메뉴 건너뛰기




Volumn 70, Issue 2, 1997, Pages 153-187

Compensation, turnover, and top management incentives: Historical evidence

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0039647002     PISSN: 00219398     EISSN: None     Source Type: Journal    
DOI: 10.1086/209714     Document Type: Article
Times cited : (72)

References (49)
  • 1
    • 84993918483 scopus 로고
    • Executive careers and compensation surrounding takeover bids
    • Agrawal, Anup, and Walkling, Ralph. 1994. Executive careers and compensation surrounding takeover bids. Journal of Finance 49 (July): 985-1014.
    • (1994) Journal of Finance , vol.49 , Issue.JULY , pp. 985-1014
    • Agrawal, A.1    Walkling, R.2
  • 4
    • 0001114148 scopus 로고
    • Nonmonetary effects of the financial crisis in the propagation of the great depression
    • Bernanke, Ben. 1983. Nonmonetary effects of the financial crisis in the propagation of the Great Depression. American Economic Review 73 (June): 257-76.
    • (1983) American Economic Review , vol.73 , Issue.JUNE , pp. 257-276
    • Bernanke, B.1
  • 5
    • 0001867618 scopus 로고
    • Financial factors in the great depression
    • Calomiris, Charles. 1993. Financial factors in the Great Depression. Journal of Economic Perspectives 7 (Spring): 61-85.
    • (1993) Journal of Economic Perspectives , vol.7 , Issue.SPRING , pp. 61-85
    • Calomiris, C.1
  • 6
    • 21844492888 scopus 로고
    • Internal finance and investment: Evidence from the undistributed profits tax of 1936-1937
    • Calomiris, Charles, and Hubbard, R. Glenn. 1995. Internal finance and investment: Evidence from the undistributed profits tax of 1936-1937. Journal of Business 68 (October): 443-82.
    • (1995) Journal of Business , vol.68 , Issue.OCTOBER , pp. 443-482
    • Calomiris, C.1    Hubbard, R.G.2
  • 8
    • 84993907308 scopus 로고
    • Free cash flow, shareholder value, and the undistributed profits tax of 1936 and 1937
    • Christie, William G., and Nanda, Vikram. 1994. Free cash flow, shareholder value, and the undistributed profits tax of 1936 and 1937. Journal of Finance 49 (December): 1727-54.
    • (1994) Journal of Finance , vol.49 , Issue.DECEMBER , pp. 1727-1754
    • Christie, W.G.1    Nanda, V.2
  • 9
    • 0000380080 scopus 로고
    • Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures
    • Comment, Robert, and Schwert, G. William. 1995. Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures. Journal of Financial Economics 39 (September): 3-44.
    • (1995) Journal of Financial Economics , vol.39 , Issue.SEPTEMBER , pp. 3-44
    • Comment, R.1    Schwert, G.W.2
  • 10
    • 46549097378 scopus 로고
    • Executive compensation, management turnover, and firm performance: An empirical investigation
    • Coughlan, Anne T., and Schmidt, Ronald M. 1985. Executive compensation, management turnover, and firm performance: An empirical investigation. Journal of Accounting and Economics 7 (April): 43-66.
    • (1985) Journal of Accounting and Economics , vol.7 , Issue.APRIL , pp. 43-66
    • Coughlan, A.T.1    Schmidt, R.M.2
  • 11
    • 84993897491 scopus 로고
    • Performance changes following top management dismissals
    • Denis, David J., and Denis, Diane K. 1995. Performance changes following top management dismissals. Journal of Finance 50 (September): 1029-57.
    • (1995) Journal of Finance , vol.50 , Issue.SEPTEMBER , pp. 1029-1057
    • Denis, D.J.1    Denis, D.K.2
  • 14
    • 84935633761 scopus 로고
    • Relative performance evaluation for chief executive officers
    • Gibbons, Robert, and Murphy, Kevin J. 1990. Relative performance evaluation for chief executive officers. Industrial and Labor Relations Review 43 (February): S30-S51.
    • (1990) Industrial and Labor Relations Review , vol.43 , Issue.FEBRUARY
    • Gibbons, R.1    Murphy, K.J.2
  • 15
    • 0039074377 scopus 로고
    • Mergers and acquisitions in the U.S. Economy: An aggregate and historical overview
    • A. J. Auerbach (ed.), Cambridge, Mass.: National Bureau of Economic Research
    • Golbe, Devra L., and White, Lawrence J. 1988. Mergers and acquisitions in the U.S. economy: An aggregate and historical overview. In A. J. Auerbach (ed.), Mergers and Acquisitions. Cambridge, Mass.: National Bureau of Economic Research.
    • (1988) Mergers and Acquisitions
    • Golbe, D.L.1    White, L.J.2
  • 16
    • 21344493913 scopus 로고
    • Catch a wave: The time series behavior of mergers
    • Golbe, Devra L., and White, Lawrence J. 1993. Catch a wave: The time series behavior of mergers. Review of Economics and Statistics 75 (August): 493-99.
    • (1993) Review of Economics and Statistics , vol.75 , Issue.AUGUST , pp. 493-499
    • Golbe, D.L.1    White, L.J.2
  • 17
    • 72549083800 scopus 로고
    • Ownership by management and control groups in the large corporation
    • Gordon, Robert A. 1938. Ownership by management and control groups in the large corporation. Quarterly Journal of Economics 52 (May): 367-79.
    • (1938) Quarterly Journal of Economics , vol.52 , Issue.MAY , pp. 367-379
    • Gordon, R.A.1
  • 18
    • 0039666377 scopus 로고
    • Ownership and compensation as incentives to corporate executives
    • Gordon, Robert A. 1940. Ownership and compensation as incentives to corporate executives. Quarterly Journal of Economics 54 (May): 455-66.
    • (1940) Quarterly Journal of Economics , vol.54 , Issue.MAY , pp. 455-466
    • Gordon, R.A.1
  • 20
    • 0642377001 scopus 로고
    • Subordination of American capital
    • Grundfest, Joseph. 1990. Subordination of American capital. Journal of Financial Economics 27 (September): 89-117.
    • (1990) Journal of Financial Economics , vol.27 , Issue.SEPTEMBER , pp. 89-117
    • Grundfest, J.1
  • 21
    • 84937304812 scopus 로고
    • Risk aversion, performance pay, and the principal-agent problem
    • Haubrich, Joseph G. 1994. Risk aversion, performance pay, and the principal-agent problem. Journal of Political Economy 102 (April): 258-76.
    • (1994) Journal of Political Economy , vol.102 , Issue.APRIL , pp. 258-276
    • Haubrich, J.G.1
  • 24
    • 0000265067 scopus 로고
    • CEO compensation and bank risk
    • Houston, Joel, and James, Christopher. 1995. CEO compensation and bank risk. Journal of Monetary Economics 36 (November): 405-32.
    • (1995) Journal of Monetary Economics , vol.36 , Issue.NOVEMBER , pp. 405-432
    • Houston, J.1    James, C.2
  • 25
    • 0000072575 scopus 로고
    • Executive pay and performance: Evidence from the U.S. banking industry
    • Hubbard, R. Glenn, and Palia, Darius. 1995. Executive pay and performance: Evidence from the U.S. banking industry. Journal of Financial Economics 39 (September): 105-30.
    • (1995) Journal of Financial Economics , vol.39 , Issue.SEPTEMBER , pp. 105-130
    • Hubbard, R.G.1    Palia, D.2
  • 26
    • 84914333449 scopus 로고
    • The economic effects of federal and state regulations of cash tender offers
    • Jarrell, Gregg, and Bradley, Michael. 1980. The economic effects of federal and state regulations of cash tender offers. Journal of Law and Economics 23 (October): 371-407.
    • (1980) Journal of Law and Economics , vol.23 , Issue.OCTOBER , pp. 371-407
    • Jarrell, G.1    Bradley, M.2
  • 27
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen, Michael C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48 (July): 831-80.
    • (1993) Journal of Finance , vol.48 , Issue.JULY , pp. 831-880
    • Jensen, M.C.1
  • 28
    • 84936016411 scopus 로고
    • Performance pay and top management incentives
    • Jensen, Michael C., and Murphy, Kevin J. 1990. Performance pay and top management incentives. Journal of Political Economy 98 (April): 225-64.
    • (1990) Journal of Political Economy , vol.98 , Issue.APRIL , pp. 225-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 30
    • 0030560548 scopus 로고    scopus 로고
    • Political constraints on executive compensation: Evidence from the electric utility industry
    • Joskow, Paul; Rose, Nancy; and Wolfram, Catherine. 1996. Political constraints on executive compensation: Evidence from the electric utility industry. Rand Journal of Economics 27 (Spring): 165-82.
    • (1996) Rand Journal of Economics , vol.27 , Issue.SPRING , pp. 165-182
    • Joskow, P.1    Rose, N.2    Wolfram, C.3
  • 31
    • 58149363437 scopus 로고
    • Firm performance, corporate governance, and top executive turnover in Japan
    • Kang, Jun-Koo, and Shivdasani, Anil. 1995. Firm performance, corporate governance, and top executive turnover in Japan. Journal of Financial Economics 38 (May): 29-58.
    • (1995) Journal of Financial Economics , vol.38 , Issue.MAY , pp. 29-58
    • Kang, J.-K.1    Shivdasani, A.2
  • 32
    • 84937314069 scopus 로고
    • Top executive rewards and firm performance: A comparison of Japan and the United States
    • Kaplan, Steven. 1994a. Top executive rewards and firm performance: A comparison of Japan and the United States. Journal of Political Economy 102 (June): 510-46.
    • (1994) Journal of Political Economy , vol.102 , Issue.JUNE , pp. 510-546
    • Kaplan, S.1
  • 33
    • 77958402161 scopus 로고
    • Top executive, turnover, and firm performance in Germany
    • Kaplan, Steven. 1994e. Top executive, turnover, and firm performance in Germany. Journal of Law, Economics, and Organization 10 (January): 142-59.
    • (1994) Journal of Law, Economics, and Organization , vol.10 , Issue.JANUARY , pp. 142-159
    • Kaplan, S.1
  • 34
    • 0000297803 scopus 로고
    • Mergers and the market for corporate control
    • Manne, Henry G. 1965. Mergers and the market for corporate control. Journal of Political Economy 73 (April): 110-20.
    • (1965) Journal of Political Economy , vol.73 , Issue.APRIL , pp. 110-120
    • Manne, H.G.1
  • 35
    • 84977707515 scopus 로고
    • Corporate performance, corporate takeovers, and management turnover
    • Martin, Kenneth J., and McConnell, John J. 1991. Corporate performance, corporate takeovers, and management turnover. Journal of Finance 46:671-87.
    • (1991) Journal of Finance , vol.46 , pp. 671-687
    • Martin, K.J.1    McConnell, J.J.2
  • 37
    • 0002789856 scopus 로고
    • Asymmetric information and financial crises: A historical perspective
    • R. Glenn Hubbard (ed.), Chicago: University of Chicago Press
    • Mishkin, Frederic S. 1991. Asymmetric information and financial crises: A historical perspective. In R. Glenn Hubbard (ed.), Financial Markets and Financial Crises. Chicago: University of Chicago Press.
    • (1991) Financial Markets and Financial Crises
    • Mishkin, F.S.1
  • 38
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck, Randall; Shleifer, Andrei; and Vishny, Robert. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20 (January): 293-316.
    • (1988) Journal of Financial Economics , vol.20 , Issue.JANUARY , pp. 293-316
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 41
    • 0000426208 scopus 로고
    • Proxy voting and the SEC
    • Pound, John. 1991. Proxy voting and the SEC. Journal of Financial Economics 29 (October): 241-85.
    • (1991) Journal of Financial Economics , vol.29 , Issue.OCTOBER , pp. 241-285
    • Pound, J.1
  • 42
    • 0002563407 scopus 로고
    • Political and legal restraints on ownership and control of public companies
    • Roe, Mark J. 1990. Political and legal restraints on ownership and control of public companies. Journal of Financial Economics 27 (September): 7-42.
    • (1990) Journal of Financial Economics , vol.27 , Issue.SEPTEMBER , pp. 7-42
    • Roe, M.J.1
  • 43
    • 0003768739 scopus 로고
    • Princeton, N.J.: Princeton University Press
    • Roe, Mark J. 1994. Strong Managers, Weak Owners. Princeton, N.J.: Princeton University Press.
    • (1994) Strong Managers, Weak Owners
    • Roe, M.J.1
  • 44
    • 0003736390 scopus 로고
    • Working Paper no. 3542. Cambridge, Mass.: National Bureau of Economic Research
    • Rosen, Sherwin. 1990. Contracts and the market for executives. Working Paper no. 3542. Cambridge, Mass.: National Bureau of Economic Research.
    • (1990) Contracts and the Market for Executives
    • Rosen, S.1
  • 45
    • 0001434698 scopus 로고
    • The literature of economics: The case of Berle and Means
    • Stigler, George, and Friedland, Claire. 1983. The literature of economics: The case of Berle and Means. Journal of Law and Economics 26 (June): 237-68.
    • (1983) Journal of Law and Economics , vol.26 , Issue.JUNE , pp. 237-268
    • Stigler, G.1    Friedland, C.2
  • 46
    • 33748797531 scopus 로고
    • Stock prices and top management changes
    • Warner, Jerold; Watts, Ross L.; and Wruck, Karen H. 1988. Stock prices and top management changes. Journal of Financial Economics 20 (January): 461-92.
    • (1988) Journal of Financial Economics , vol.20 , Issue.JANUARY , pp. 461-492
    • Warner, J.1    Watts, R.L.2    Wruck, K.H.3
  • 47
    • 33845790377 scopus 로고
    • Outside directors and CEO turnover
    • Weisbach, Michael S. 1988. Outside directors and CEO turnover. Journal of Financial Economics 20 (January): 431-60.
    • (1988) Journal of Financial Economics , vol.20 , Issue.JANUARY , pp. 431-460
    • Weisbach, M.S.1
  • 48
    • 0000095552 scopus 로고
    • A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity
    • White, Halbert. 1980. A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica 48 (May): 817-38.
    • (1980) Econometrica , vol.48 , Issue.MAY , pp. 817-838
    • White, H.1
  • 49
    • 0000060340 scopus 로고
    • Organization form, residual claimants, and corporate control
    • Williamson, Oliver E. 1983. Organization form, residual claimants, and corporate control. Journal of Law and Economics 26 (June): 351-66.
    • (1983) Journal of Law and Economics , vol.26 , Issue.JUNE , pp. 351-366
    • Williamson, O.E.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.