메뉴 건너뛰기




Volumn 15, Issue 3, 2012, Pages

The relationship between underinvestment, overinvestment and CEO's compensation

Author keywords

Compensation; Entrenchment; Firm performance; Incentives; Investment

Indexed keywords

COMPENSATION; INCENTIVE; INDUSTRIAL PERFORMANCE; INVESTMENT;

EID: 84867767057     PISSN: 02190915     EISSN: None     Source Type: Journal    
DOI: 10.1142/S0219091512500142     Document Type: Review
Times cited : (12)

References (41)
  • 1
    • 33645860487 scopus 로고    scopus 로고
    • Empire-builders and shirkers: Investment, firm performance, and managerial incentives
    • DOI 10.1016/j.jcorpfin.2006.01.001, PII S0929119906000022
    • Aggarwal, R and A Samwick (2006). Empire-builders and shirkers: Investment, ̄rm value, and managerial incentives. Journal of Corporate Finance, 12, 489-515. (Pubitemid 43578313)
    • (2006) Journal of Corporate Finance , vol.12 , Issue.3 , pp. 489-515
    • Aggarwal, R.K.1    Samwick, A.A.2
  • 2
    • 0142219269 scopus 로고    scopus 로고
    • Why do managers diversify their ̄rms? Agency reconsidered
    • Aggarwal, R and A Samwick (2003). Why do managers diversify their ̄rms? Agency reconsidered. Journal of Finance, LVIII, 71-118.
    • (2003) Journal of Finance , vol.58 , pp. 71-118
    • Aggarwal, R.1    Samwick, A.2
  • 3
    • 0002247009 scopus 로고    scopus 로고
    • Executive compensation, strategic competition, and relative performance evaluation: Theory and evidence
    • Aggarwal, R and A Samwick (2000). Executive compensation, strategic competition, and relative performance evaluation: Theory and evidence. Journal of Finance, 54(6), 1999-2043.
    • (2000) Journal of Finance , vol.54 , Issue.6 , pp. 1999-2043
    • Aggarwal, R.1    Samwick, A.2
  • 4
    • 0033018677 scopus 로고    scopus 로고
    • The other side of the trade-off: The impact of risk on executive compensation
    • DOI 10.1086/250051
    • Aggarwal, R and A Samwick (1999). The other side of the tradeoff: The impact of risk on executive compensation. Journal of Political Economy, 107, 65-105. (Pubitemid 29253188)
    • (1999) Journal of Political Economy , vol.107 , Issue.1 , pp. 65-105
    • Aggarwal, R.K.1    Samwick, A.A.2
  • 6
    • 0019610159 scopus 로고
    • Risk reduction as managerial motive for conglomerate mergers
    • Amihud, Y and B Lev (1981). Risk reduction as managerial motive for conglomerate mergers. Bell Journal of Economics, 12, 605-617. (Pubitemid 12462621)
    • (1981) Bell Journal of Economics , vol.12 , Issue.2 , pp. 605-617
    • Amihud, Y.1    Lev, B.2
  • 7
    • 84881844837 scopus 로고
    • Some tests of specīcation for panel data: Monte Carlo evidence and an application to employment equations
    • Arellano, M and S Bond (1991). Some tests of specīcation for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297.
    • (1991) Review of Economic Studies , vol.58 , pp. 277-297
    • Arellano, M.1    Bond, S.2
  • 8
    • 58149364940 scopus 로고
    • Another look at the instrumental variable estimation of error-component models
    • Arellano, M and O Bover (1995). Another look at the instrumental variable estimation of error-component models. Journal of Econometrics, 68, 29-51.
    • (1995) Journal of Econometrics , vol.68 , pp. 29-51
    • Arellano, M.1    Bover, O.2
  • 9
    • 11144308389 scopus 로고    scopus 로고
    • CEO incentives and ̄rm size
    • Baker, Georg and Brian Hall (2004). CEO incentives and ̄rm size. Journal of Labor Economics, 22(4), 767-798.
    • (2004) Journal of Labor Economics , vol.22 , Issue.4 , pp. 767-798
    • Georg, B.1    Hall, B.2
  • 10
    • 34547938744 scopus 로고    scopus 로고
    • Pay without performance: Overview of the issue
    • Bebchuk, L and J Fried (2005). Pay without performance: Overview of the issue. Journal of Corporate Law, 30, 647-673.
    • (2005) Journal of Corporate Law , vol.30 , pp. 647-673
    • Bebchuk, L.1    Fried, J.2
  • 11
    • 2442691102 scopus 로고    scopus 로고
    • Executive compensation as an agency problem
    • DOI 10.1257/089533003769204362
    • Bebchuk, L and J Fried, (2003). Executive compensation as an agency problem. Journal of Economic Perspectives, 17(3), 71-92. (Pubitemid 38883446)
    • (2003) Journal of Economic Perspectives , vol.17 , Issue.3 , pp. 71-92
    • Bebchuk, L.A.1    Fried, J.M.2
  • 12
    • 0001203520 scopus 로고
    • Stock-based incentive compensation and investment behavior
    • Bizjak, J, J Brickley and J Coles (1993). Stock-based incentive compensation and investment behavior. Journal of Accounting and Economics, 16(1-3), 349-372.
    • (1993) Journal of Accounting and Economics , vol.16 , Issue.1-3 , pp. 349-372
    • Bizjak, J.1    Brickley, J.2    Coles, J.3
  • 13
    • 84997701232 scopus 로고    scopus 로고
    • Does the use of peer groups contribute to higher pay and less e±cient compensation
    • Bizjak, J,MLemmon and L Naveen (2008). Does the use of peer groups contribute to higher pay and less e±cient compensation? Journal of Financial Economics, 90(2), 152-168.
    • (2008) Journal of Financial Economics , vol.90 , Issue.2 , pp. 152-168
    • Jmlemmon, B.1    Naveen, L.2
  • 14
  • 15
    • 0002624840 scopus 로고    scopus 로고
    • On the persistence in mutual fund value
    • Carhart, M (1997). On the persistence in mutual fund value. Journal of Finance, 52, 57-82.
    • (1997) Journal of Finance , vol.52 , pp. 57-82
    • Carhart, M.1
  • 16
    • 0001637378 scopus 로고    scopus 로고
    • The exercise and valuation of executive stock options
    • PII S0304405X98000063
    • Carpenter, J (1998). The exercise and valuation of executive stock options. Journal of Financial Economics, 48, 127-158. (Pubitemid 128338612)
    • (1998) Journal of Financial Economics , vol.48 , Issue.2 , pp. 127-158
    • Carpenter, J.N.1
  • 17
    • 39449120730 scopus 로고    scopus 로고
    • Additional evidence on the relationship between director stock ownership and incentive compensation
    • Chen, C (2002). Additional evidence on the relationship between director stock ownership and incentive compensation. Review of Quantitative Finance and Accounting, 19(1), 21-44.
    • (2002) Review of Quantitative Finance and Accounting , vol.19 , Issue.1 , pp. 21-44
    • Chen, C.1
  • 19
    • 81055156941 scopus 로고    scopus 로고
    • Structural models and endogeneity in corporate ̄nance: The link between managerial ownership and corporate value
    • Coles, J, M Lemmon and F Meschke (2012). Structural models and endogeneity in corporate ̄nance: The link between managerial ownership and corporate value. Journal of Financial Economics, 103(1), 149-168.
    • (2012) Journal of Financial Economics , vol.103 , Issue.1 , pp. 149-168
    • Coles, J.1    Lemmon, M.2    Meschke, F.3
  • 20
    • 0036017572 scopus 로고    scopus 로고
    • Estimating the value of employee stock option portfolios and their sensitivities to price and volatility
    • Core, J andWGuay (2002). Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. Journal of Accounting Research, 40(3), 613-630. (Pubitemid 36256424)
    • (2002) Journal of Accounting Research , vol.40 , Issue.3 , pp. 613-630
    • Core, J.1    Guay, W.2
  • 21
    • 38549147867 scopus 로고
    • Common risk factors in the returns on bonds and stocks
    • Fama, E and K French (1993). Common risk factors in the returns on bonds and stocks. Journal of Financial Economics, 33, 3-53.
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-53
    • Fama, E.1    French, K.2
  • 22
    • 84935633761 scopus 로고
    • Relative performance evaluation for chief executive o±cers
    • Gibbons, R and K Murphy (1990). Relative performance evaluation for chief executive o±cers. Industrial and Labor Relations Review, 43(3), 30-51.
    • (1990) Industrial and Labor Relations Review , vol.43 , Issue.3 , pp. 30-51
    • Gibbons, R.1    Murphy, K.2
  • 23
    • 56349157483 scopus 로고    scopus 로고
    • Insider ownership, ownership concentration and investment performance: An international comparison
    • Gugler, K, D Mueller and B Yurtoglu (2008). Insider ownership, ownership concentration and investment performance: An international comparison. Journal of Corporate Finance, 14, 688-705.
    • (2008) Journal of Corporate Finance , vol.14 , pp. 688-705
    • Gugler, K.1    Mueller, D.2    Yurtoglu, B.3
  • 24
    • 0000712212 scopus 로고    scopus 로고
    • Understanding the determinants of managerial ownership and value
    • Himmelberg, C, R Hubbard and D Palia (1999). Understanding the determinants of managerial ownership and value. Journal of Financial Economics, 53, 353-384.
    • (1999) Journal of Financial Economics , vol.53 , pp. 353-384
    • Himmelberg, C.1    Hubbard, R.2    Palia, D.3
  • 26
    • 0000373072 scopus 로고
    • Managerial conservatism, project choice and debt
    • Hirshleifer, D and A Thakor (1992). Managerial conservatism, project choice and debt. Review of Financial Studies, 5, 437-50.
    • (1992) Review of Financial Studies , vol.5 , pp. 437-450
    • Hirshleifer, D.1    Thakor, A.2
  • 28
    • 0000871877 scopus 로고
    • Aggregation and linearity in the provision of intertemporal incentives
    • Holmstrom, B and P Milgrom (1987). Aggregation and linearity in the provision of intertemporal incentives. Econometrica, 55(2), 303-328.
    • (1987) Econometrica , vol.55 , Issue.2 , pp. 303-328
    • Holmstrom, B.1    Milgrom, P.2
  • 30
    • 0040404193 scopus 로고
    • Managerial incentives, investment and aggregate implications
    • Holmstrom, B and L Weiss (1985). Managerial incentives, investment and aggregate implications. Review of Economic Studies, 52, 403-426.
    • (1985) Review of Economic Studies , vol.52 , pp. 403-426
    • Holmstrom, B.1    Weiss, L.2
  • 31
    • 0030079229 scopus 로고    scopus 로고
    • Employee stock option exercises an empirical analysis
    • DOI 10.1016/0165-4101(95)00409-2
    • Huddart, S and M Lang (1996). Employee stock option exercises; An empirical analysis. Journal of Accounting and Economics, 21(1), 5-43. (Pubitemid 126163957)
    • (1996) Journal of Accounting and Economics , vol.21 , Issue.1 , pp. 5-43
    • Huddart, S.1    Lang, M.2
  • 32
    • 0001066475 scopus 로고
    • Agency costs of free cash °ow, corporate ̄nance, and the market for takeovers
    • Jensen, M (1986). Agency costs of free cash °ow, corporate ̄nance, and the market for takeovers. American Economic Review, 76, 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 33
    • 0001839733 scopus 로고
    • Executive effort and selection of risky projects
    • Lambert, R (1986). Executive effort and selection of risky projects. Rand Journal of Economics, 17, 77-88.
    • (1986) Rand Journal of Economics , vol.17 , pp. 77-88
    • Lambert, R.1
  • 34
    • 27544450102 scopus 로고    scopus 로고
    • CEO overcon̄dence and corporate investments
    • Malmendier, U and G Tate (2005). CEO overcon̄dence and corporate investments. Journal of Finance, 60(6), 2661-2700.
    • (2005) Journal of Finance , vol.60 , Issue.6 , pp. 2661-2700
    • Malmendier, U.1    Tate, G.2
  • 35
    • 0011088442 scopus 로고
    • Additional evidence on percentage ownership and corporate value
    • McConnell, J and H Servaes (1990). Additional evidence on percentage ownership and corporate value. Journal of Financial Economics, 27, 595-612.
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.1    Servaes, H.2
  • 36
    • 80053061380 scopus 로고    scopus 로고
    • Are incentive contracts rigged by powerful CEOs
    • Morse, A, V Nanda and A Seru (2011). Are incentive contracts rigged by powerful CEOs? Journal of Finance, 66(5), 1779-1821.
    • (2011) Journal of Finance , vol.66 , Issue.5 , pp. 1779-1821
    • Morse, A.1    Nanda, V.2    Seru, A.3
  • 38
    • 0002537125 scopus 로고
    • The hubris hypothesis of corporate takeovers
    • Roll, R (1986). The hubris hypothesis of corporate takeovers. Journal of Business, 59(2), 197-216.
    • (1986) Journal of Business , vol.59 , Issue.2 , pp. 197-216
    • Roll, R.1
  • 39
    • 0000488805 scopus 로고
    • The economic theory of agency: The principal's problem
    • Ross, S (1973). The economic theory of agency: The principal's problem. American Economic Review, 63, 134-139.
    • (1973) American Economic Review , vol.63 , pp. 134-139
    • Ross, S.1
  • 40
    • 0032367390 scopus 로고    scopus 로고
    • The dependence of pay-performance sensitivity to the size of the ̄rm
    • Schaefer, S (1998). The dependence of pay-performance sensitivity to the size of the ̄rm. The Review of Economics and Statistics, 436-443.
    • (1998) The Review of Economics and Statistics , pp. 436-443
    • Schaefer, S.1
  • 41
    • 0002661755 scopus 로고
    • A general equilibrium approach to monetary theory
    • Tobin, J (1969). A general equilibrium approach to monetary theory. Journal of Money Credit and Banking, 1(1), 15-29.
    • (1969) Journal of Money Credit and Banking , vol.1 , Issue.1 , pp. 15-29
    • Tobin, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.