메뉴 건너뛰기




Volumn 34, Issue 5-6, 2007, Pages 792-818

Executive remuneration and corporate divestment: Motivating managers to make unpalatable decisions

Author keywords

Divestment; Dynamic panel data; Executive remuneration

Indexed keywords


EID: 34547255193     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/j.1468-5957.2007.02008.x     Document Type: Article
Times cited : (15)

References (70)
  • 1
    • 38249013868 scopus 로고
    • The Effect of Corporate Divestments on Shareholder Wealth: The UK Experience
    • Afshar, K., R. Taffler and P. Sudarsanam (1992 The Effect of Corporate Divestments on Shareholder Wealth: The UK Experience Journal of Banking and Finance, Vol. 16, No. 1, pp. 115 36.
    • (1992) Journal of Banking and Finance , vol.16 , Issue.1 , pp. 115-36
    • Afshar, K.1    Taffler, R.2    Sudarsanam, P.3
  • 2
    • 3142699041 scopus 로고    scopus 로고
    • Shareholder Wealth Effects of Corporate Sell-offs: Impact of Growth Opportunities, Economic Cycle and Bargaining Power
    • Alexandrou, G. and S. Sudarsanam (2001 Shareholder Wealth Effects of Corporate Sell-offs: Impact of Growth Opportunities, Economic Cycle and Bargaining Power European Financial Management, Vol. 7, pp. 237 58.
    • (2001) European Financial Management , vol.7 , pp. 237-58
    • Alexandrou, G.1    Sudarsanam, S.2
  • 3
    • 84881844837 scopus 로고
    • Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations
    • Arellano, M. and S. Bond (1991 Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations Review of Economic Studies, Vol. 58, pp. 277 97.
    • (1991) Review of Economic Studies , vol.58 , pp. 277-97
    • Arellano, M.1    Bond, S.2
  • 6
    • 84989102145 scopus 로고
    • Size and Relatedness of Units Sold: An Agency Theory and Resource-Based Perspective
    • Bergh, D.D. (1995 Size and Relatedness of Units Sold: An Agency Theory and Resource-Based Perspective Strategic Management Journal, Vol. 16, pp. 221 39.
    • (1995) Strategic Management Journal , vol.16 , pp. 221-39
    • Bergh, D.D.1
  • 7
    • 0001539344 scopus 로고    scopus 로고
    • Predicting Divestiture of Unrelated Acquisitions: An Integrative Model of Ex Ante Conditions
    • Bergh, D.D. (1997 Predicting Divestiture of Unrelated Acquisitions: An Integrative Model of Ex Ante Conditions Strategic Management Journal, Vol. 18, No. 9, pp. 715 31.
    • (1997) Strategic Management Journal , vol.18 , Issue.9 , pp. 715-31
    • Bergh, D.D.1
  • 8
    • 0002261726 scopus 로고
    • Reversing Corporate Diversification
    • Bhide, A. (1990 Reversing Corporate Diversification Journal of Applied Corporate Finance, Vol. 3, No. 2, pp. 70 81.
    • (1990) Journal of Applied Corporate Finance , vol.3 , Issue.2 , pp. 70-81
    • Bhide, A.1
  • 10
    • 0141919247 scopus 로고
    • Report from the Committee on Financial Aspects of Corporate Governance. (London, Gee Publishing).
    • Cadbury, A. (1992 Codes of Best Practice Report from the Committee on Financial Aspects of Corporate Governance (London, Gee Publishing).
    • (1992) Codes of Best Practice
    • Cadbury, A.1
  • 11
    • 0002606622 scopus 로고
    • Corporate Strategy and Structure
    • Caves, R.E. (1980 Corporate Strategy and Structure Journal of Economic Literature, Vol. 18, pp. 64 92.
    • (1980) Journal of Economic Literature , vol.18 , pp. 64-92
    • Caves, R.E.1
  • 12
    • 33745468942 scopus 로고    scopus 로고
    • Employee Downsizing Strategies: Market Reaction and Post Announcement Financial Performance
    • Chalos, P. and C. Chen (2002 Employee Downsizing Strategies: Market Reaction and Post Announcement Financial Performance Journal of Business Finance & Accounting, Vol. 29, pp. 847 70.
    • (2002) Journal of Business Finance & Accounting , vol.29 , pp. 847-70
    • Chalos, P.1    Chen, C.2
  • 17
    • 84970242268 scopus 로고
    • Pay at the Top: A Study of Top Director Remuneration to Company Specific Shocks
    • Conyon, M. and P. Gregg (1994 Pay at the Top: A Study of Top Director Remuneration to Company Specific Shocks National Institute Economic Review, pp. 83 92.
    • (1994) National Institute Economic Review , pp. 83-92
    • Conyon, M.1    Gregg, P.2
  • 18
    • 84981653305 scopus 로고
    • Executive Compensation, Corporate Performance and Ownership Structure
    • Conyon, M. and D. Leech (1994 Executive Compensation, Corporate Performance and Ownership Structure Oxford Bulletin of Economics and Statistics, Vol. 56, pp. 229 47.
    • (1994) Oxford Bulletin of Economics and Statistics , vol.56 , pp. 229-47
    • Conyon, M.1    Leech, D.2
  • 19
    • 21244441102 scopus 로고    scopus 로고
    • The Prince and the Pauper? CEO Pay in the United States and United Kingdom
    • Conyon, M. and K. Murphy (2000 The Prince and the Pauper? CEO Pay in the United States and United Kingdom Economic Journal, Vol. 110, pp. F640 71.
    • (2000) Economic Journal , vol.110
    • Conyon, M.1    Murphy, K.2
  • 21
    • 0001897960 scopus 로고
    • The Remuneration of Chief Executives in the United Kingdom
    • Cosh, A. (1975 The Remuneration of Chief Executives in the United Kingdom Economic Journal, Vol. 85, pp. 75 94.
    • (1975) Economic Journal , vol.85 , pp. 75-94
    • Cosh, A.1
  • 23
    • 0037794506 scopus 로고    scopus 로고
    • Governance Through Ownership: Centuries of Practice, Decades of Research
    • Daily, C., D. Dalton and N. Rajagopalan (2003 Governance Through Ownership: Centuries of Practice, Decades of Research Academy of Management Journal, Vol. 46, pp. 151 58.
    • (2003) Academy of Management Journal , vol.46 , pp. 151-58
    • Daily, C.1    Dalton, D.2    Rajagopalan, N.3
  • 24
    • 0009953772 scopus 로고    scopus 로고
    • Global Diversification, Industrial Diversification and Firm Value
    • Denis, D.J., D.K. Denis and K. Yost (2002 Global Diversification, Industrial Diversification and Firm Value Journal of Finance, Vol. 57, pp. 1951 79.
    • (2002) Journal of Finance , vol.57 , pp. 1951-79
    • Denis, D.J.1    Denis, D.K.2    Yost, K.3
  • 26
    • 0000806744 scopus 로고
    • Agency Problems and the Theory of the Firm
    • Fama, E. (1980 Agency Problems and the Theory of the Firm Journal of Political Economy, Vol. 88, pp. 288 307.
    • (1980) Journal of Political Economy , vol.88 , pp. 288-307
    • Fama, E.1
  • 27
    • 34547365229 scopus 로고    scopus 로고
    • Corporate Restructurings: A Comparison of Equity Carve-outs and Spin-offs
    • Frank, K. and J.W. Harden (2001 Corporate Restructurings: A Comparison of Equity Carve-outs and Spin-offs Journal of Business Finance & Accounting, Vol. 28, pp. 503 29.
    • (2001) Journal of Business Finance & Accounting , vol.28 , pp. 503-29
    • Frank, K.1    Harden, J.W.2
  • 28
    • 3142748443 scopus 로고    scopus 로고
    • Do Asset Sales Lead to Improvements in Operating Performance
    • Gadad, A-M. and H.M. Thomas (2004 Do Asset Sales Lead to Improvements in Operating Performance Applied Economics, Vol. 36, pp. 865 71.
    • (2004) Applied Economics , vol.36 , pp. 865-71
    • Gadad, A.-M.1    Thomas, H.M.2
  • 30
    • 0004266096 scopus 로고
    • Report of a Study Group Chaired by Sir Richard Greenbury (. London, Gee Publishing).
    • Greenbury, R. (1995 Directors' Remuneration Report of a Study Group Chaired by Sir Richard Greenbury (London, Gee Publishing).
    • (1995) Directors' Remuneration
    • Greenbury, R.1
  • 31
    • 84984206131 scopus 로고
    • The Disappearing Relationship between Director's Pay and Corporate Performance
    • Gregg, P., S. Machin and S. Szymanski (1993 The Disappearing Relationship Between Director's Pay and Corporate Performance British Journal of Industrial Relations, Vol. 31, pp. 1 9.
    • (1993) British Journal of Industrial Relations , vol.31 , pp. 1-9
    • Gregg, P.1    MacHin, S.2    Szymanski, S.3
  • 32
    • 0036000510 scopus 로고    scopus 로고
    • The Impact of Divestment on Firm Performance: Empirical Evidence from a Panel of UK Companies
    • Haynes, M., S. Thompson and M. Wright (2002 The Impact of Divestment on Firm Performance: Empirical Evidence from a Panel of UK Companies Journal of Industrial Economics, Vol. 50, pp. 173 96.
    • (2002) Journal of Industrial Economics , vol.50 , pp. 173-96
    • Haynes, M.1    Thompson, S.2    Wright, M.3
  • 34
    • 0040994110 scopus 로고
    • Divestiture Uncertainty and Shareholder Wealth: Evidence from the USA
    • Hearth, D. and K. Zaima (1986 Divestiture Uncertainty and Shareholder Wealth: Evidence from the USA Journal of Business Finance & Accounting, Vol. 13, pp. 71 86.
    • (1986) Journal of Business Finance & Accounting , vol.13 , pp. 71-86
    • Hearth, D.1    Zaima, K.2
  • 35
    • 84944830975 scopus 로고
    • Discussion of the Timing and Substance of Divestiture Announcements
    • Hite, G.L. (1986 Discussion of the Timing and Substance of Divestiture Announcements Journal of Finance, Vol. 41, No. 3, pp. 696 97.
    • (1986) Journal of Finance , vol.41 , Issue.3 , pp. 696-97
    • Hite, G.L.1
  • 36
    • 84977732108 scopus 로고
    • Management Buy-outs of Divisions and Shareholder Wealth
    • Hite, G.L. and M. Vetsuypens (1989 Management Buy-outs of Divisions and Shareholder Wealth Journal of Finance, Vol. 44, No. 4, pp. 953 70.
    • (1989) Journal of Finance , vol.44 , Issue.4 , pp. 953-70
    • Hite, G.L.1    Vetsuypens, M.2
  • 37
    • 84989023359 scopus 로고
    • Corporate Restructuring and Strategic Change: The Effect on Diversification Strategy and R&D Intensity
    • Hoskisson, R. and R. Johnson (1992 Corporate Restructuring and Strategic Change: The Effect on Diversification Strategy and R&D Intensity Strategic Management Journal, Vol. 13, No. 8, pp. 625 34.
    • (1992) Strategic Management Journal , vol.13 , Issue.8 , pp. 625-34
    • Hoskisson, R.1    Johnson, R.2
  • 38
    • 21844505035 scopus 로고
    • Corporate Divestiture Intensity in Restructuring Firms: Effects of Governance, Strategy and Performance
    • Hoskisson, R., R. Johnson and D.D. Moesel (1994 Corporate Divestiture Intensity in Restructuring Firms: Effects of Governance, Strategy and Performance Academy of Management Journal, Vol. 37, No. 5, pp. 1207 51.
    • (1994) Academy of Management Journal , vol.37 , Issue.5 , pp. 1207-51
    • Hoskisson, R.1    Johnson, R.2    Moesel, D.D.3
  • 39
    • 0008505990 scopus 로고    scopus 로고
    • A Re-examination of the Conglomerate Merger Wave of the 1960s: An Internal Capital Market View
    • Hubbard, R. and D. Palia (1999 A Re-examination of the Conglomerate Merger Wave of the 1960s: An Internal Capital Market View Journal of Finance, Vol. 54, pp. 1131 52.
    • (1999) Journal of Finance , vol.54 , pp. 1131-52
    • Hubbard, R.1    Palia, D.2
  • 40
    • 0003305108 scopus 로고
    • Mergers and Economic Performance in the UK: A Survey of the Empirical Evidence 1950-1990
    • M. Bishop. and. J. Kay (. eds. Oxford University Press).
    • Hughes, A. (1993 Mergers and Economic Performance in the UK: A Survey of the Empirical Evidence 1950-1990 in M. Bishop and J. Kay (eds. European Mergers and Merger Policy (Oxford University Press).
    • (1993) European Mergers and Merger Policy
    • Hughes, A.1
  • 41
    • 0001066475 scopus 로고
    • Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
    • Jensen, M. (1986 Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers American Economic Review Papers and Proceedings, Vol. 76, No. 2, pp. 323 29.
    • (1986) American Economic Review Papers and Proceedings , vol.76 , Issue.2 , pp. 323-29
    • Jensen, M.1
  • 42
    • 84993848601 scopus 로고
    • The Modern Industrial Revolution: Exit and the Failure of Internal Control Mechanisms
    • Jensen, M. (1993 The Modern Industrial Revolution: Exit and the Failure of Internal Control Mechanisms Journal of Finance, Vol. 48, pp. 831 80.
    • (1993) Journal of Finance , vol.48 , pp. 831-80
    • Jensen, M.1
  • 43
    • 84936016411 scopus 로고
    • Performance Pay and Top Management Incentives
    • Jensen, M. and K. Murphy (1990 Performance Pay and Top Management Incentives Journal of Political Economy, Vol. 98, pp. 225 64.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-64
    • Jensen, M.1    Murphy, K.2
  • 44
    • 0010789921 scopus 로고
    • Asset Sales and Increase in Focus
    • John, K. and E. Ofek (1995 Asset Sales and Increase in Focus Journal of Financial Economics, Vol. 37, pp. 105 26.
    • (1995) Journal of Financial Economics , vol.37 , pp. 105-26
    • John, K.1    Ofek, E.2
  • 45
    • 34247857093 scopus 로고    scopus 로고
    • Agency Costs and Strategic Considerations behind Sell-offs
    • Kaiser, K. and A. Stouraitis (2001 Agency Costs and Strategic Considerations Behind Sell-offs European Financial Management, Vol. 7, pp. 319 49.
    • (2001) European Financial Management , vol.7 , pp. 319-49
    • Kaiser, K.1    Stouraitis, A.2
  • 46
  • 47
    • 0038867217 scopus 로고    scopus 로고
    • Financial Distress, Asset Sales and Lender Monitoring
    • Lasfer, M., S. Sudarsanam and R. Taffler (1996 Financial Distress, Asset Sales and Lender Monitoring Financial Management, Vol. 25, pp. 57 66.
    • (1996) Financial Management , vol.25 , pp. 57-66
    • Lasfer, M.1    Sudarsanam, S.2    Taffler, R.3
  • 48
    • 0040426296 scopus 로고    scopus 로고
    • International Evidence on the Value of Corporate Diversification
    • Lins, K. and H. Servaes (1999 International Evidence on the Value of Corporate Diversification Journal of Finance, Vol. 54, pp. 2215 39.
    • (1999) Journal of Finance , vol.54 , pp. 2215-39
    • Lins, K.1    Servaes, H.2
  • 49
    • 0001125429 scopus 로고    scopus 로고
    • Total Board Remuneration and Company Performance
    • Main, B., A. Bruce and T. Buck (1996 Total Board Remuneration and Company Performance Economic Journal, Vol. 106, pp. 1627 44.
    • (1996) Economic Journal , vol.106 , pp. 1627-44
    • Main, B.1    Bruce, A.2    Buck, T.3
  • 53
    • 0031517909 scopus 로고    scopus 로고
    • Executive Compensation and the Modern Industrial Revolution
    • Murphy, K.J. (1997 Executive Compensation and the Modern Industrial Revolution International Journal of Industrial Organization, Vol. 15, No. 4, pp. 417 26.
    • (1997) International Journal of Industrial Organization , vol.15 , Issue.4 , pp. 417-26
    • Murphy, K.J.1
  • 54
    • 77951519785 scopus 로고    scopus 로고
    • Executive Compensation
    • O.C. Ashenfelter. and. D. Card (. eds. (North
    • Murphy, K.J. (1999 Executive Compensation in O.C. Ashenfelter and D. Card (eds Handbook of Labor Economics, Vol. 3b (North-Holland). pp. 2485 563.
    • (1999) Handbook of Labor Economics , vol.3 , pp. 2485-563
    • Murphy, K.J.1
  • 55
    • 0000604269 scopus 로고
    • Biases in Dynamic Models with Fixed Effects
    • Nickell, S. (1981 Biases in Dynamic Models with Fixed Effects Econometrica, Vol. 49, pp. 1417 26.
    • (1981) Econometrica , vol.49 , pp. 1417-26
    • Nickell, S.1
  • 57
    • 0004951764 scopus 로고    scopus 로고
    • Governance by Exit: An Analysis of the Market for Corporate Control
    • K. Keasey, S. Thompson. and. M. Wright (. eds. New York: Oxford University Press
    • O'Sullivan, P. (1997 Governance by Exit: An Analysis of the Market for Corporate Control in K. Keasey, S. Thompson and M. Wright (eds Corporate Governance: Economic, Management and Financial Issues (New York : Oxford University Press pp. 122 47.
    • (1997) Corporate Governance: Economic, Management and Financial Issues , pp. 122-47
    • O'Sullivan, P.1
  • 58
    • 20044389774 scopus 로고    scopus 로고
    • What Role Taxes and Regulation? A Second Look at Share Buyback Activity in the UK
    • Oswald, D. and S. Young (2004 What Role Taxes and Regulation? A Second Look at Share Buyback Activity in the UK Journal of Business Finance & Accounting, Vol. 31, pp. 257 92.
    • (2004) Journal of Business Finance & Accounting , vol.31 , pp. 257-92
    • Oswald, D.1    Young, S.2
  • 59
    • 0003457920 scopus 로고    scopus 로고
    • The Cost of Diversity: The Diversification Discount and Inefficient Investment
    • Rajan, R., H. Servaes and L. Zingales (2000 The Cost of Diversity: The Diversification Discount and Inefficient Investment Journal of Finance, Vol. 55, pp. 35 80.
    • (2000) Journal of Finance , vol.55 , pp. 35-80
    • Rajan, R.1    Servaes, H.2    Zingales, L.3
  • 61
    • 0001816476 scopus 로고
    • Contracts and the Market for Executives
    • L. Werin. and. H. Wijkander (. eds. Blackwell, Oxford), pp.
    • Rosen, S. (1992 Contracts and the Market for Executives in L. Werin and H. Wijkander (eds Contract Economics (Blackwell, Oxford), pp. 181 211.
    • (1992) Contract Economics , pp. 181-211
    • Rosen, S.1
  • 62
    • 0000510262 scopus 로고
    • Additional Evidence on the Relation between Divestiture Announcements and Shareholder Wealth
    • Rosenfeld, J. (1984 Additional Evidence on the Relation Between Divestiture Announcements and Shareholder Wealth Journal of Finance, Vol. 39, pp. 1437 48.
    • (1984) Journal of Finance , vol.39 , pp. 1437-48
    • Rosenfeld, J.1
  • 64
    • 0000614324 scopus 로고
    • Corporate Governance: The Role of Restructuring Transactions
    • Thompson, S. and M. Wright (1995 Corporate Governance: The Role of Restructuring Transactions The Economic Journal, Vol. 105, pp. 690 703.
    • (1995) The Economic Journal , vol.105 , pp. 690-703
    • Thompson, S.1    Wright, M.2
  • 65
    • 0036065769 scopus 로고    scopus 로고
    • Corporate Governance, Strategy and Structure in British Business History, 1950-2000
    • Toms, S. and M. Wright (2002 Corporate Governance, Strategy and Structure in British Business History, 1950-2000 Business History, Vol. 44, pp. 91 124.
    • (2002) Business History , vol.44 , pp. 91-124
    • Toms, S.1    Wright, M.2
  • 66
    • 0001355948 scopus 로고    scopus 로고
    • How Much Does Performance Matter? A Meta-analysis of CEO Pay Studies
    • Tosi, H., S. Werner, J. Katz and L. Gomez-Mejia (2000 How Much Does Performance Matter? A Meta-analysis of CEO Pay Studies Journal of Management, Vol. 26, pp. 301 39.
    • (2000) Journal of Management , vol.26 , pp. 301-39
    • Tosi, H.1    Werner, S.2    Katz, J.3    Gomez-Mejia, L.4
  • 67
    • 27844492397 scopus 로고    scopus 로고
    • Incentive Effects, Monitoring Mechanisms and the Market for Corporate Control: An Analysis of the Factors Affecting Public to Private Transactions in the UK
    • Weir, C., D. Laing and M. Wright (2005 Incentive Effects, Monitoring Mechanisms and the Market for Corporate Control: An Analysis of the Factors Affecting Public to Private Transactions in the UK Journal of Business Finance & Accounting, Vol. 32, pp. 909 94.
    • (2005) Journal of Business Finance & Accounting , vol.32 , pp. 909-94
    • Weir, C.1    Laing, D.2    Wright, M.3
  • 69
    • 0040232727 scopus 로고
    • Divestment and the Control of Divisionalised Firms
    • Wright, M. and S. Thompson (1987 Divestment and the Control of Divisionalised Firms Accounting and Business Research, Vol. 17, pp. 259 68.
    • (1987) Accounting and Business Research , vol.17 , pp. 259-68
    • Wright, M.1    Thompson, S.2
  • 70
    • 0003342431 scopus 로고
    • The Market for Corporate Control: Divestments and Buy-outs
    • M. Bishop. and. J. Kay (. eds. Oxford: OUP).
    • Wright, M., B. Chiplin and S. Thompson (1993 The Market for Corporate Control: Divestments and Buy-outs in M. Bishop and J. Kay (eds European Mergers and Merger Policy (Oxford : OUP).
    • (1993) European Mergers and Merger Policy
    • Wright, M.1    Chiplin, B.2    Thompson, S.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.