haku: @author Ortiz-Molina, H. / yhteensä: 4
viite: 4 / 4
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| Tekijä: | Ortiz-Molina, H. |
| Otsikko: | Executive compensation and capital structure: The effects of convertible debt and straight debt on CEO pay |
| Lehti: | Journal of Accounting & Economics
2007 : MAR, VOL. 43:1, p. 69-93 |
| Asiasana: | executive remuneration compensation pay corporate governance finance capital structure of companies |
| Vapaa asiasana: | agency problems |
| Kieli: | eng |
| Tiivistelmä: | This paper explores how CEO compensation is related to firms' capital structures. Addressed is the simultaneity of the decisions and distinguished btw. debt types with different theoretical implications for managerial incentives. Pay-performance sensitivity decreases in straight-debt leverage being, however, higher in firms with convertible debt ... etc. The hypothesis of firms trading off shareholder-manager incentive alignment to mitigate shareholder-bondholder conflicts of interest is strongly supported by the results. The hypothesis of debt reducing manager-shareholder conflicts can explain some but not all of the results. |
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