메뉴 건너뛰기




Volumn 107, Issue 2, 2013, Pages 477-493

CEO compensation contagion: Evidence from an exogenous shock

Author keywords

Classified board; Corporate governance; Delaware; Executive compensation; Poison pill

Indexed keywords


EID: 84873160560     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2012.09.005     Document Type: Article
Times cited : (43)

References (42)
  • 1
    • 0039572585 scopus 로고    scopus 로고
    • Managerial compensation and the threat of takeover
    • Agrawal A., Knoeber C. Managerial compensation and the threat of takeover. Journal of Financial Economics 1998, 47(2):219-239.
    • (1998) Journal of Financial Economics , vol.47 , Issue.2 , pp. 219-239
    • Agrawal, A.1    Knoeber, C.2
  • 2
    • 0036579045 scopus 로고    scopus 로고
    • The powerful antitakeover force of staggered boards. theory, evidence and policy
    • Bebchuk L., Coates J., Subramanian G. The powerful antitakeover force of staggered boards. theory, evidence and policy. Stanford Law Review 2002, 54:887-951.
    • (2002) Stanford Law Review , vol.54 , pp. 887-951
    • Bebchuk, L.1    Coates, J.2    Subramanian, G.3
  • 4
    • 2442691102 scopus 로고    scopus 로고
    • Executive compensation as an agency problem
    • Bebchuk L., Fried J. Executive compensation as an agency problem. Journal of Economic Perspectives 2003, 17(3):71-92.
    • (2003) Journal of Economic Perspectives , vol.17 , Issue.3 , pp. 71-92
    • Bebchuk, L.1    Fried, J.2
  • 6
    • 0036599832 scopus 로고    scopus 로고
    • Managerial power and rent extraction in the design of executive compensation
    • Bebchuk L., Fried J., Walker D. Managerial power and rent extraction in the design of executive compensation. University of Chicago Law Review 2002, 69:751-846.
    • (2002) University of Chicago Law Review , vol.69 , pp. 751-846
    • Bebchuk, L.1    Fried, J.2    Walker, D.3
  • 7
    • 84861625019 scopus 로고    scopus 로고
    • Fiduciary duties and equity-debtholder conflicts
    • Becker B., Stromberg P. Fiduciary duties and equity-debtholder conflicts. Review of Financial Studies 2012, 25:1931-1969.
    • (2012) Review of Financial Studies , vol.25 , pp. 1931-1969
    • Becker, B.1    Stromberg, P.2
  • 8
    • 0013469438 scopus 로고    scopus 로고
    • Corporate governance and executive pay: evidence from takeover legislation
    • Unpublished working paper. University of Chicago and Harvard University.
    • Bertrand, M., Mullainathan, S., 1999a. Corporate governance and executive pay: evidence from takeover legislation. Unpublished working paper. University of Chicago and Harvard University.
    • (1999)
    • Bertrand, M.1    Mullainathan, S.2
  • 9
    • 0033446833 scopus 로고    scopus 로고
    • Is there discretion in wage setting? A test using takeover legislation
    • Bertrand M., Mullainathan S. Is there discretion in wage setting? A test using takeover legislation. RAND Journal of Economics 1999, 30(3):535-554.
    • (1999) RAND Journal of Economics , vol.30 , Issue.3 , pp. 535-554
    • Bertrand, M.1    Mullainathan, S.2
  • 10
    • 0039784061 scopus 로고    scopus 로고
    • Are CEOs rewarded for luck? The ones without principals are
    • Bertrand M., Mullainathan S. Are CEOs rewarded for luck? The ones without principals are. Quarterly Journal of Economics 2001, 116(3):901-932.
    • (2001) Quarterly Journal of Economics , vol.116 , Issue.3 , pp. 901-932
    • Bertrand, M.1    Mullainathan, S.2
  • 11
    • 0344983396 scopus 로고    scopus 로고
    • Enjoying the quiet life? Corporate governance and managerial preferences
    • Bertrand M., Mullainathan S. Enjoying the quiet life? Corporate governance and managerial preferences. Journal of Political Economy 2003, 111(5):1043-1075.
    • (2003) Journal of Political Economy , vol.111 , Issue.5 , pp. 1043-1075
    • Bertrand, M.1    Mullainathan, S.2
  • 12
    • 84997701232 scopus 로고    scopus 로고
    • Does the use of peer groups contribute to higher pay and less efficient compensation?
    • Bizjak J., Lemmon M., Naveen L. Does the use of peer groups contribute to higher pay and less efficient compensation?. Journal of Financial Economics 2008, 90(2):152-168.
    • (2008) Journal of Financial Economics , vol.90 , Issue.2 , pp. 152-168
    • Bizjak, J.1    Lemmon, M.2    Naveen, L.3
  • 13
    • 79954583598 scopus 로고    scopus 로고
    • Are all CEOs above average? An empirical analysis of compensation peer groups and pay design
    • Bizjak J., Lemmon M., Nguyen T. Are all CEOs above average? An empirical analysis of compensation peer groups and pay design. Journal of Financial Economics 2011, 100(3):538-555.
    • (2011) Journal of Financial Economics , vol.100 , Issue.3 , pp. 538-555
    • Bizjak, J.1    Lemmon, M.2    Nguyen, T.3
  • 15
    • 84928461760 scopus 로고
    • The takeover market, corporate board composition and ownership structure. the case of banking
    • Brickley J., James C. The takeover market, corporate board composition and ownership structure. the case of banking. Journal of Law and Economics 1987, 30(1):161-180.
    • (1987) Journal of Law and Economics , vol.30 , Issue.1 , pp. 161-180
    • Brickley, J.1    James, C.2
  • 16
    • 76249102979 scopus 로고    scopus 로고
    • The market for corporate control and CEO compensation. complements or substitutes?
    • Cheng S., Indjejikian R. The market for corporate control and CEO compensation. complements or substitutes?. Contemporary Accounting Research 2009, 26(3):701-728.
    • (2009) Contemporary Accounting Research , vol.26 , Issue.3 , pp. 701-728
    • Cheng, S.1    Indjejikian, R.2
  • 17
    • 25844498448 scopus 로고    scopus 로고
    • Identifying control motives in managerial ownership. evidence from antitakeover legislation
    • Cheng S., Nagar V., Rajan M. Identifying control motives in managerial ownership. evidence from antitakeover legislation. Review of Financial Studies 2005, 18(2):637-672.
    • (2005) Review of Financial Studies , vol.18 , Issue.2 , pp. 637-672
    • Cheng, S.1    Nagar, V.2    Rajan, M.3
  • 18
    • 0001650996 scopus 로고    scopus 로고
    • Corporate governance, chief executive officer compensation, and firm performance
    • Core J., Holthausen R., Larcker D. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 1999, 51(3):371-406.
    • (1999) Journal of Financial Economics , vol.51 , Issue.3 , pp. 371-406
    • Core, J.1    Holthausen, R.2    Larcker, D.3
  • 19
    • 78650487389 scopus 로고    scopus 로고
    • The market for CEO talent: implications for CEO compensation. Unpublished working paper
    • Yale School of Management and Cornell University.
    • Cremers, M., Grinstein, Y., 2010. The market for CEO talent: implications for CEO compensation. Unpublished working paper. Yale School of Management and Cornell University.
    • (2010)
    • Cremers, M.1    Grinstein, Y.2
  • 20
    • 0036541598 scopus 로고    scopus 로고
    • Corporate governance, takeovers, and top-management compensation. theory and evidence
    • Cyert R., Kang S., Kumar P. Corporate governance, takeovers, and top-management compensation. theory and evidence. Management Science 2002, 48(4):453-469.
    • (2002) Management Science , vol.48 , Issue.4 , pp. 453-469
    • Cyert, R.1    Kang, S.2    Kumar, P.3
  • 21
    • 0035588238 scopus 로고    scopus 로고
    • Do IPO charters maximize firm value? Antitakeover protection in IPOs
    • Daines R., Klausner R. Do IPO charters maximize firm value? Antitakeover protection in IPOs. Journal of Law, Economics and Organization 2001, 17(1):83-120.
    • (2001) Journal of Law, Economics and Organization , vol.17 , Issue.1 , pp. 83-120
    • Daines, R.1    Klausner, R.2
  • 22
    • 0000833892 scopus 로고
    • Antitakeover charter amendments and stockholder wealth
    • DeAngelo H., Rice E. Antitakeover charter amendments and stockholder wealth. Journal of Financial Economics 1983, 11(2):329-359.
    • (1983) Journal of Financial Economics , vol.11 , Issue.2 , pp. 329-359
    • DeAngelo, H.1    Rice, E.2
  • 23
    • 73449137204 scopus 로고    scopus 로고
    • A multiplicative model of optimal CEO incentives in market equilibrium
    • Edmans A., Gabaix X., Landier A. A multiplicative model of optimal CEO incentives in market equilibrium. Review of Financial Studies 2009, 22(12):4881-4917.
    • (2009) Review of Financial Studies , vol.22 , Issue.12 , pp. 4881-4917
    • Edmans, A.1    Gabaix, X.2    Landier, A.3
  • 24
    • 77951209013 scopus 로고    scopus 로고
    • Inside the black box. the role and composition of compensation peer groups
    • Faulkender M., Yang J. Inside the black box. the role and composition of compensation peer groups. Journal of Financial Economics 2010, 96(2):257-270.
    • (2010) Journal of Financial Economics , vol.96 , Issue.2 , pp. 257-270
    • Faulkender, M.1    Yang, J.2
  • 25
    • 77951251944 scopus 로고    scopus 로고
    • Executive compensation. a new view from a long-term perspective, 1936-2005
    • Frydman C., Saks R. Executive compensation. a new view from a long-term perspective, 1936-2005. Review of Financial Studies 2010, 23(5):2099-2138.
    • (2010) Review of Financial Studies , vol.23 , Issue.5 , pp. 2099-2138
    • Frydman, C.1    Saks, R.2
  • 27
    • 75149149776 scopus 로고    scopus 로고
    • Does corporate governance matter in competitive industries?
    • Giroud X., Mueller H. Does corporate governance matter in competitive industries?. Journal of Financial Economics 2010, 95(3):312-331.
    • (2010) Journal of Financial Economics , vol.95 , Issue.3 , pp. 312-331
    • Giroud, X.1    Mueller, H.2
  • 28
    • 84928438640 scopus 로고
    • Corporations, markets, and courts
    • Gordon J. Corporations, markets, and courts. Columbia Law Review 1991, 91(8):1931-1959.
    • (1991) Columbia Law Review , vol.91 , Issue.8 , pp. 1931-1959
    • Gordon, J.1
  • 29
    • 84873181425 scopus 로고    scopus 로고
    • Unresolved issues in the rise of American inequality. Unpublished working paper
    • Northwestern University and NBER.
    • Gordon, R., Dew-Becker, I., 2007. Unresolved issues in the rise of American inequality. Unpublished working paper. Northwestern University and NBER.
    • (2007)
    • Gordon, R.1    Dew-Becker, I.2
  • 30
    • 84873114602 scopus 로고    scopus 로고
    • CEO turnover and takeover threats: new evidence from antitakeover legislation
    • Unpublished working paper. Shanghai University of Finance and Economics.
    • Huang, J., Zhao, S., 2010. CEO turnover and takeover threats: new evidence from antitakeover legislation. Unpublished working paper. Shanghai University of Finance and Economics.
    • (2010)
    • Huang, J.1    Zhao, S.2
  • 31
    • 0000072575 scopus 로고
    • Executive pay and performance. evidence from the US banking industry
    • Hubbard R., Palia D. Executive pay and performance. evidence from the US banking industry. Journal of Financial Economics 1995, 39(2):105-130.
    • (1995) Journal of Financial Economics , vol.39 , Issue.2 , pp. 105-130
    • Hubbard, R.1    Palia, D.2
  • 32
    • 23844493275 scopus 로고    scopus 로고
    • Remuneration: where we've been, how we got to here, what are the problems, and how to fix them
    • Unpublished working paper. University of Southern California and Ohio State University.
    • Jensen, M., Murphy, K., Wruck, E., 2004. Remuneration: where we've been, how we got to here, what are the problems, and how to fix them. Unpublished working paper. University of Southern California and Ohio State University.
    • (2004)
    • Jensen, M.1    Murphy, K.2    Wruck, E.3
  • 33
    • 84873101069 scopus 로고    scopus 로고
    • Some facts about CEO pay and corporate governance
    • Presentation. 〈〉.
    • Kaplan, S., 2011. Some facts about CEO pay and corporate governance. Presentation. 〈〉. http://faculty.chicagobooth.edu/steven.kaplan/research/kgovppt.pdf.
    • (2011)
    • Kaplan, S.1
  • 34
    • 34547937968 scopus 로고    scopus 로고
    • Executive pay, hidden compensation and managerial entrenchment.
    • Unpublished working paper. Northwestern University and Stanford University.
    • Kuhnen, C., Zwiebel, J., 2008. Executive pay, hidden compensation and managerial entrenchment. Unpublished working paper. Northwestern University and Stanford University.
    • (2008)
    • Kuhnen, C.1    Zwiebel, J.2
  • 35
    • 67349098573 scopus 로고    scopus 로고
    • Managerial risk-taking behavior and equity-based compensation
    • Low A. Managerial risk-taking behavior and equity-based compensation. Journal of Financial Economics 2009, 92(3):470-490.
    • (2009) Journal of Financial Economics , vol.92 , Issue.3 , pp. 470-490
    • Low, A.1
  • 36
    • 33645896609 scopus 로고
    • Management ownership and market valuation. an empirical analysis
    • Morck R., Shleifer A., Vishny R. Management ownership and market valuation. an empirical analysis. Journal of Financial Economics 1988, 20:293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 37
    • 0011268359 scopus 로고    scopus 로고
    • Pay for performance? Government regulation and the structure of compensation contracts
    • Perry T., Zenner M. Pay for performance? Government regulation and the structure of compensation contracts. Journal of Financial Economics 2001, 62(3):453-488.
    • (2001) Journal of Financial Economics , vol.62 , Issue.3 , pp. 453-488
    • Perry, T.1    Zenner, M.2
  • 38
    • 33745953339 scopus 로고    scopus 로고
    • Own company stock in defined contribution pension plans. a takeover defense?
    • Rauh J. Own company stock in defined contribution pension plans. a takeover defense?. Journal of Financial Economics 2006, 81(2):379-410.
    • (2006) Journal of Financial Economics , vol.81 , Issue.2 , pp. 379-410
    • Rauh, J.1
  • 39
    • 0040951431 scopus 로고    scopus 로고
    • Has the "million-dollar cap" affected CEO pay?
    • Rose N., Wolfram C. Has the "million-dollar cap" affected CEO pay?. American Economic Review 2000, 90(2):197-202.
    • (2000) American Economic Review , vol.90 , Issue.2 , pp. 197-202
    • Rose, N.1    Wolfram, C.2
  • 40
    • 0042879386 scopus 로고    scopus 로고
    • Regulating executive pay. using the tax code to influence chief executive officer compensation
    • Rose N., Wolfram C. Regulating executive pay. using the tax code to influence chief executive officer compensation. Journal of Labor Economics 2002, 20:S138-S175.
    • (2002) Journal of Labor Economics , vol.20
    • Rose, N.1    Wolfram, C.2
  • 42
    • 65349189898 scopus 로고    scopus 로고
    • The choice of corporate liquidity and corporate governance
    • Yun H. The choice of corporate liquidity and corporate governance. Review of Financial Studies 2009, 22(4):1447-1475.
    • (2009) Review of Financial Studies , vol.22 , Issue.4 , pp. 1447-1475
    • Yun, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.