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| Tekijä: | Fahlenbrach, R. |
| Otsikko: | Shareholder rights, boards, and CEO compensation |
| Lehti: | Review of finance
2009 : JAN, VOL 13:1 p. 81-113 |
| Asiasana: | executives corporate governance USA performance measurement shareholders |
| Kieli: | eng |
| Tiivistelmä: | The role of executive compensation in corporate governance is analyzed in this paper. The results from a broad cross-section of large public firms in USA are inconsistent with recent claims that entrenched managers plan their own compensation contracts. The interactions of the corporate governance mechanisms with total pay-for-performance and excess compensation can be explained by governance substitution. If a company has generally weaker governance, the compensation contract helps better align the interests of shareholders and the CEO. |
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