메뉴 건너뛰기




Volumn 42, Issue 1, 2007, Pages 99-119

CEO cash and stock-based compensation changes, layoff decisions, and shareholder value

Author keywords

CEO pay; Corporate governance; Corporate restructuring; Executive compensation; G34; J33; J63; Layoffs

Indexed keywords


EID: 73949103170     PISSN: 07328516     EISSN: 15406288     Source Type: Journal    
DOI: 10.1111/j.1540-6288.2007.00163.x     Document Type: Article
Times cited : (49)

References (34)
  • 1
    • 0030194534 scopus 로고    scopus 로고
    • Detecting abnormal operating performance: The empirical power and specification of test statistics
    • Barber, B.M., and J. Lyon., 1996. Detecting abnormal operating performance: The empirical power and specification of test statistics, Journal of Financial Economics 41, 359-399.
    • (1996) Journal of Financial Economics , vol.41 , pp. 359-399
    • Barber, B.M.1    Lyon, J.2
  • 2
    • 85015692260 scopus 로고
    • The pricing of options and corporate liabilities
    • Black, F., and M. Scholes., 1973. The pricing of options and corporate liabilities, Journal of Political Economy 81, 637-654.
    • (1973) Journal of Political Economy , vol.81 , pp. 637-654
    • Black, F.1    Scholes, M.2
  • 3
    • 36749092418 scopus 로고
    • Using daily stock returns: The case of event studies
    • Brown, S.J., and J.B. Warner., 1985. Using daily stock returns: The case of event studies, Journal of Financial Economics 14, 3-31.
    • (1985) Journal of Financial Economics , vol.14 , pp. 3-31
    • Brown, S.J.1    Warner, J.B.2
  • 4
    • 0009905257 scopus 로고
    • Fat: The displacement of non-production workers from U.S. manufacturing industries
    • Caves, R.E., and M.B. Krepps., 1993. Fat: The displacement of non-production workers from U.S. manufacturing industries, Brookings Papers on Economic Activity, MicroEconomics 2, 227-273.
    • (1993) Brookings Papers on Economic Activity, MicroEconomics , vol.2 , pp. 227-273
    • Caves, R.E.1    Krepps, M.B.2
  • 6
    • 0036017572 scopus 로고    scopus 로고
    • Estimating the value of employee stock option portfolios and their sensitivities to price and volatility
    • Core, J., and W. Guay., 2002. Estimating the value of employee stock option portfolios and their sensitivities to price and volatility, Journal of Accounting Research 40, 613-630.
    • (2002) Journal of Accounting Research , vol.40 , pp. 613-630
    • Core, J.1    Guay, W.2
  • 7
    • 0001650996 scopus 로고    scopus 로고
    • Corporate governance, chief executive officer compensation, and firm performance
    • Core, J., R. Holthausen., and D. Larcker., 1999. Corporate governance, chief executive officer compensation, and firm performance, Journal of Financial Economics 51, 371-406.
    • (1999) Journal of Financial Economics , vol.51 , pp. 371-406
    • Core, J.1    Holthausen, R.2    Larcker, D.3
  • 8
    • 0002561667 scopus 로고
    • Union negotiations and corporate policy: A study of labor concessions in the domestic steel industry during the 1980s
    • DeAngelo, H., and L. DeAngelo., 1991. Union negotiations and corporate policy: A study of labor concessions in the domestic steel industry during the 1980s, Journal of Financial Economics 30, 3-43.
    • (1991) Journal of Financial Economics , vol.30 , pp. 3-43
    • DeAngelo, H.1    DeAngelo, L.2
  • 9
    • 0001661273 scopus 로고
    • Incentives, downsizing, and value creation at general dynamics
    • Dial, J., and K. Murphy., 1995. Incentives, downsizing, and value creation at general dynamics, Journal of Financial Economics 37, 261-314.
    • (1995) Journal of Financial Economics , vol.37 , pp. 261-314
    • Dial, J.1    Murphy, K.2
  • 10
    • 79959525209 scopus 로고    scopus 로고
    • Optimal incentive contracts for loss-averse managers: Stock options vs. restricted stock grants
    • Dodonova, A., and Y. Khoroshilov., 2006. Optimal incentive contracts for loss-averse managers: Stock options vs. restricted stock grants, The Financial Review 41, 451-482.
    • (2006) The Financial Review , vol.41 , pp. 451-482
    • Dodonova, A.1    Khoroshilov, Y.2
  • 11
    • 32744471480 scopus 로고    scopus 로고
    • The changing relationship between job loss announcements and stock prices: 1970-1999
    • University of Illinois at Urbana-Champaign
    • Farber, H.S., and K.F. Hallock., 2003. The changing relationship between job loss announcements and stock prices: 1970-1999. Working paper, University of Illinois at Urbana-Champaign.
    • (2003) Working paper
    • Farber, H.S.1    Hallock, K.F.2
  • 12
    • 85040395837 scopus 로고    scopus 로고
    • Raids, rewards and reputations in the market for CEO talent
    • Fee, C.E., and C.J. Hadlock., 2003. Raids, rewards and reputations in the market for CEO talent, Review of Financial Studies 12, 557-589.
    • (2003) Review of Financial Studies , vol.12 , pp. 557-589
    • Fee, C.E.1    Hadlock, C.J.2
  • 13
    • 12144261809 scopus 로고    scopus 로고
    • Has structural change contributed to a jobless recovery?
    • Groshen, E.L., and S. Potter., 2003. Has structural change contributed to a jobless recovery? Federal Reserve Bank of New York 9, 1-7.
    • (2003) Federal Reserve Bank of New York , vol.9 , pp. 1-7
    • Groshen, E.L.1    Potter, S.2
  • 14
  • 16
    • 0039855824 scopus 로고    scopus 로고
    • Layoffs, top executive pay, and firm performance
    • Hallock, K.F., 1998. Layoffs, top executive pay, and firm performance, American Economic Review 88, 711-723.
    • (1998) American Economic Review , vol.88 , pp. 711-723
    • Hallock, K.F.1
  • 17
    • 34547519308 scopus 로고    scopus 로고
    • Who’s monitoring the monitor? Do outside directors protect shareholders’ interests?
    • Helland, E., and M. Sykuta., 2005. Who’s monitoring the monitor? Do outside directors protect shareholders’ interests? The Financial Review 40, 155-172.
    • (2005) The Financial Review , vol.40 , pp. 155-172
    • Helland, E.1    Sykuta, M.2
  • 18
    • 0000712212 scopus 로고    scopus 로고
    • Understanding the determinants of managerial ownership and the link between ownership and performance
    • Himmelberg, C.P., R.G. Hubbard., and D. Palia., 1999. Understanding the determinants of managerial ownership and the link between ownership and performance, Journal of Financial Economics 53, 353-384.
    • (1999) Journal of Financial Economics , vol.53 , pp. 353-384
    • Himmelberg, C.P.1    Hubbard, R.G.2    Palia, D.3
  • 19
    • 0000072575 scopus 로고
    • Executive pay and performance: Evidence from the U.S. banking industry
    • Hubbard, R., and D. Palia., 1995. Executive pay and performance: Evidence from the U.S. banking industry, Journal of Financial Economics 39, 105-130.
    • (1995) Journal of Financial Economics , vol.39 , pp. 105-130
    • Hubbard, R.1    Palia, D.2
  • 20
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and market for takeovers
    • Jensen, M., 1986. Agency costs of free cash flow, corporate finance, and market for takeovers, American Economic Review 76, 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 21
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and capital structure
    • Jensen, M., and W. Meckling., 1976. Theory of the firm: Managerial behavior, agency costs, and capital structure, Journal of Financial Economics 3, 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 22
    • 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 98, 225-264.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.1    Murphy, K.2
  • 23
    • 0002762762 scopus 로고    scopus 로고
    • Deregulation and the adaptation of governance structure: The case of the U.S. airline industry
    • Kole, S., and K. Lehn., 1999. Deregulation and the adaptation of governance structure: The case of the U.S. airline industry, Journal of Financial Economics 52, 79-117.
    • (1999) Journal of Financial Economics , vol.52 , pp. 79-117
    • Kole, S.1    Lehn, K.2
  • 26
    • 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
  • 27
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck, R., A. Shleifer., and R.W. Vishny., 1988. Management ownership and market valuation: An empirical analysis, Journal of Financial Economics 20, 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 28
    • 0041412312 scopus 로고
    • Corporate performance and managerial remuneration: An empirical analysis
    • Murphy, K.J., 1985. Corporate performance and managerial remuneration: An empirical analysis, Journal of Accounting and Economics 7, 11-42.
    • (1985) Journal of Accounting and Economics , vol.7 , pp. 11-42
    • Murphy, K.J.1
  • 29
    • 0011273114 scopus 로고
    • Politics, economics, and executive compensation
    • Murphy, K.J., 1995. Politics, economics, and executive compensation, University of Cincinnati Law Review 63, 713-748.
    • (1995) University of Cincinnati Law Review , vol.63 , pp. 713-748
    • Murphy, K.J.1
  • 30
    • 0001042527 scopus 로고    scopus 로고
    • Executive compensation
    • O.Ashenfelter and D.Card, (Elsevier Science, North Holland, New York and Oxford)
    • Murphy, K.J., 1999. Executive compensation, in: O.Ashenfelter and D.Card, eds., Handbook of Labor Economics (Elsevier Science, North Holland, New York and Oxford).
    • (1999) Handbook of Labor Economics
    • Murphy, K.J.1
  • 31
    • 0001764317 scopus 로고    scopus 로고
    • Intertemporal cost allocation and managerial investment incentives: A theory explaining the use of economic value added as a performance measure
    • Rogerson, W.P., 1997. Intertemporal cost allocation and managerial investment incentives: A theory explaining the use of economic value added as a performance measure, Journal of Political Economy 105, 770-795.
    • (1997) Journal of Political Economy , vol.105 , pp. 770-795
    • Rogerson, W.P.1
  • 32
    • 34548050784 scopus 로고    scopus 로고
    • Governance and performance implications of diversification: Evidence from large U.S. firms
    • Singh, M., I. Mathur., and K.C. Gleason., 2004. Governance and performance implications of diversification: Evidence from large U.S. firms, The Financial Review 39, 489-526.
    • (2004) The Financial Review , vol.39 , pp. 489-526
    • Singh, M.1    Mathur, I.2    Gleason, K.C.3
  • 34
    • 0000399928 scopus 로고
    • Do corporations award CEO stock options effectively?
    • Yermack, D., 1995. Do corporations award CEO stock options effectively? Journal of Financial Economics 39, 237-269.
    • (1995) Journal of Financial Economics , vol.39 , pp. 237-269
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.