메뉴 건너뛰기




Volumn 84, Issue 3, 2009, Pages 737-770

Transient institutional ownership and CEO contracting

Author keywords

CEO compensation; Equity grants; Incentive contracts; Institutional ownership

Indexed keywords


EID: 67650711685     PISSN: 00014826     EISSN: None     Source Type: Journal    
DOI: 10.2308/accr.2009.84.3.737     Document Type: Article
Times cited : (69)

References (49)
  • 1
    • 31144441417 scopus 로고    scopus 로고
    • Active institutional shareholders and costs of monitoring: Evidence from executive compensation
    • Almazan, A., J. C. Hartzell, and L. T. Starks. 2005. Active institutional shareholders and costs of monitoring: Evidence from executive compensation. Financial Management 34 (4): 5-34.
    • (2005) Financial Management , vol.34 , Issue.4 , pp. 5-34
    • Almazan, A.1    Hartzell, J.C.2    Starks, L.T.3
  • 2
    • 0030167039 scopus 로고    scopus 로고
    • Investment opportunities and the structure of executive compensation
    • Baber, W. R., S. N. Janakiraman, and S-H. Kang. 1996. Investment opportunities and the structure of executive compensation. Journal of Accounting and Economics 21 (3): 297-318.
    • (1996) Journal of Accounting and Economics , vol.21 , Issue.3 , pp. 297-318
    • Baber, W.R.1    Janakiraman, S.N.2    Kang, S.-H.3
  • 3
    • 0002241294 scopus 로고
    • Sensitivity, precision, and linear aggregation of signals for performance evaluation
    • Banker, R. D., and S. M. Datar. 1989. Sensitivity, precision, and linear aggregation of signals for performance evaluation. Journal of Accounting Research 27 (1): 21-39.
    • (1989) Journal of Accounting Research , vol.27 , Issue.1 , pp. 21-39
    • Banker, R.D.1    Datar, S.M.2
  • 4
    • 0000815591 scopus 로고
    • Ownership structure and voting on antitakeover amendments
    • Brickley, J., R. Lease, and C. Smith. 1988. Ownership structure and voting on antitakeover amendments. Journal of Financial Economics 20: 267-292.
    • (1988) Journal of Financial Economics , vol.20 , pp. 267-292
    • Brickley, J.1    Lease, R.2    Smith, C.3
  • 5
    • 0032116927 scopus 로고    scopus 로고
    • The influence of institutional investors on myopic R&D investment behavior
    • Bushee, B. J. 1998. The influence of institutional investors on myopic R&D investment behavior. The Accounting Review 73 (3): 305-333.
    • (1998) The Accounting Review , vol.73 , Issue.3 , pp. 305-333
    • Bushee, B.J.1
  • 6
    • 0001151593 scopus 로고    scopus 로고
    • Do institutional investors prefer near-term earnings over long-run value?
    • -. 2001. Do institutional investors prefer near-term earnings over long-run value? Contemporary Accounting Research 18 (2): 207-246.
    • (2001) Contemporary Accounting Research , vol.18 , Issue.2 , pp. 207-246
    • Bushee, B.J.1
  • 7
    • 35649028481 scopus 로고    scopus 로고
    • Identifying and attracting the "right" investors: Evidence on the behavior of institutional investors
    • -. 2004. Identifying and attracting the "right" investors: Evidence on the behavior of institutional investors. Journal of Applied Corporate Finance 16 (4).
    • (2004) Journal of Applied Corporate Finance , vol.16 , Issue.4
    • Bushee, B.J.1
  • 10
    • 2442648862 scopus 로고    scopus 로고
    • R&D expenditures and CEO compensation
    • Cheng, S. 2004. R&D expenditures and CEO compensation. The Accounting Review 79 (2): 305-328.
    • (2004) The Accounting Review , vol.79 , Issue.2 , pp. 305-328
    • Cheng, S.1
  • 11
    • 3843101529 scopus 로고    scopus 로고
    • Investor sophistication and the mispricing of accruals
    • Collins, D. W, G. Gong, and P. Hribar. 2003. Investor sophistication and the mispricing of accruals. Review of Accounting Studies 8 (2-3): 251.
    • (2003) Review of Accounting Studies , vol.8 , Issue.2-3 , pp. 251
    • Collins, D.W.1    Gong, G.2    Hribar, P.3
  • 12
    • 0001245231 scopus 로고    scopus 로고
    • The use of equity grants to manage optimal equity incentive levels
    • Core, J. E., and W. Guay. 1999. The use of equity grants to manage optimal equity incentive levels. Journal of Accounting and Economics 28 (2): 151-184.
    • (1999) Journal of Accounting and Economics , vol.28 , Issue.2 , pp. 151-184
    • Core, J.E.1    Guay, W.2
  • 13
    • 0036017572 scopus 로고    scopus 로고
    • -, and-. 2002. Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. Journal of Accounting Research 40 (3): 613-630.
    • -, and-. 2002. Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. Journal of Accounting Research 40 (3): 613-630.
  • 14
    • 0242511198 scopus 로고    scopus 로고
    • Price vs. non-price performance measures in optimal CEO compensation contracts
    • -,-, and R. E. Verrecchia. 2003. Price vs. non-price performance measures in optimal CEO compensation contracts. The Accounting Review 78 (4): 957-981.
    • (2003) The Accounting Review , vol.78 , Issue.4 , pp. 957-981
    • Core, J.E.1    Guay, W.2    Verrecchia, R.E.3
  • 15
    • 0000591336 scopus 로고
    • Some statistical models for limited dependent variables with application to the demand for durable goods
    • Cragg, J. G. 1971. Some statistical models for limited dependent variables with application to the demand for durable goods. Econometrica 39 (5): 829-844.
    • (1971) Econometrica , vol.39 , Issue.5 , pp. 829-844
    • Cragg, J.G.1
  • 16
    • 0000806744 scopus 로고
    • Agency problems and the theory of the firm
    • Fama, E. 1980. Agency problems and the theory of the firm. The Journal of Political Economy 88 (2): 288-307.
    • (1980) The Journal of Political Economy , vol.88 , Issue.2 , pp. 288-307
    • Fama, E.1
  • 17
    • 0011648033 scopus 로고
    • Performance measure congruity and diversity in multi-task principal/ agent relations
    • Feltham, G. A., and J. Xie. 1994. Performance measure congruity and diversity in multi-task principal/ agent relations. The Accounting Review 69 (3): 429-453.
    • (1994) The Accounting Review , vol.69 , Issue.3 , pp. 429-453
    • Feltham, G.A.1    Xie, J.2
  • 18
    • 84974465990 scopus 로고
    • Consistent covariance matrix estimation with cross-sectional dependence and heteroskedasticity in financial data
    • Froot, K. A. 1989. Consistent covariance matrix estimation with cross-sectional dependence and heteroskedasticity in financial data. Journal of Financial and Quantitative Analysis 24: 333-355.
    • (1989) Journal of Financial and Quantitative Analysis , vol.24 , pp. 333-355
    • Froot, K.A.1
  • 19
    • 15344343445 scopus 로고    scopus 로고
    • Shareholder investment horizons and the market for corporate control
    • Gaspar, J-M., M. Massa, and P. Matos. 2005. Shareholder investment horizons and the market for corporate control. Journal of Financial Economics 76 (1): 135-165.
    • (2005) Journal of Financial Economics , vol.76 , Issue.1 , pp. 135-165
    • Gaspar, J.-M.1    Massa, M.2    Matos, P.3
  • 20
    • 0032220236 scopus 로고    scopus 로고
    • The relation between nonrecurring accounting transactions and CEO cash compensation
    • Gaver, J. J., and K. M. Gaver. 1998. The relation between nonrecurring accounting transactions and CEO cash compensation. The Accounting Review 73 (2): 235-253.
    • (1998) The Accounting Review , vol.73 , Issue.2 , pp. 235-253
    • Gaver, J.J.1    Gaver, K.M.2
  • 21
    • 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. The Journal of Political Economy 100 (3): 468-505.
    • (1992) The Journal of Political Economy , vol.100 , Issue.3 , pp. 468-505
    • Gibbons, R.1    Murphy, K.J.2
  • 22
    • 0000353081 scopus 로고    scopus 로고
    • Corporate governance proposals and shareholder activism: The role of institutional investors
    • Gillan, S. L., and L. T. Starks. 2000. Corporate governance proposals and shareholder activism: The role of institutional investors. Journal of Financial Economics 57 (2): 275-305.
    • (2000) Journal of Financial Economics , vol.57 , Issue.2 , pp. 275-305
    • Gillan, S.L.1    Starks, L.T.2
  • 23
    • 67650744295 scopus 로고    scopus 로고
    • -, J. C. Hartzell, and R. Parrino. 2006. Explicit vs. implicit contracts: Evidence from CEO employment agreements. Working paper, The University of Texas at Austin.
    • -, J. C. Hartzell, and R. Parrino. 2006. Explicit vs. implicit contracts: Evidence from CEO employment agreements. Working paper, The University of Texas at Austin.
  • 24
    • 0039926384 scopus 로고    scopus 로고
    • The design of multi-year stock option plans
    • Hall, B. J. 1999. The design of multi-year stock option plans. Journal of Applied Corporate Finance 12 (2): 97-106.
    • (1999) Journal of Applied Corporate Finance , vol.12 , Issue.2 , pp. 97-106
    • Hall, B.J.1
  • 26
    • 0344153909 scopus 로고    scopus 로고
    • Institutional investors and executive compensation
    • Hartzell, J. C, and L. T. Starks. 2003. Institutional investors and executive compensation. The Journal of Finance 58 (6): 2351-2374.
    • (2003) The Journal of Finance , vol.58 , Issue.6 , pp. 2351-2374
    • Hartzell, J.C.1    Starks, L.T.2
  • 27
    • 0000250716 scopus 로고
    • Specification tests in econometrics
    • Hausman, J. A. 1978. Specification tests in econometrics. Econometrica 46 (6): 1251-1271.
    • (1978) Econometrica , vol.46 , Issue.6 , pp. 1251-1271
    • Hausman, J.A.1
  • 28
    • 0032420042 scopus 로고    scopus 로고
    • Instrumental variables methods for the correlated random coefficient model
    • Heckman, J., and E. Vytlacil. 1998. Instrumental variables methods for the correlated random coefficient model. The Journal of Human Resources 33: 974-987.
    • (1998) The Journal of Human Resources , vol.33 , pp. 974-987
    • Heckman, J.1    Vytlacil, E.2
  • 29
    • 4243442002 scopus 로고    scopus 로고
    • Managerial incentive problems: A dynamic perspective
    • Holmstrom, B. 1999. Managerial incentive problems: A dynamic perspective. The Review of Economic Studies 66 (1): 169.
    • (1999) The Review of Economic Studies , vol.66 , Issue.1 , pp. 169
    • Holmstrom, B.1
  • 30
    • 0036807859 scopus 로고    scopus 로고
    • Executive target bonuses and what they imply about performance standards
    • Indjejikian, R. J., and D. Nanda. 2002. Executive target bonuses and what they imply about performance standards. The Accounting Review 77 (4): 793.
    • (2002) The Accounting Review , vol.77 , Issue.4 , pp. 793
    • Indjejikian, R.J.1    Nanda, D.2
  • 31
    • 9944226118 scopus 로고    scopus 로고
    • How informed are actively trading institutional investors? Evidence from their trading behavior before a break in a string of consecutive earnings increases
    • Ke, B., and K. Petroni. 2004. How informed are actively trading institutional investors? Evidence from their trading behavior before a break in a string of consecutive earnings increases. Journal of Accounting Research 42 (5): 895-927.
    • (2004) Journal of Accounting Research , vol.42 , Issue.5 , pp. 895-927
    • Ke, B.1    Petroni, K.2
  • 32
  • 34
    • 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 25 (Supplement): 85-129.
    • (1987) Journal of Accounting Research , vol.25 , Issue.SUPPL.EMENT , pp. 85-129
    • Lambert, R.A.1    Larcker, D.F.2
  • 35
    • 34547531609 scopus 로고    scopus 로고
    • Endogeneity and empirical accounting research
    • Larcker, D. E, and T. O. Rusticus. 2007. Endogeneity and empirical accounting research. European Accounting Review 16 (1): 207.
    • (2007) European Accounting Review , vol.16 , Issue.1 , pp. 207
    • Larcker, D.E.1    Rusticus, T.O.2
  • 36
    • 0030079993 scopus 로고    scopus 로고
    • The capitalization, amortization, and value-relevance of R&D
    • Lev, B., and T. Sougiannis. 1996. The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics 21 (1): 107-138.
    • (1996) Journal of Accounting and Economics , vol.21 , Issue.1 , pp. 107-138
    • Lev, B.1    Sougiannis, T.2
  • 37
    • 0035995637 scopus 로고    scopus 로고
    • Management's incentives to avoid negative earnings surprises
    • Matsumoto, D. A. 2002. Management's incentives to avoid negative earnings surprises. The Accounting Review 77 (3): 483.
    • (2002) The Accounting Review , vol.77 , Issue.3 , pp. 483
    • Matsumoto, D.A.1
  • 38
    • 0035598330 scopus 로고    scopus 로고
    • The effect of missing a quarterly earnings benchmark on the CEO's annual bonus
    • Matsunaga, S. R., and C. W. Park. 2001. The effect of missing a quarterly earnings benchmark on the CEO's annual bonus. The Accounting Review 76 (3): 313.
    • (2001) The Accounting Review , vol.76 , Issue.3 , pp. 313
    • Matsunaga, S.R.1    Park, C.W.2
  • 39
    • 0037376889 scopus 로고    scopus 로고
    • Voting with their feet: Institutional ownership changes around forced CEO turnover
    • Parrino, R., R. W. Sias, and L. T. Starks. 2003. Voting with their feet: Institutional ownership changes around forced CEO turnover. Journal of Financial Economics 68 (1): 3-46.
    • (2003) Journal of Financial Economics , vol.68 , Issue.1 , pp. 3-46
    • Parrino, R.1    Sias, R.W.2    Starks, L.T.3
  • 41
    • 45449123614 scopus 로고
    • Limited information estimators and exogeneity tests for simultaneous probit models
    • Rivers, D., and Q. H. Vuong. 1988. Limited information estimators and exogeneity tests for simultaneous probit models. Journal of Econometrics 39: 347-366.
    • (1988) Journal of Econometrics , vol.39 , pp. 347-366
    • Rivers, D.1    Vuong, Q.H.2
  • 42
    • 0032367390 scopus 로고    scopus 로고
    • The dependence of pay-performance sensitivity on the size of the firm
    • Schaefer, S. 1998. The dependence of pay-performance sensitivity on the size of the firm. The Review of Economics and Statistics 80 (3): 436.
    • (1998) The Review of Economics and Statistics , vol.80 , Issue.3 , pp. 436
    • Schaefer, S.1
  • 44
    • 0002857961 scopus 로고
    • Accounting earnings and top executive compensation
    • Sloan, R. G. 1993. Accounting earnings and top executive compensation. Journal of Accounting and Economics 16 (1-3): 55-100.
    • (1993) Journal of Accounting and Economics , vol.16 , Issue.1-3 , pp. 55-100
    • Sloan, R.G.1
  • 45
    • 0001337623 scopus 로고
    • An exogeneity test for a simultaneous equation tobit model with an application to labor supply
    • Smith, R., and R. Blundell. 1986. An exogeneity test for a simultaneous equation tobit model with an application to labor supply. Econometrica 54: 679-685.
    • (1986) Econometrica , vol.54 , pp. 679-685
    • Smith, R.1    Blundell, R.2
  • 46
    • 84960562707 scopus 로고
    • Efficient capital markets, inefficient firms: A model of myopic corporate behavior
    • Stein, J. C. 1989. Efficient capital markets, inefficient firms: A model of myopic corporate behavior. The Quarterly Journal of Economics 104 (4): 655-669.
    • (1989) The Quarterly Journal of Economics , vol.104 , Issue.4 , pp. 655-669
    • Stein, J.C.1
  • 47
    • 0000175291 scopus 로고
    • Estimation of relationships for limited dependent variables
    • Tobin, J. 1958. Estimation of relationships for limited dependent variables. Econometrica 26 (1): 24-36.
    • (1958) Econometrica , vol.26 , Issue.1 , pp. 24-36
    • Tobin, J.1
  • 49
    • 0037401796 scopus 로고    scopus 로고
    • Further results on instrumental variables estimation of average treatment effects in the correlated random coefficient model
    • -. 2003. Further results on instrumental variables estimation of average treatment effects in the correlated random coefficient model. Economics Letters 79 (2): 185-191.
    • (2003) Economics Letters , vol.79 , Issue.2 , pp. 185-191
    • Wooldridge, J.M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.