메뉴 건너뛰기




Volumn 32, Issue 7, 2011, Pages 771-786

The role of technical expertise in firm governance structure: Evidence from chief financial officer contractual incentives

Author keywords

chief financial officer; compensation; finance committee; financial background

Indexed keywords

CHIEF EXECUTIVE OFFICER; CHIEF FINANCIAL OFFICERS; COMPENSATION; FINANCIAL BACKGROUND; FINANCIAL EXPERTS; GOVERNANCE STRUCTURES; INCENTIVE COMPENSATION; SPECIALIZED KNOWLEDGE; TECHNICAL EXPERTISE; TOP MANAGEMENT TEAMS;

EID: 79955716456     PISSN: 01432095     EISSN: 10970266     Source Type: Journal    
DOI: 10.1002/smj.907     Document Type: Review
Times cited : (66)

References (49)
  • 1
  • 2
    • 0037292710 scopus 로고    scopus 로고
    • Executive rank, pay and project selection
    • DOI 10.1016/S0304-405X(02)00254-4, PII S0304405X02002544
    • Barron JM, Waddell GR,. 2003. Executive rank, pay, and project selection. Journal of Financial Economics 67: 305-349. (Pubitemid 36027700)
    • (2003) Journal of Financial Economics , vol.67 , Issue.2 , pp. 305-349
    • Barron, J.M.1    Waddell, G.R.2
  • 3
    • 0000858299 scopus 로고
    • Diversification strategy and R&D intensity in multiproduct firms
    • Baysinger B, Hoskisson R,. 1989. Diversification strategy and R&D intensity in multiproduct firms. Academy of Management Journal 32: 310-332.
    • (1989) Academy of Management Journal , vol.32 , pp. 310-332
    • Baysinger, B.1    Hoskisson, R.2
  • 4
    • 79960948624 scopus 로고
    • Managerial incentives, monitoring and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings
    • Beatty RP, Zajac EJ,. 1994. Managerial incentives, monitoring and risk bearing: a study of executive compensation, ownership, and board structure in initial public offerings. Administrative Science Quarterly 39 (2): 313-335.
    • (1994) Administrative Science Quarterly , vol.39 , Issue.2 , pp. 313-335
    • Beatty, R.P.1    Zajac, E.J.2
  • 5
    • 0032325059 scopus 로고    scopus 로고
    • Board characteristics, managerial controls and corporate strategy: A study of U.S. Hospitals
    • Beekun R, Stedham Y, Young G,. 1998. Board characteristics, managerial controls and corporate strategy: a study of U.S. hospitals. Journal of Management 24: 3-19. (Pubitemid 128180679)
    • (1998) Journal of Management , vol.24 , Issue.1 , pp. 3-19
    • Beekun, R.I.1    Stedham, Y.2    Young, G.J.3
  • 6
    • 0036003210 scopus 로고    scopus 로고
    • The relationships among organizational context, pay dispersion, and among managerial turnover
    • Bloom M, Michel J,. 2002. The relationships among organizational context, pay dispersion, and among managerial turnover. Academy of Management Journal 45: 33-42.
    • (2002) Academy of Management Journal , vol.45 , pp. 33-42
    • Bloom, M.1    Michel, J.2
  • 7
    • 0009933769 scopus 로고    scopus 로고
    • Explaining the diversification discount
    • Campa JM, Kedia S,. 2002. Explaining the diversification discount. Journal of Finance 57: 1731-1762. (Pubitemid 36932121)
    • (2002) Journal of Finance , vol.57 , Issue.4 , pp. 1731-1762
    • Campa, J.M.1    Kedia, S.2
  • 8
    • 51549090657 scopus 로고    scopus 로고
    • Top management team functional background diversity and firm performance: Examining the roles of team member collocation and environmental uncertainty
    • Cannella AA, Park JH, Lee HU,. 2008. Top management team functional background diversity and firm performance: examining the roles of team member collocation and environmental uncertainty. Academy of Management Journal 51 (4): 768-784.
    • (2008) Academy of Management Journal , vol.51 , Issue.4 , pp. 768-784
    • Cannella, A.A.1    Park, J.H.2    Lee, H.U.3
  • 9
    • 0043011311 scopus 로고    scopus 로고
    • Testing a model of reasoned risk-taking: Governance, the experience of principals and agents, and global strategy in high-technology IPO firms
    • Carpenter MA, Pollock TG, Leary MM,. 2003. Testing a model of reasoned risk-taking: governance, the experience of principals and agents, and global strategy in high-technology IPO firms. Strategic Management Journal 24 (9): 803-820.
    • (2003) Strategic Management Journal , vol.24 , Issue.9 , pp. 803-820
    • Carpenter, M.A.1    Pollock, T.G.2    Leary, M.M.3
  • 10
    • 0036535346 scopus 로고    scopus 로고
    • Top management team compensation: The missing link between CEO pay and firm performance?
    • DOI 10.1002/smj.228
    • Carpenter MA, Saunders WG,. 2002. Top management team compensation: the missing link between CEO pay and firm performance. Strategic Management Journal 23 (4): 367-375. (Pubitemid 34288417)
    • (2002) Strategic Management Journal , vol.23 , Issue.4 , pp. 367-375
    • Carpenter, M.A.1    Sanders, G.2
  • 11
    • 0035536267 scopus 로고    scopus 로고
    • The strategic context of external network ties: Examining the impact of director appointments on board involvement in strategic decision making
    • Carpenter MA, Westphal J,. 2001. The strategic context of external network ties: examining the impact of director appointments on board involvement in strategic decision making. Academy of Management Journal 44: 639-660.
    • (2001) Academy of Management Journal , vol.44 , pp. 639-660
    • Carpenter, M.A.1    Westphal, J.2
  • 12
    • 0001245231 scopus 로고    scopus 로고
    • The use of equity grants to manage optimal equity incentive levels
    • Core J, Guay W,. 1999. The use of equity grants to manage optimal equity incentive levels. Journal of Accounting and Economics 28: 141-184.
    • (1999) Journal of Accounting and Economics , vol.28 , pp. 141-184
    • Core, J.1    Guay, W.2
  • 13
    • 0242511198 scopus 로고    scopus 로고
    • Price versus Non-Price Performance Measures in Optimal CEO Compensation Contracts
    • Core J, Guay W, Verrecchia R,. 2003. Price versus non-price performance measures in optimal CEO compensation contracts. Accounting Review 78: 957-981. (Pubitemid 37395648)
    • (2003) Accounting Review , vol.78 , Issue.4 , pp. 957-981
    • Core, J.E.1    Guay, W.R.2    Verrecchia, R.E.3
  • 14
    • 22044444497 scopus 로고    scopus 로고
    • The Effect of Institutional Investors on the Level and Mix of CEO Compensation
    • David P, Kochhar R, Levitas E,. 1998. The effect of institutional investors on the level and mix of CEO compensation. Academy of Management Journal 41 (2): 200-208. (Pubitemid 128063944)
    • (1998) Academy of Management Journal , vol.41 , Issue.2 , pp. 200-208
    • David, P.1    Kochhar, R.2    Levitas, E.3
  • 16
    • 23244465898 scopus 로고    scopus 로고
    • The impact of board composition on firms' critical decisions: A meta-analytic review
    • DOI 10.1177/0149206304272185
    • Deutsch Y,. 2005. The impact of board composition on firms' critical decisions: a meta-analytic review. Journal of Management 31 (3): 424-444. (Pubitemid 41094177)
    • (2005) Journal of Management , vol.31 , Issue.3 , pp. 424-444
    • Deutsch, Y.1
  • 17
    • 36348957812 scopus 로고    scopus 로고
    • Executive compensation: A multidisciplinary review of recent developments
    • Devers CE, Cannella AA, Reilly GP, Yoder ME,. 2007. Executive compensation: a multidisciplinary review of recent developments. Journal of Management 33 (6): 1016-1072.
    • (2007) Journal of Management , vol.33 , Issue.6 , pp. 1016-1072
    • Devers, C.E.1    Cannella, A.A.2    Reilly, G.P.3    Yoder, M.E.4
  • 18
    • 79955743022 scopus 로고    scopus 로고
    • In the eye of the storm: Have CFOs ever mattered moreâor been less prepared?
    • Economist., 31 October.
    • Economist. 2008. In the eye of the storm: have CFOs ever mattered moreâor been less prepared? Economist, 31 October.
    • (2008) Economist
  • 19
    • 0001336426 scopus 로고
    • Agency theory: An assessment and review
    • Eisenhardt KM,. 1989. Agency theory: an assessment and review. Academy of Management Review 14: 57-74.
    • (1989) Academy of Management Review , vol.14 , pp. 57-74
    • Eisenhardt, K.M.1
  • 20
    • 0036591270 scopus 로고    scopus 로고
    • The roles of performance measures and monitoring in annual governance decisions in entrepreneurial firms
    • Engel EE, Gordon A, Hayes RM,. 2002. The roles of performance measures and monitoring in annual governance decisions in entrepreneurial firms. Journal of Accounting Research 40: 485-518. (Pubitemid 36256449)
    • (2002) Journal of Accounting Research , vol.40 , Issue.2 , pp. 485-518
    • Engel, E.1    Gordon, E.A.2    Hayes, R.M.3
  • 21
    • 0000806744 scopus 로고
    • Agency problems and the theory of the firm
    • Fama EF,. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88: 288-307.
    • (1980) Journal of Political Economy , vol.88 , pp. 288-307
    • Fama, E.F.1
  • 25
  • 27
    • 84936823659 scopus 로고
    • Groups in context: A model of task group effectiveness
    • Gladstein D,. 1984. Groups in context: a model of task group effectiveness. Administrative Science Quarterly 29: 1-3.
    • (1984) Administrative Science Quarterly , vol.29 , pp. 1-3
    • Gladstein, D.1
  • 28
    • 0031498121 scopus 로고    scopus 로고
    • Reframing executive compensation: An assessment and outlook
    • PII S0149206397900350
    • Gomez-Mejia L, Wiseman R,. 1997. Reframing executive compensation: an assessment and outlook. Journal of Management 23: 291-374. (Pubitemid 127173450)
    • (1997) Journal of Management , vol.23 , Issue.3 , pp. 291-374
    • Gomez-Mejia, L.1    Wiseman, R.M.2
  • 30
    • 0344153909 scopus 로고    scopus 로고
    • Institutional Investors and Executive Compensation
    • DOI 10.1046/j.1540-6261.2003.00608.x
    • Hartzell JC, Starks LT,. 2003. Institutional investors and executive compensation. Journal of Finance 58: 2351-2374. (Pubitemid 37488590)
    • (2003) Journal of Finance , vol.58 , Issue.6 , pp. 2351-2374
    • Hartzell, J.C.1    Starks, L.T.2
  • 31
    • 0000125534 scopus 로고
    • Sample selection bias as specification error
    • Heckman J,. 1979. Sample selection bias as specification error. Econometrica 46: 153-161.
    • (1979) Econometrica , vol.46 , pp. 153-161
    • Heckman, J.1
  • 32
    • 0035529302 scopus 로고    scopus 로고
    • Top management team coordination needs and the CEO pay gap: A competitive test of economic and behavioral views
    • Henderson A, Fredrickson J,. 2001. Top management team coordination needs and the CEO pay gap: a competitive test of economic and behavioral views. Academy of Management Journal 44: 96-117.
    • (2001) Academy of Management Journal , vol.44 , pp. 96-117
    • Henderson, A.1    Fredrickson, J.2
  • 33
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen MC, Meckling M,. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, M.2
  • 34
    • 84936016411 scopus 로고
    • Performance pay and top-management incentives
    • Jensen MC, Murphy K,. 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.C.1    Murphy, K.2
  • 35
    • 2442614059 scopus 로고    scopus 로고
    • Corporate elites and corporate strategy: How demographic preferences and structural position shape the scope of the firm
    • Jensen M, Zajac EJ,. 2004. Corporate elites and corporate strategy: how demographic preferences and structural position shape the scope of the firm. Strategic Management Journal 25 (6): 507-524.
    • (2004) Strategic Management Journal , vol.25 , Issue.6 , pp. 507-524
    • Jensen, M.1    Zajac, E.J.2
  • 36
    • 0006178745 scopus 로고    scopus 로고
    • Firm performance and board committee structure
    • Klein A,. 1998. Firm performance and board committee structure. Journal of Law and Economics 41: 275-303.
    • (1998) Journal of Law and Economics , vol.41 , pp. 275-303
    • Klein, A.1
  • 37
    • 33750091934 scopus 로고    scopus 로고
    • Direct and interaction effects of top management team and board compositions on R&D investment strategy
    • DOI 10.1002/smj.554
    • Kor YY,. 2006. Direct and interaction effects of top management team and board compositions on R&D investment strategy. Strategic Management Journal 27 (11): 1081-1099. (Pubitemid 44580114)
    • (2006) Strategic Management Journal , vol.27 , Issue.11 , pp. 1081-1099
    • Kor, Y.Y.1
  • 38
    • 41149113483 scopus 로고    scopus 로고
    • Board vigilance, director experience, and corporate outcomes
    • DOI 10.1002/smj.649
    • Kroll M, Walters BA, Wright P,. 2008. Board vigilance, director experience, and corporate outcomes. Strategic Management Journal 29 (4): 363-382. (Pubitemid 351428312)
    • (2008) Strategic Management Journal , vol.29 , Issue.4 , pp. 363-382
    • Kroll, M.1    Walters, B.A.2    Wright, P.3
  • 39
    • 79955723922 scopus 로고
    • Marquis Who's Who (ed). (29th, 30th, and 32nd edns). Reed Reference Publishing: New Providence, NJ.
    • Marquis Who's Who, (ed). 1995, 1997, 2001. Who's Who in Finance and Industry (29th, 30th, and 32nd edns). Reed Reference Publishing: New Providence, NJ.
    • (1995) Who's Who in Finance and Industry
  • 40
    • 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
  • 42
    • 77956583437 scopus 로고    scopus 로고
    • Finance expertise differs by regulator
    • 16 April.
    • Plitch P, Ceron GF,. 2003. Finance expertise differs by regulator. Wall Street Journal, 16 April.
    • (2003) Wall Street Journal
    • Plitch, P.1    Ceron, G.F.2
  • 43
    • 0036804610 scopus 로고    scopus 로고
    • The tenuous trade-off between risk and incentives
    • DOI 10.1086/341874
    • Prendergast C,. 2002. The tenuous trade-off between risk and incentives. Journal of Political Economy 110: 1071-1102. (Pubitemid 35295028)
    • (2002) Journal of Political Economy , vol.110 , Issue.5 , pp. 1071-1102
    • Prendergast, C.1
  • 44
    • 0002061364 scopus 로고
    • Boards of directors and substitution effects of alternative governance mechanisms
    • Rediker KJ, Seth A,. 1995. Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal 16 (2): 85-99.
    • (1995) Strategic Management Journal , vol.16 , Issue.2 , pp. 85-99
    • Rediker, K.J.1    Seth, A.2
  • 45
    • 0032040079 scopus 로고    scopus 로고
    • Internationalization and firm governance: The roles of CEO compensation, top team composition, and board structure
    • Sanders WG, Carpenter MA,. 1998. Internationalization and firm governance: the roles of CEO compensation, top team composition, and board structure. Academy of Management Journal 41: 158-178.
    • (1998) Academy of Management Journal , vol.41 , pp. 158-178
    • Sanders, W.G.1    Carpenter, M.A.2
  • 47
    • 84935413021 scopus 로고
    • The decoupling of CEO pay and performance: An agency theory perspective
    • Tosi H, Gomez-Mejia L,. 1989. The decoupling of CEO pay and performance: an agency theory perspective. Administrative Science Quarterly 34: 169-189.
    • (1989) Administrative Science Quarterly , vol.34 , pp. 169-189
    • Tosi, H.1    Gomez-Mejia, L.2
  • 48
    • 33646546073 scopus 로고    scopus 로고
    • Compensation strategy: Does business strategy influence compensation in high-technology firms?
    • DOI 10.1002/smj.521
    • Yanadori Y, Marler JH,. 2006. Compensation strategy: does business strategy influence compensation in high-technology firms? Strategic Management Journal 27 (6): 559-570. (Pubitemid 43723246)
    • (2006) Strategic Management Journal , vol.27 , Issue.6 , pp. 559-570
    • Yanadori, Y.1    Marler, J.H.2
  • 49
    • 84989092209 scopus 로고
    • The costs and benefits of managerial incentives and monitoring in large U.S. corporations: When is more not better?
    • Winter Special Issue.
    • Zajac EJ, Westphal JD,. 1994. The costs and benefits of managerial incentives and monitoring in large U.S. corporations: when is more not better? Strategic Management Journal, Winter Special Issue 15: 121-142.
    • (1994) Strategic Management Journal , vol.15 , pp. 121-142
    • Zajac, E.J.1    Westphal, J.D.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.