash compensation, compensation committees only partially shield CEO compensation from the adverse effect of restructuring charges on earnings, on average. Then they identify factors associated with cross-sectional differences in the extent of shielding. Compensation committees appear to: (1) completely shield initial and subsequent restructuring charges for CEOs with long tenure, provided that the firm had not recorded a charge in the two immediately prior years; (2) provide no shielding of subsequent restructuring charges taken by short-tenured CEOs if the firm reported a prior restructuring charge within two years of the current charge; (3) and partially shield the other categories of restructuring charges. |
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