haku: @indexterm COMPETITION / yhteensä: 3278
viite: 220 / 3278
Tekijä: | Karuna, C. |
Otsikko: | Industry product market competition and managerial incentives |
Lehti: | Journal of Accounting & Economics
2007 : JUL, VOL. 43:2-3, p. 275-297 |
Asiasana: | executive remuneration managers incentives compensation corporate governance performance appraisal competition markets products industries |
Kieli: | eng |
Tiivistelmä: | It is suggested by recent studies that competition can reflect several dimensions: market size, product substitutability, and entry costs, given the level of industry concentration. Based on data from Compustat and CRSP from 1992 to 2003 with observations for over 7.500 firm-years arising from over 1.500 firms in 224 industries for more than 2.200 CEOs across all industrial sectors, and using the above determinants of competition, this study shows that: i. firms provide stronger incentives when industry competition is greater, ii. competition is multi-dimensional in its relation to incentives, and iii. industry characteristics play a major role in influencing incentives. |
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