메뉴 건너뛰기




Volumn 33, Issue 8, 2009, Pages 1507-1519

Compensation committee governance quality, chief executive officer stock option grants, and future firm performance

Author keywords

CEO compensation; Compensation committees; Stock option grants

Indexed keywords


EID: 67349166938     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2009.02.015     Document Type: Article
Times cited : (94)

References (81)
  • 1
    • 0002854219 scopus 로고    scopus 로고
    • CEO stock option awards and the timing of corporate voluntary disclosures
    • Aboody D., and Kasznik R. CEO stock option awards and the timing of corporate voluntary disclosures. Journal of Accounting and Economics 29 (2000) 73-100
    • (2000) Journal of Accounting and Economics , vol.29 , pp. 73-100
    • Aboody, D.1    Kasznik, R.2
  • 2
    • 84934453999 scopus 로고
    • Does performance-based managerial compensation affect corporate performance?
    • Abowd J. Does performance-based managerial compensation affect corporate performance?. Industrial and Labor Relations Review 43 3 (1990) 52-73
    • (1990) Industrial and Labor Relations Review , vol.43 , Issue.3 , pp. 52-73
    • Abowd, J.1
  • 4
    • 84971947837 scopus 로고
    • Large shareholders and the monitoring of managers: The case of antitakeover charter amendments
    • Agrawal A., and Mandelker G. Large shareholders and the monitoring of managers: The case of antitakeover charter amendments. Journal of Financial and Quantitative Analysis 25 2 (1990) 143-161
    • (1990) Journal of Financial and Quantitative Analysis , vol.25 , Issue.2 , pp. 143-161
    • Agrawal, A.1    Mandelker, G.2
  • 5
    • 56749107223 scopus 로고    scopus 로고
    • The role of bank monitoring in corporate governance: Evidence from borrowers' earnings management behaviour
    • Ahn S., and Choi W. The role of bank monitoring in corporate governance: Evidence from borrowers' earnings management behaviour. Journal of Banking and Finance 33 (2009) 425-434
    • (2009) Journal of Banking and Finance , vol.33 , pp. 425-434
    • Ahn, S.1    Choi, W.2
  • 6
    • 55149092762 scopus 로고    scopus 로고
    • Corporate governance in banking: The role of the board of directors
    • Andres P., and Vallelado E. Corporate governance in banking: The role of the board of directors. Journal of Banking and Finance 32 (2008) 2570-2580
    • (2008) Journal of Banking and Finance , vol.32 , pp. 2570-2580
    • Andres, P.1    Vallelado, E.2
  • 7
    • 0038353971 scopus 로고    scopus 로고
    • An empirical examination of the role of the CEO and the compensation committee in structuring executive pay
    • Anderson R., and Bizjak J. An empirical examination of the role of the CEO and the compensation committee in structuring executive pay. Journal of Banking and Finance 27 (2003) 1323-1348
    • (2003) Journal of Banking and Finance , vol.27 , pp. 1323-1348
    • Anderson, R.1    Bizjak, J.2
  • 8
    • 0347076594 scopus 로고    scopus 로고
    • The determinants of board structure at the initial public offering
    • Baker M., and Gompers P. The determinants of board structure at the initial public offering. Journal of Law and Economics 46 (2003) 569-598
    • (2003) Journal of Law and Economics , vol.46 , pp. 569-598
    • Baker, M.1    Gompers, P.2
  • 9
    • 84993839692 scopus 로고
    • The maturity structure of corporate debt
    • Barclay M., and Smith C. The maturity structure of corporate debt. Journal of Finance 50 (1995) 609-632
    • (1995) Journal of Finance , vol.50 , pp. 609-632
    • Barclay, M.1    Smith, C.2
  • 10
    • 84993924992 scopus 로고
    • The priority structure of corporate liabilities
    • Barclay M., and Smith C. The priority structure of corporate liabilities. Journal of Finance 50 (1995) 609-632
    • (1995) Journal of Finance , vol.50 , pp. 609-632
    • Barclay, M.1    Smith, C.2
  • 11
    • 84986860260 scopus 로고
    • The determinants of board composition: An agency theory perspective
    • Bathala C., and Rao R. The determinants of board composition: An agency theory perspective. Managerial and Decision Economics 16 (1995) 59-69
    • (1995) Managerial and Decision Economics , vol.16 , pp. 59-69
    • Bathala, C.1    Rao, R.2
  • 12
    • 0030305316 scopus 로고    scopus 로고
    • An empirical analysis of the relation between the board of director composition and financial statement fraud
    • Beasley M. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71 (1996) 443-465
    • (1996) The Accounting Review , vol.71 , pp. 443-465
    • Beasley, M.1
  • 15
    • 0036599832 scopus 로고    scopus 로고
    • Managerial power and rent extraction in the design of executive compensation
    • Bebchuk L., Fried J., and Walker D. Managerial power and rent extraction in the design of executive compensation. University of Chicago Law Review 69 (2002) 751-846
    • (2002) University of Chicago Law Review , vol.69 , pp. 751-846
    • Bebchuk, L.1    Fried, J.2    Walker, D.3
  • 16
    • 0003375133 scopus 로고
    • Law enforcement, malfeasance, and compensation of enforcers
    • Becker G., and Stigler J. Law enforcement, malfeasance, and compensation of enforcers. Journal of Legal Studies 3 (1974) 1-18
    • (1974) Journal of Legal Studies , vol.3 , pp. 1-18
    • Becker, G.1    Stigler, J.2
  • 17
    • 8744264917 scopus 로고    scopus 로고
    • The effect of audit committee expertise, independence, and activity on aggressive earnings management
    • Bedard J., Chtourou S., and Courteau L. The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A Journal of Practice and Theory 23 2 (2004) 13-35
    • (2004) Auditing: A Journal of Practice and Theory , vol.23 , Issue.2 , pp. 13-35
    • Bedard, J.1    Chtourou, S.2    Courteau, L.3
  • 18
    • 0000815591 scopus 로고
    • Ownership structure and voting on antitakeover amendments
    • Brickley J., Lease R., and Smith C. Ownership structure and voting on antitakeover amendments. Journal of Financial Economics 20 (1988) 267-291
    • (1988) Journal of Financial Economics , vol.20 , pp. 267-291
    • Brickley, J.1    Lease, R.2    Smith, C.3
  • 19
    • 41849091535 scopus 로고    scopus 로고
    • Executive option exercises and financial misreporting
    • Burns N., and Kedia S. Executive option exercises and financial misreporting. Journal of Banking and Finance 32 (2008) 845-857
    • (2008) Journal of Banking and Finance , vol.32 , pp. 845-857
    • Burns, N.1    Kedia, S.2
  • 20
    • 0742276632 scopus 로고    scopus 로고
    • Financial accounting information, organizational complexity and corporate governance systems
    • Bushman R., Chen Q., Engel E., and Smith A. Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics 37 (2004) 167-201
    • (2004) Journal of Accounting and Economics , vol.37 , pp. 167-201
    • Bushman, R.1    Chen, Q.2    Engel, E.3    Smith, A.4
  • 21
    • 0034348046 scopus 로고    scopus 로고
    • Audit committee composition and auditor reporting
    • Carcello J., and Neal T. Audit committee composition and auditor reporting. The Accounting Review 75 (2000) 453-467
    • (2000) The Accounting Review , vol.75 , pp. 453-467
    • Carcello, J.1    Neal, T.2
  • 22
    • 0037289529 scopus 로고    scopus 로고
    • Audit committee characteristics and auditor dismissals following "new" going concern reports
    • Carcello J., and Neal T. Audit committee characteristics and auditor dismissals following "new" going concern reports. The Accounting Review 78 (2003) 95-116
    • (2003) The Accounting Review , vol.78 , pp. 95-116
    • Carcello, J.1    Neal, T.2
  • 23
    • 18044404846 scopus 로고    scopus 로고
    • Executive stock option exercises and insider information
    • Carpenter J., and Remmers B. Executive stock option exercises and insider information. Journal of Business 74 (2001) 513-534
    • (2001) Journal of Business , vol.74 , pp. 513-534
    • Carpenter, J.1    Remmers, B.2
  • 25
    • 31344441538 scopus 로고    scopus 로고
    • CEO compensation, incentives, and governance in new enterprise firms
    • Conyon M., and He L. CEO compensation, incentives, and governance in new enterprise firms. Journal of Derivatives Accounting 1 (2004) 47-60
    • (2004) Journal of Derivatives Accounting , vol.1 , pp. 47-60
    • Conyon, M.1    He, L.2
  • 26
    • 0032220381 scopus 로고    scopus 로고
    • Board control, remuneration committees, and top management compensation
    • Conyon M., and Peck S. Board control, remuneration committees, and top management compensation. Academy of Management Journal 41 (1998) 146-157
    • (1998) Academy of Management Journal , vol.41 , pp. 146-157
    • Conyon, M.1    Peck, S.2
  • 27
    • 0001245231 scopus 로고    scopus 로고
    • The use of equity grants to manage optimal incentive levels
    • Core J., and Guay W. The use of equity grants to manage optimal incentive levels. Journal of Accounting and Economics 28 (1999) 151-184
    • (1999) Journal of Accounting and Economics , vol.28 , pp. 151-184
    • Core, J.1    Guay, W.2
  • 28
    • 0001650996 scopus 로고    scopus 로고
    • Corporate governance, chief executive officer compensation, and firm performance
    • Core J., Holthausen R., and Larcker D. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51 (1999) 371-406
    • (1999) Journal of Financial Economics , vol.51 , pp. 371-406
    • Core, J.1    Holthausen, R.2    Larcker, D.3
  • 29
    • 0032040080 scopus 로고    scopus 로고
    • Compensation committee composition as a determinant of CEO compensation
    • Daily C., Johnson J., Ellstrand A., and Dalton D. Compensation committee composition as a determinant of CEO compensation. Academy of Management Journal 41 2 (1998) 209-220
    • (1998) Academy of Management Journal , vol.41 , Issue.2 , pp. 209-220
    • Daily, C.1    Johnson, J.2    Ellstrand, A.3    Dalton, D.4
  • 30
    • 0002366336 scopus 로고
    • The association between executive stock option plan changes and managerial decision making
    • DeFusco R., Zorn T., and Johnson R. The association between executive stock option plan changes and managerial decision making. Financial Management 20 1 (1991) 36-43
    • (1991) Financial Management , vol.20 , Issue.1 , pp. 36-43
    • DeFusco, R.1    Zorn, T.2    Johnson, R.3
  • 31
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz H., and Lehn K. The structure of corporate ownership: Causes and consequences. Journal of Political Economy 96 (1985) 1155-1177
    • (1985) Journal of Political Economy , vol.96 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 32
    • 0001896533 scopus 로고    scopus 로고
    • Wearing two hats: The conflicting control and management roles of non-executive directors
    • Keasey K., Thompson S., and Wright M. (Eds), Oxford University Press, Chichester
    • Ezzamel M., and Watson R. Wearing two hats: The conflicting control and management roles of non-executive directors. In: Keasey K., Thompson S., and Wright M. (Eds). Corporate Governance: Economic and Financial Issues (1997), Oxford University Press, Chichester 61-92
    • (1997) Corporate Governance: Economic and Financial Issues , pp. 61-92
    • Ezzamel, M.1    Watson, R.2
  • 36
    • 0142219286 scopus 로고    scopus 로고
    • Too busy to mind the business? Monitoring by directors with multiple board appointments
    • Ferris P., Jagannathan M., and Pritchard A. Too busy to mind the business? Monitoring by directors with multiple board appointments. Journal of Finance 68 (2003) 1087-1111
    • (2003) Journal of Finance , vol.68 , pp. 1087-1111
    • Ferris, P.1    Jagannathan, M.2    Pritchard, A.3
  • 37
    • 33644891336 scopus 로고    scopus 로고
    • Are busy boards effective monitors?
    • Fich E., and Shivdasani A. Are busy boards effective monitors?. Journal of Finance 61 (2006) 689-724
    • (2006) Journal of Finance , vol.61 , pp. 689-724
    • Fich, E.1    Shivdasani, A.2
  • 39
    • 1642507410 scopus 로고    scopus 로고
    • Board of director monitoring and firm value in REITs
    • Friday H., and Sirmans G. Board of director monitoring and firm value in REITs. Journal of Real Estate Research 16 3 (1998) 411-427
    • (1998) Journal of Real Estate Research , vol.16 , Issue.3 , pp. 411-427
    • Friday, H.1    Sirmans, G.2
  • 40
    • 43949176471 scopus 로고
    • Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies
    • Gaver J., and Gaver K. Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics 16 (1993) 125-160
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 125-160
    • Gaver, J.1    Gaver, K.2
  • 46
  • 47
    • 0037219527 scopus 로고    scopus 로고
    • The structure and performance consequences of equity grants to employees of new economy firms
    • Ittner C., Lambert R., and Larker D. The structure and performance consequences of equity grants to employees of new economy firms. Journal of Accounting and Economics 34 (2003) 89-127
    • (2003) Journal of Accounting and Economics , vol.34 , pp. 89-127
    • Ittner, C.1    Lambert, R.2    Larker, D.3
  • 48
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen M. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48 (1993) 831-880
    • (1993) Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.1
  • 49
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen M., and Meckling W. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (1976) 305-360
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 50
    • 84936016411 scopus 로고
    • Performance pay and top-management incentives
    • Jensen M., and Murphy K. Performance pay and top-management incentives. Journal of Political Economy 98 (1990) 225-264
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.1    Murphy, K.2
  • 51
    • 84993908989 scopus 로고
    • Top-management compensation and capital structure
    • John T., and John K. Top-management compensation and capital structure. Journal of Finance 48 3 (1993) 949-974
    • (1993) Journal of Finance , vol.48 , Issue.3 , pp. 949-974
    • John, T.1    John, K.2
  • 53
    • 67349090993 scopus 로고    scopus 로고
    • Kieschnick, R., Moussawi, R., 2004. The board of directors: A bargaining perspective. Working Paper, University of Texas at Dallas.
    • Kieschnick, R., Moussawi, R., 2004. The board of directors: A bargaining perspective. Working Paper, University of Texas at Dallas.
  • 54
    • 0036331491 scopus 로고    scopus 로고
    • Audit committee, board of director characteristics, and earnings management
    • Klein A. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 33 (2002) 375-400
    • (2002) Journal of Accounting and Economics , vol.33 , pp. 375-400
    • Klein, A.1
  • 55
    • 0036013276 scopus 로고    scopus 로고
    • Economic determinants of audit committee independence
    • Klein A. Economic determinants of audit committee independence. The Accounting Review 77 (2002) 435-452
    • (2002) The Accounting Review , vol.77 , pp. 435-452
    • Klein, A.1
  • 56
    • 4043103360 scopus 로고    scopus 로고
    • Likely effects of stock exchange governance proposals and Sarbanes-Oxley on corporate boards and financial reporting
    • Klein A. Likely effects of stock exchange governance proposals and Sarbanes-Oxley on corporate boards and financial reporting. Accounting Horizons 17 (2003) 343-355
    • (2003) Accounting Horizons , vol.17 , pp. 343-355
    • Klein, A.1
  • 57
    • 0742286740 scopus 로고    scopus 로고
    • Discussion of "are executive stock options associated with future earnings?"
    • Larcker D. Discussion of "are executive stock options associated with future earnings?". Journal of Accounting and Economics 36 (2003) 91-103
    • (2003) Journal of Accounting and Economics , vol.36 , pp. 91-103
    • Larcker, D.1
  • 58
    • 34548289334 scopus 로고    scopus 로고
    • Corporate governance, accounting outcomes, and organizational performance
    • Larcker D., Richardson S., and Tuna A. Corporate governance, accounting outcomes, and organizational performance. The Accounting Review 82 (2007) 963-1008
    • (2007) The Accounting Review , vol.82 , pp. 963-1008
    • Larcker, D.1    Richardson, S.2    Tuna, A.3
  • 59
    • 84906626338 scopus 로고
    • Why is there mandatory retirement?
    • Lazear E. Why is there mandatory retirement?. Journal of Political Economy 87 (1979) 1261-1284
    • (1979) Journal of Political Economy , vol.87 , pp. 1261-1284
    • Lazear, E.1
  • 61
    • 33746882135 scopus 로고    scopus 로고
    • Asymmetric sensitivity of CEO cash compensation to stock returns
    • Leone A., Wu J., and Zimmerman J. Asymmetric sensitivity of CEO cash compensation to stock returns. Journal of Accounting and Economics 42 (2006) 167-192
    • (2006) Journal of Accounting and Economics , vol.42 , pp. 167-192
    • Leone, A.1    Wu, J.2    Zimmerman, J.3
  • 62
    • 0030079993 scopus 로고    scopus 로고
    • The capitalization, amortization, and value-relevance of R&D
    • Lev B., and Sougiannis T. The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics 21 (1996) 107-138
    • (1996) Journal of Accounting and Economics , vol.21 , pp. 107-138
    • Lev, B.1    Sougiannis, T.2
  • 63
    • 23944500526 scopus 로고    scopus 로고
    • Operating performance following open market share repurchase announcements
    • Lie E. Operating performance following open market share repurchase announcements. Journal of Accounting and Economics 39 (2005) 411-436
    • (2005) Journal of Accounting and Economics , vol.39 , pp. 411-436
    • Lie, E.1
  • 66
    • 0000377479 scopus 로고
    • Executive motivations, earnings and consequent equity performance
    • Masson R. Executive motivations, earnings and consequent equity performance. Journal of Political Economy 79 (1971) 1278-1292
    • (1971) Journal of Political Economy , vol.79 , pp. 1278-1292
    • Masson, R.1
  • 67
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck R., Shleifer A., and Vishny R. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20 (1988) 293-315
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 68
    • 56749150901 scopus 로고    scopus 로고
    • Does better corporate governance result in high valuations in emerging markets? Another examination using a new data set
    • Morey M., Gottesman A., Baker E., and Godridge B. Does better corporate governance result in high valuations in emerging markets? Another examination using a new data set. Journal of Banking and Finance 33 (2009) 254-262
    • (2009) Journal of Banking and Finance , vol.33 , pp. 254-262
    • Morey, M.1    Gottesman, A.2    Baker, E.3    Godridge, B.4
  • 69
    • 0033476716 scopus 로고    scopus 로고
    • Does composition of the compensation committee influence CEO compensation practices
    • Newman H., and Mozes H. Does composition of the compensation committee influence CEO compensation practices. Financial Management 28 (1999) 41-53
    • (1999) Financial Management , vol.28 , pp. 41-53
    • Newman, H.1    Mozes, H.2
  • 71
    • 33746837299 scopus 로고    scopus 로고
    • CEOs' outside employment opportunities and the lack of relative performance evaluation in compensation contracts
    • Rajgopal S., Shevlin T., and Zamora V. CEOs' outside employment opportunities and the lack of relative performance evaluation in compensation contracts. Journal of Finance 61 (2006) 1813-1844
    • (2006) Journal of Finance , vol.61 , pp. 1813-1844
    • Rajgopal, S.1    Shevlin, T.2    Zamora, V.3
  • 72
    • 0002061364 scopus 로고
    • Boards of directors and substitution effects of alternative governance mechanisms
    • Rediker K., and Seth A. Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal 16 (1995) 85-99
    • (1995) Strategic Management Journal , vol.16 , pp. 85-99
    • Rediker, K.1    Seth, A.2
  • 73
    • 0000488805 scopus 로고
    • The economic theory of agency: The principal's problem
    • Ross S. The economic theory of agency: The principal's problem. American Economic Review 63 (1973) 135-139
    • (1973) American Economic Review , vol.63 , pp. 135-139
    • Ross, S.1
  • 74
    • 0036339863 scopus 로고    scopus 로고
    • The interactions between R&D investment decisions and compensation policy
    • Ryan H., and Wiggins R. The interactions between R&D investment decisions and compensation policy. Financial Management 31 1 (2002) 5-29
    • (2002) Financial Management , vol.31 , Issue.1 , pp. 5-29
    • Ryan, H.1    Wiggins, R.2
  • 75
    • 0040531553 scopus 로고    scopus 로고
    • CEO involvement in the selection of new board members: An empirical analysis
    • Shivdasani A., and Yermack D. CEO involvement in the selection of new board members: An empirical analysis. Journal of Finance 54 (1999) 1829-1853
    • (1999) Journal of Finance , vol.54 , pp. 1829-1853
    • Shivdasani, A.1    Yermack, D.2
  • 76
    • 2342505938 scopus 로고
    • The investment opportunities set and corporate financing, dividend, and compensation policies
    • Smith C., and Watts R. The investment opportunities set and corporate financing, dividend, and compensation policies. Journal of Financial Economics 32 (1992) 263-292
    • (1992) Journal of Financial Economics , vol.32 , pp. 263-292
    • Smith, C.1    Watts, R.2
  • 77
    • 0003695837 scopus 로고
    • Oxford University Press, New York
    • Useem M. The Inner Circle (1984), Oxford University Press, New York
    • (1984) The Inner Circle
    • Useem, M.1
  • 78
    • 28344454248 scopus 로고    scopus 로고
    • Further evidence on compensation committee composition as a determinant of CEO compensation
    • Vafeas N. Further evidence on compensation committee composition as a determinant of CEO compensation. Financial Management 32 (2003) 53-70
    • (2003) Financial Management , vol.32 , pp. 53-70
    • Vafeas, N.1
  • 79
    • 29844448233 scopus 로고    scopus 로고
    • Length of board tenure and outside director independence
    • Vafeas N. Length of board tenure and outside director independence. Journal of Business Finance and Accounting 30 7-8 (2003) 1043-1064
    • (2003) Journal of Business Finance and Accounting , vol.30 , Issue.7-8 , pp. 1043-1064
    • Vafeas, N.1
  • 81
    • 0040238831 scopus 로고    scopus 로고
    • Good timing: CEO stock option awards and company news announcements
    • Yermack D. Good timing: CEO stock option awards and company news announcements. Journal of Finance 52 (1997) 449-477
    • (1997) Journal of Finance , vol.52 , pp. 449-477
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.