Utilize este identificador para referenciar este registo:
http://hdl.handle.net/10400.5/24376| Título: | CEO compensation, change, and corporate strategy |
| Autor: | Dow, James Raposo, Clara C. |
| Palavras-chave: | CEO Compensation Implement Strategies Corporate Strategy |
| Data: | 2005 |
| Editora: | The Journal of Finance |
| Citação: | Dow, James and Clara C. Raposo. (2005). "CEO compensation, change, and corporate strategy." The Journal of Finance, Vol. LX, number 6: pp. 2701-2727. |
| Resumo: | CEO compensation can influence the kinds of strategies that firms adopt. We argue that performance-related compensation creates an incentive to look for overly ambitious, hard to implement strategies. At a cost, shareholders can curb this tendency by precommitting to a regime of CEO overcompensation in highly changeable environments. Alternatively shareholders can commit to low CEO pay, although this requires a commitment mechanism (either by the board of the individual company, or by the society as a whole) to counter the incentive to renegotiate upwards. We study the conditions under which the different policies for CEO compensation are preferred by shareholders. |
| URI: | http://hdl.handle.net/10400.5/24376 |
| Aparece nas colecções: | DG - Artigos em Revistas Internacionais / Articles in International Journals |
Ficheiros deste registo:
| Ficheiro | Descrição | Tamanho | Formato | |
|---|---|---|---|---|
| 2005 - Clara Raposo e J.DOW.pdf | 141,87 kB | Adobe PDF | Ver/Abrir |
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