메뉴 건너뛰기




Volumn 14, Issue 2-3, 2009, Pages 269-306

Explicit relative performance evaluation in performance-vested equity grants

Author keywords

Compensation; Corporate governance; Equity incentives; Relative performance

Indexed keywords


EID: 67349270562     PISSN: 13806653     EISSN: None     Source Type: Journal    
DOI: 10.1007/s11142-009-9085-8     Document Type: Conference Paper
Times cited : (65)

References (46)
  • 1
    • 0002247009 scopus 로고    scopus 로고
    • Executive compensation, strategic competition and relative performance evaluation: Theory and evidence
    • R Aggarwal A Samwick 1999 Executive compensation, strategic competition and relative performance evaluation: Theory and evidence The Journal of Finance LIV 1999 2043
    • (1999) The Journal of Finance , vol.54 , pp. 1999-2043
    • Aggarwal, R.1    Samwick, A.2
  • 2
    • 0002217405 scopus 로고
    • An empirical investigation of the relative performance evaluation of corporate executives
    • R Antle A Smith 1986 An empirical investigation of the relative performance evaluation of corporate executives Journal of Accounting Research 24 1 39
    • (1986) Journal of Accounting Research , vol.24 , pp. 1-39
    • Antle, R.1    Smith, A.2
  • 3
    • 33845804030 scopus 로고    scopus 로고
    • Association of British Insurers December 7, 2004
    • Association of British Insurers. (2004). Principles and guidelines on remuneration, December 7, 2004.
    • (2004) Principles and Guidelines on Remuneration
  • 4
    • 0000526194 scopus 로고
    • Economically optimal performance evaluation and control systems
    • S Baiman J Demski 1980 Economically optimal performance evaluation and control systems Journal of Accounting Research 18 184 220
    • (1980) Journal of Accounting Research , vol.18 , pp. 184-220
    • Baiman, S.1    Demski, J.2
  • 5
    • 33646852157 scopus 로고    scopus 로고
    • Analysis of corporate disclosures on relative performance evaluation
    • J Bannister H Newman 2003 Analysis of corporate disclosures on relative performance evaluation Accounting Horizons 17 235 246
    • (2003) Accounting Horizons , vol.17 , pp. 235-246
    • Bannister, J.1    Newman, H.2
  • 6
    • 0001202483 scopus 로고
    • Pay, performance, and turnover of bank CEOs
    • J Barro R 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.1    Barro, R.2
  • 7
    • 0002437989 scopus 로고    scopus 로고
    • Relative valuation roles of equity book value and net income as a function of financial health
    • PII S0165410198000172
    • M Barth W Beaver W Landsman 1998 Relative valuation roles of equity book value and net income as a function of financial health Journal of Accounting & Economics 25 1 34 (Pubitemid 128340646)
    • (1998) Journal of Accounting and Economics , vol.25 , Issue.1 , pp. 1-34
    • Barth, M.E.1    Beaver, W.H.2    Landsman, W.R.3
  • 9
    • 67349161234 scopus 로고    scopus 로고
    • Discussion of the pricing of relative performance based incentives for executive compensation
    • M Brennan 2001 Discussion of the pricing of relative performance based incentives for executive compensation Journal of Business Finance & Accounting 28 1189 1191
    • (2001) Journal of Business Finance & Accounting , vol.28 , pp. 1189-1191
    • Brennan, M.1
  • 10
    • 33748798202 scopus 로고    scopus 로고
    • Executive stock options: Early exercise provisions and risk-taking incentives
    • N Brisley 2006 Executive stock options: Early exercise provisions and risk-taking incentives Journal of Finance 61 5 2487 2509
    • (2006) Journal of Finance , vol.61 , Issue.5 , pp. 2487-2509
    • Brisley, N.1
  • 11
    • 0003148220 scopus 로고    scopus 로고
    • Discretion in financial reporting: The voluntary disclosure of compensation peer groups in proxy statement performance graphs
    • J Byrd M Johnson S Porter 1998 Discretion in financial reporting: The voluntary disclosure of compensation peer groups in proxy statement performance graphs Contemporary Accounting Research 15 25 52 (Pubitemid 128541779)
    • (1998) Contemporary Accounting Research , vol.15 , Issue.1 , pp. 25-52
    • Byrd, J.W.1    Johnson, M.F.2    Porter, S.L.3
  • 12
    • 56649084607 scopus 로고    scopus 로고
    • The pricing of relative performance based incentives for executive compensation
    • A Câmara 2001 The pricing of relative performance based incentives for executive compensation Journal of Business Finance and Accounting 28 1115 1139
    • (2001) Journal of Business Finance and Accounting , vol.28 , pp. 1115-1139
    • Câmara, A.1
  • 13
    • 67349103616 scopus 로고    scopus 로고
    • On target: Are performance conditions on executive options driven by fundamentals?
    • Choudhary, J., & Orszag, A. (2003). On target: Are performance conditions on executive options driven by fundamentals? Watson Wyatt Technical Paper 2003-PB02.
    • (2003) Watson Wyatt Technical Paper 2003-PB02
    • Choudhary, J.1    Orszag, A.2
  • 15
    • 21244441102 scopus 로고    scopus 로고
    • The prince and the pauper? CEO pay in the United States and United Kingdom
    • M Conyon K Murphy 2000 The prince and the pauper? CEO pay in the United States and United Kingdom The Economic Journal 110 F640 F671
    • (2000) The Economic Journal , vol.110
    • Conyon, M.1    Murphy, K.2
  • 16
    • 0142250323 scopus 로고    scopus 로고
    • Incentive Compensation When Executives Can Hedge the Market: Evidence of Relative Performance Evaluation in the Cross Section
    • DOI 10.1111/1540-6261.00577
    • G Garvey T Milbourn 2003 Incentive compensation when executives can hedge the market: Evidence of relative performance evaluation in the cross section The Journal of Finance LVIII 1557 1581 (Pubitemid 37311693)
    • (2003) Journal of Finance , vol.58 , Issue.4 , pp. 1557-1581
    • Garvey, G.1    Milbourn, T.2
  • 17
    • 56649092260 scopus 로고    scopus 로고
    • The structure of performance-vested stock option grants
    • R. Antle, P. Liang, & F. Gjesdahl (Eds.) Norwell, MA: Springer
    • Gerakos, J., Ittner, C., & Larcker, D. (2007). The structure of performance-vested stock option grants. In R. Antle, P. Liang, & F. Gjesdahl (Eds.), Essays on accounting theory in honour of Joel S. Demski. Norwell, MA: Springer.
    • (2007) Essays on Accounting Theory in Honour of Joel S. Demski
    • Gerakos Ittner J, C.1    Larcker, D.2
  • 18
  • 20
    • 27744439755 scopus 로고    scopus 로고
    • LESSONS LOST IN LINEARITY: A CRITICAL ASSESSMENT OF THE GENERAL USEFULNESS OF LEN MODELS IN COMPENSATION RESEARCH
    • T Hemmer 2004 Lessons lost in linearity: A critical assessment of the general usefulness of LEN models in compensation research Journal of Management Accounting Research 16 149 162 (Pubitemid 40435269)
    • (2004) JOURNAL OF MANAGEMENT ACCOUNTING RESEARCH , vol.16 , pp. 149-162
    • Hemmer, T.1
  • 23
    • 23044534209 scopus 로고    scopus 로고
    • Tournament rewards and risk taking
    • H Hvide 2002 Tournament rewards and risk taking Journal of Labor Economics 20 877 898
    • (2002) Journal of Labor Economics , vol.20 , pp. 877-898
    • Hvide, H.1
  • 25
    • 0036807859 scopus 로고    scopus 로고
    • Executive target bonuses and what they imply about performance standards
    • R Indjejikian D Nanda 2002 Executive target bonuses and what they imply about performance standards The Accounting Review 77 793 819
    • (2002) The Accounting Review , vol.77 , pp. 793-819
    • Indjejikian, R.1    Nanda, D.2
  • 26
    • 0002748522 scopus 로고
    • An empirical investigation of the relative performance evaluation hypothesis
    • S Janakiraman R Lambert D Larcker 1992 An empirical investigation of the relative performance evaluation hypothesis Journal of Accounting Research 30 53 69
    • (1992) Journal of Accounting Research , vol.30 , pp. 53-69
    • Janakiraman, S.1    Lambert, R.2    Larcker, D.3
  • 27
    • 0040034988 scopus 로고    scopus 로고
    • Strategic managerial incentive compensation in Japan: Relative performance evaluation and product market collusion
    • S Joh 1999 Strategic managerial incentive compensation in Japan: Relative performance evaluation and product market collusion The Review of Economics and Statistics 81 303 313
    • (1999) The Review of Economics and Statistics , vol.81 , pp. 303-313
    • Joh, S.1
  • 28
    • 0034215640 scopus 로고    scopus 로고
    • The value and incentive effects of nontraditional executive stock option plans
    • S Johnson Y Tian 2000 The value and incentive effects of nontraditional executive stock option plans Journal of Financial Economics 57 3 34
    • (2000) Journal of Financial Economics , vol.57 , pp. 3-34
    • Johnson, S.1    Tian, Y.2
  • 29
    • 0030637314 scopus 로고    scopus 로고
    • The complexity of compensation contracts
    • PII S0304405X96008884
    • S Kole 1997 The complexity of compensation contracts Journal of Financial Economics 43 79 104 (Pubitemid 127162165)
    • (1997) Journal of Financial Economics , vol.43 , Issue.1 , pp. 79-104
    • Kole, S.R.1
  • 31
    • 79953124652 scopus 로고    scopus 로고
    • Personnel economics
    • Chapter prepared for R. Gibbons & D. J. Roberts (Eds.) NBER working paper no. W13480
    • Lazear, E., & Oyer, P. (2007). Personnel economics. Chapter prepared for R. Gibbons & D. J. Roberts (Eds.), Handbook of organizational economics. NBER working paper no. W13480.
    • (2007) Handbook of Organizational Economics
    • Lazear, E.1    Oyer, P.2
  • 32
    • 0000801040 scopus 로고
    • Rank order tournaments as optimum contracts
    • E Lazear S Rosen 1981 Rank order tournaments as optimum contracts Journal of Political Economy 121 3 841 864
    • (1981) Journal of Political Economy , vol.121 , Issue.3 , pp. 841-864
    • Lazear, E.1    Rosen, S.2
  • 33
    • 0036183802 scopus 로고    scopus 로고
    • Empirical tests of budget ratcheting and its effect on managers' discretionary accrual choice
    • A Leone S Rock 2002 Empirical tests of budget ratcheting and its effect on managers' discretionary accrual choice Journal of Accounting and Economics 33 43 68
    • (2002) Journal of Accounting and Economics , vol.33 , pp. 43-68
    • Leone, A.1    Rock, S.2
  • 34
    • 0030124007 scopus 로고    scopus 로고
    • Self-serving behavior in managers' discretionary information disclosure decisions
    • DOI 10.1016/0165-4101(95)00417-3
    • W Lewellen T Park B Ro 1996 Self-serving behavior in managers' discretionary information disclosure decisions Journal of Accounting and Economics 21 1996 227 251 (Pubitemid 126166266)
    • (1996) Journal of Accounting and Economics , vol.21 , Issue.2 , pp. 227-251
    • Lewellen, W.G.1    Park, T.2    Ro, B.T.3
  • 35
    • 33845743911 scopus 로고    scopus 로고
    • The ABI guidelines for share-based incentive schemes: Setting the hurdle too high?
    • B Main 2006 The ABI guidelines for share-based incentive schemes: Setting the hurdle too high? Accounting and Business Research 36 191 205
    • (2006) Accounting and Business Research , vol.36 , pp. 191-205
    • Main, B.1
  • 36
    • 33745322373 scopus 로고    scopus 로고
    • An empirical analysis of an incentive plan with relative performance measures: Evidence from a postal service
    • E Matsumura J Shin 2006 An empirical analysis of an incentive plan with relative performance measures: Evidence from a postal service The Accounting Review 81 533 566
    • (2006) The Accounting Review , vol.81 , pp. 533-566
    • Matsumura, E.1    Shin, J.2
  • 37
    • 0000515026 scopus 로고
    • The achievability of budget targets in profit centers: A field study
    • K Merchant J Manzoni 1989 The achievability of budget targets in profit centers: A field study The Accounting Review 64 539 558
    • (1989) The Accounting Review , vol.64 , pp. 539-558
    • Merchant, K.1    Manzoni, J.2
  • 38
    • 0000057597 scopus 로고
    • Institutionalized organizations: Formal structure as myth and ceremony
    • J Meyer B Rowan 1977 Institutionalized organizations: Formal structure as myth and ceremony The American Journal of Sociology 83 340 363
    • (1977) The American Journal of Sociology , vol.83 , pp. 340-363
    • Meyer, J.1    Rowan, B.2
  • 41
    • 33746837299 scopus 로고    scopus 로고
    • CEO's outside employment opportunities and the lack of relative performance evaluations in compensation contracts
    • S Rajgopal T Shevlin V Zamora 2006 CEO's outside employment opportunities and the lack of relative performance evaluations in compensation contracts The Journal of Finance 61 1813 1844
    • (2006) The Journal of Finance , vol.61 , pp. 1813-1844
    • Rajgopal, S.1    Shevlin, T.2    Zamora, V.3
  • 43
    • 67349260970 scopus 로고
    • Substance and symbolism in CEO's long-term incentives plans
    • J Westphal E Zajac 1994 Substance and symbolism in CEO's long-term incentives plans Administrative Science Quarterly 39 267 390
    • (1994) Administrative Science Quarterly , vol.39 , pp. 267-390
    • Westphal, J.1    Zajac, E.2
  • 44
    • 0032220361 scopus 로고    scopus 로고
    • The symbolic management of stockholders: Corporate governance reforms and shareholder reactions
    • J Westphal E Zajac 1998 The symbolic management of stockholders: Corporate governance reforms and shareholder reactions Administrative Science Quarterly 43 127 153
    • (1998) Administrative Science Quarterly , vol.43 , pp. 127-153
    • Westphal, J.1    Zajac, E.2
  • 45
    • 0001532098 scopus 로고
    • Accounting for the explanations of CEO compensation: Substance and symbolism
    • E Zajac J Westphal 1995 Accounting for the explanations of CEO compensation: Substance and symbolism Administrative Science Quarterly 40 283 308
    • (1995) Administrative Science Quarterly , vol.40 , pp. 283-308
    • Zajac, E.1    Westphal, J.2
  • 46
    • 0346308242 scopus 로고    scopus 로고
    • Performance Thresholds in Managerial Incentive Contracts
    • DOI 10.1086/377035
    • X Zhou P Swan 2003 Performance thresholds in managerial incentive contracts Journal of Business 76 665 696 (Pubitemid 38038147)
    • (2003) Journal of Business , vol.76 , Issue.4 , pp. 665-696
    • Zhou, X.1    Swan, P.L.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.