메뉴 건너뛰기




Volumn 2, Issue 1, 2004, Pages 86-103

CEO compensation and subsequent firm performance: An empirical investigation

Author keywords

CEO; Compensation; Stock option; Stockholder

Indexed keywords


EID: 31444439248     PISSN: 17279232     EISSN: 18103057     Source Type: Journal    
DOI: 10.22495/cocv2i1p7     Document Type: Article
Times cited : (5)

References (49)
  • 1
    • 84934453999 scopus 로고
    • Does Performance-Based Managerial Compensation Effect Corporate Performance
    • Special Issue
    • Abowd, J.M. 1990. Does Performance-Based Managerial Compensation Effect Corporate Performance. Industrial and Labor Relations Review 43 (Special Issue): 52S-73S.
    • (1990) Industrial and Labor Relations Review , vol.43
    • Abowd, J.M.1
  • 2
    • 0002241294 scopus 로고
    • Sensitivity, Precision, and Linear Aggregation of Signals for Performance Evaluation
    • Spring
    • Banker, R.D., and S.M. Datar. 1989. Sensitivity, Precision, and Linear Aggregation of Signals for Performance Evaluation. Journal of Accounting Research 27 (Spring): 21-39.
    • (1989) Journal of Accounting Research , vol.27 , pp. 21-39
    • Banker, R.D.1    Datar, S.M.2
  • 3
    • 0001202483 scopus 로고
    • Pay, Performance, and Turnover of Bank CEOs
    • Barro, J.R., and R.J. Barro. 1990. Pay, Performance, and Turnover of Bank CEOs. Journal of Labor Economics 8: 448-481.
    • (1990) Journal of Labor Economics , vol.8 , pp. 448-481
    • Barro, J.R.1    Barro, R.J.2
  • 4
    • 0001203520 scopus 로고
    • Stock-Based Incentive Compensation and Investment Behavior
    • January/April/July
    • Bizjak, J.M., J.A. Brickley, and J.L. Coles. 1993. Stock-Based Incentive Compensation and Investment Behavior. Journal of Accounting and Economics 16 (January/April/July): 349-372.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 349-372
    • Bizjak, J.M.1    Brickley, J.A.2    Coles, J.L.3
  • 5
    • 85015692260 scopus 로고
    • The Pricing of Options and Corporate Liabilities
    • May/June
    • Black, F. and M. Scholes. 1973. The Pricing of Options and Corporate Liabilities. Journal of Political Economy 81 (May/June): 637-654.
    • (1973) Journal of Political Economy , vol.81 , pp. 637-654
    • Black, F.1    Scholes, M.2
  • 6
    • 0001911942 scopus 로고
    • Accounting Income, Stock Price, and Managerial Compensation
    • January/April/July
    • Bushman, R.M., and R.J. Indjejikian. 1993. Accounting Income, Stock Price, and Managerial Compensation. Journal of Accounting and Economics 16 (January/April/July): 3-23.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 3-23
    • Bushman, R.M.1    Indjejikian, R.J.2
  • 7
    • 33751066905 scopus 로고
    • Aggregation of Test Statistics: An Evaluation of Evidence on Contracting and Size Hypotheses
    • Christie, A.A. 1990 Aggregation of Test Statistics: An Evaluation of Evidence on Contracting and Size Hypotheses. Journal of Accounting and Economics 12: 15-36.
    • (1990) Journal of Accounting and Economics , vol.12 , pp. 15-36
    • Christie, A.A.1
  • 8
    • 46549097378 scopus 로고
    • Executive Compensation, Management Turnover, and Firm Performance: An Empirical Investigation
    • April
    • Coughlan, A.T., and R.M. Schmidt. 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 , pp. 43-66
    • Coughlan, A.T.1    Schmidt, R.M.2
  • 9
    • 0001518157 scopus 로고
    • Optimal Managerial Contracts and Equilibrium Security Prices
    • May
    • Diamond, D.W., and R.E. Verrecchia. 1982. Optimal Managerial Contracts and Equilibrium Security Prices. The Journal of Finance 37 (May): 275-287.
    • (1982) The Journal of Finance , vol.37 , pp. 275-287
    • Diamond, D.W.1    Verrecchia, R.E.2
  • 10
    • 84935664352 scopus 로고
    • Determinants of Chief Executive Officer Compensation
    • January
    • Deckop, J.R. 1988. Determinants of Chief Executive Officer Compensation. Industrial and Labor Relations Review 41 (January): 215-226.
    • (1988) Industrial and Labor Relations Review , vol.41 , pp. 215-226
    • Deckop, J.R.1
  • 11
    • 0001896125 scopus 로고
    • Interindustry Differences in the Relation between Compensation and Firm Performance Variables
    • Ely, K.M. 1991. Interindustry Differences in the Relation between Compensation and Firm Performance Variables. Journal of Accounting Research 29: 37-58.
    • (1991) Journal of Accounting Research , vol.29 , pp. 37-58
    • Ely, K.M.1
  • 12
    • 0000806744 scopus 로고
    • Agency Problems and the Theory of the Firm
    • April
    • Fama, E.F. 1980. Agency Problems and the Theory of the Firm. Journal of Political Economy 88 (April): 288-307.
    • (1980) Journal of Political Economy , vol.88 , pp. 288-307
    • Fama, E.F.1
  • 13
  • 14
    • 84935633761 scopus 로고
    • Relative Performance Evaluation for Chief Executive Officers
    • Gibbons, R., and K.J. Murphy. 1990. Relative Performance Evaluation for Chief Executive Officers. Industrial and Labor Relations Review 43 (Special Issue): 30S-51S.
    • (1990) Industrial and Labor Relations Review , vol.43 , Issue.SUPPL.
    • Gibbons, R.1    Murphy, K.J.2
  • 15
    • 84897711429 scopus 로고
    • Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence
    • Gibbons, R., and K.J. Murphy. 1992. Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence. Journal of Political Economy 100: 468-505.
    • (1992) Journal of Political Economy , vol.100 , pp. 468-505
    • Gibbons, R.1    Murphy, K.J.2
  • 16
    • 0001327638 scopus 로고
    • CEO Tenure as a Determinant of CEO Pay
    • September
    • Hill, C.W.L., and P. Phan. 1991. CEO Tenure as a Determinant of CEO Pay. Academy of Management Journal 34 (September): 707-717.
    • (1991) Academy of Management Journal , vol.34 , pp. 707-717
    • Hill, C.W.L.1    Phan, P.2
  • 17
    • 0000139691 scopus 로고
    • Moral Hazard and Observability
    • Spring
    • Holmstrom, B. 1979. Moral Hazard and Observability. The Bell Journal of Economics 10 (Spring): 74-91.
    • (1979) The Bell Journal of Economics , vol.10 , pp. 74-91
    • Holmstrom, B.1
  • 19
    • 0000871877 scopus 로고
    • Aggregation and Linearity in the Provision of Intertemporal Activities
    • March
    • Holmstrom, B., and P. Milgrom. 1987. Aggregation and Linearity in the Provision of Intertemporal Activities. Econometrica 55 (March): 303-328.
    • (1987) Econometrica , vol.55 , pp. 303-328
    • Holmstrom, B.1    Milgrom, P.2
  • 21
    • 0038861065 scopus 로고
    • Stock, Options, and Deferred Compensation
    • Jackson, M., and E. Lazear. 1991. Stock, Options, and Deferred Compensation. Research in Labor Economics 12: 41-62.
    • (1991) Research in Labor Economics , vol.12 , pp. 41-62
    • Jackson, M.1    Lazear, E.2
  • 22
    • 0002748522 scopus 로고
    • An Empirical Investigation of Relative Performance Evaluation Hypothesis
    • Spring
    • Janakiraman, S.N., R.A. Lambert, and D.F. Larcker. 1992. An Empirical Investigation of Relative Performance Evaluation Hypothesis. Journal of Accounting Research 30 (Spring): 53-69.
    • (1992) Journal of Accounting Research , vol.30 , pp. 53-69
    • Janakiraman, S.N.1    Lambert, R.A.2    Larcker, D.F.3
  • 23
    • 44649197264 scopus 로고
    • Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
    • October
    • Jensen, M.C., and W.H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3 (October): 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 24
    • 84936016411 scopus 로고
    • Performance Pay and Top-Management Incentives
    • April
    • Jensen, M.C., and K.J. Murphy. 1990a. Performance Pay and Top-Management Incentives. Journal of Political Economy 98 (April): 25-264.
    • (1990) Journal of Political Economy , vol.98 , pp. 25-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 27
    • 0000338119 scopus 로고
    • Boards of Directors, Top Management Compensation, and Shareholder Returns
    • December
    • Kerr, J., and R.A. Bettis. 1987. Boards of Directors, Top Management Compensation, and Shareholder Returns. Academy of Management Journal 30 (December): 645-664.
    • (1987) Academy of Management Journal , vol.30 , pp. 645-664
    • Kerr, J.1    Bettis, R.A.2
  • 28
    • 38249006086 scopus 로고
    • Incentive Efficiency of Compensation Based on Accounting and Market Performance
    • January/April/July
    • Kim, O., and Y. Suh. 1993. Incentive Efficiency of Compensation Based on Accounting and Market Performance. Journal of Accounting and Economics 16 (January/April/July): 25-53.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 25-53
    • Kim, O.1    Suh, Y.2
  • 30
    • 0002539550 scopus 로고
    • Firm Size and Executive Compensation
    • Kostiuk, P.F. 1990. Firm Size and Executive Compensation. The Journal of Human Resources 25: 90-105.
    • (1990) The Journal of Human Resources , vol.25 , pp. 90-105
    • Kostiuk, P.F.1
  • 32
    • 0001849066 scopus 로고
    • An Analysis of the Use of Accounting and Market Measures of Performance in Executive Compensation Contracts
    • Lambert, R.A., and D.F. Larcker. 1987. An Analysis of the Use of Accounting and Market Measures of Performance in Executive Compensation Contracts. Journal of Accounting Research (Supplement): 85-125.
    • (1987) Journal of Accounting Research (Supplement) , pp. 85-125
    • Lambert, R.A.1    Larcker, D.F.2
  • 34
    • 0001340274 scopus 로고
    • The use of Accounting and Security Price Measures of Performance in Managerial Contracts
    • Lambert, R.A. 1993. The use of Accounting and Security Price Measures of Performance in Managerial Contracts. Journal of Accounting and Economics 16: 101-123.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 101-123
    • Lambert, R.A.1
  • 37
    • 84986745445 scopus 로고
    • Top Executive Pay and Performance
    • June
    • Main, B.G.M. 1991. Top Executive Pay and Performance. Managerial and Decision Economics 12 (June): 219-229.
    • (1991) Managerial and Decision Economics , vol.12 , pp. 219-229
    • Main, B.G.M.1
  • 38
    • 0000207706 scopus 로고
    • Executive Compensation Structure, Ownership, and Firm Performance
    • Mehran, H. 1995. Executive Compensation Structure, Ownership, and Firm Performance. Journal of Financial Economics 38: 163-184.
    • (1995) Journal of Financial Economics , vol.38 , pp. 163-184
    • Mehran, H.1
  • 39
    • 18144381361 scopus 로고
    • Executive Compensation and Firm Performance: Research Questions and Answers
    • F.K. Foulkes, ed: 81-97. Boston, MA. Harvard Business School Press
    • Milkovich, G.T., and B.R. Rabin. 1991. Executive Compensation and Firm Performance: Research Questions and Answers. Executive Compensation A Strategic Guide for the 1990s. F.K. Foulkes, ed: 81-97. Boston, MA. Harvard Business School Press.
    • (1991) Executive Compensation A Strategic Guide for the 1990s
    • Milkovich, G.T.1    Rabin, B.R.2
  • 40
    • 0041412312 scopus 로고
    • Corporate Performance and Managerial Remuneration: An Empirical Analysis
    • April
    • Murphy, K.J. 1985. Corporate Performance and Managerial Remuneration: An Empirical Analysis. Journal of Accounting and Economics 7 (April): 11-42.
    • (1985) Journal of Accounting and Economics , vol.7 , pp. 11-42
    • Murphy, K.J.1
  • 41
    • 0001833861 scopus 로고
    • Incentives, Learning, and Compensation: A Theoretical and Empirical Investigation of Managerial Labor Contracts
    • Spring
    • Murphy, K.J. 1986. Incentives, Learning, and Compensation: A Theoretical and Empirical Investigation of Managerial Labor Contracts. Rand Journal of Economics 17 (Spring): 59-76.
    • (1986) Rand Journal of Economics , vol.17 , pp. 59-76
    • Murphy, K.J.1
  • 42
    • 0000297121 scopus 로고
    • On the Efficiency of Stock-Based Compensation
    • Paul, J. 1992. On the Efficiency of Stock-Based Compensation. Review of Financial Studies 5: 471-502.
    • (1992) Review of Financial Studies , vol.5 , pp. 471-502
    • Paul, J.1
  • 44
    • 0026916527 scopus 로고
    • Capital Disadvantage: America's Failing Capital Investment System
    • Porter, M.E. 1992. Capital Disadvantage: America's Failing Capital Investment System. Harvard Business Review (September): 65-72.
    • (1992) Harvard Business Review (September) , pp. 65-72
    • Porter, M.E.1
  • 45
    • 0000045786 scopus 로고
    • Authority, Control, and the Distribution of Earnings
    • Autumn
    • Rosen, S. 1982. Authority, Control, and the Distribution of Earnings. The Bell Journal of Economics 13 (Autumn): 324-339.
    • (1982) The Bell Journal of Economics , vol.13 , pp. 324-339
    • Rosen, S.1
  • 46
    • 84977718051 scopus 로고
    • Stock and Compensation
    • July
    • Scholes, M. 1991. Stock and Compensation. The Journal of Finance 3 (July): 803-823.
    • (1991) The Journal of Finance , vol.3 , pp. 803-823
    • Scholes, M.1
  • 47
    • 0002857961 scopus 로고
    • Accounting Earnings and Top Executive Compensation
    • January/April/July
    • Sloan, R.G. 1993. Accounting Earnings and Top Executive Compensation. Journal of Accounting and Economics 16 (January/April/July): 55-100.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 55-100
    • Sloan, R.G.1
  • 48
    • 2342505938 scopus 로고
    • The Investment Opportunity Set and Corporate Financing, Dividends, and Compensation Policies
    • Smith, C.W., and R.L. Watts. 1992. The Investment Opportunity Set and Corporate Financing, Dividends, and Compensation Policies. Journal of Financial Economics 32: 263-292.
    • (1992) Journal of Financial Economics , vol.32 , pp. 263-292
    • Smith, C.W.1    Watts, R.L.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.