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| Tekijä: | Perry, T. Zenner, M. |
| Otsikko: | Pay for performance? Government regulation and the structure of compensation contracts |
| Lehti: | Journal of Financial Economics
2001 : DEC, VOL. 62:3, p. 453-488 |
| Asiasana: | CHIEF EXECUTIVE OFFICERS COMPENSATION CONTRACTS CORPORATE GOVERNANCE REGULATIONS |
| Kieli: | eng |
| Tiivistelmä: | In 1992-1993, the SEC required enhanced disclosure on executive compensation and Congress enacted tax legislation limiting the deductibility of non-performance related compensation over one million dollars, i.e. Internal Revenue Code Section 162(m). The authors examine the effects of these regulatory changes and report small and large sample evidence that many million-dollar firms have reduced salaries in response to 162(m) and that salary growth rates have declined post-1993 for the firms most likely to be affected by the regulations. |
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