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|The CEO pay slice
|Journal of Financial Economics
2011 : OCT, VOL 102:1 p.199-221
|We investigate the association between the CEO Pay Slice (CPS), namely the aggregate compensation fraction of the top-five executive team, and the value, performance, and behavior of public companies. The CPS could reflect the relative significance of the CEO as well as the extent of the CEO being able to extracts rents. It is found that, controlling for all standard controls, CPS is negatively related with firm value when measured by industry-adjusted Tobin's q. It is also correlated with lower (industry-adjusted) accounting profitability, lower stock returns accompanying acquisitions the company announces and higher likelihood of a negative stock return brought with such announcements, higher likelihood of the CEO receiving a lucky option grant at the lowest price of the month, lower performance sensitivity of CEO turnover, and lower stock returns linking to the filing of proxy statements for periods of CPS increase. All in all, our results suggest that higher CPS is associated with agency problems and indicate CPS providing a useful tool for studying the performance and behavior of firms.
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