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| Tekijä: | Khorana, A. Zenner, M. |
| Otsikko: | Executive compensation of large acquirors in the 1980s |
| Lehti: | Journal of Corporate Finance
1998 : SEP, VOL. 4:3, p. 209-240 |
| Asiasana: | EXECUTIVES PAY MERGERS COMPANIES |
| Kieli: | eng |
| Tiivistelmä: | To examine the role of executive compensation in decisions on corporate acquisition, executive compensation of firms undertaking large acquisitions to a control sample of non-acquirors is compared in the paper. Before the acquisitions, a positive relation is found btw. firm size and compensation for executives of acquirors. Such a relation is not found for non-acquirors. This result suggests an ex-ante expectation that larger firm size will result in larger managerial remuneration. Ex-post, however, large acquisitions have a small positive effect on total compensation. When good acquisitions are separated from bad ones, good acquisitions are found to increase compensation, whereas bad acquisitions do not have a positive effect on compensation. |
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