CEO incentives and the health of defined benefit pension plans

被引：12

作者：

Begley, Joy ^{[1
]}

Chamberlain, Sandra ^{[1
]}

Yang, Shuo ^{[2
]}

Zhang, Jenny Li ^{[1
]}

机构：

[1] Univ British Columbia, Sauder Sch Business, Vancouver, BC V5Z 1M9, Canada

[2] Hong Kong Polytech Univ, Hong Kong, Hong Kong, Peoples R China

来源：

REVIEW OF ACCOUNTING STUDIES | 2015年 / 20卷 / 03期

关键词：

Defined benefit plans; Earnings management; Pension plan governance; DEBT; CONSTRAINTS; INVESTMENT; HOLDINGS;

D O I：

10.1007/s11142-015-9332-0

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the relation between CEO pay-related wealth and the funding levels, and freezing decisions, of defined benefit pension plans. Results show that higher funding levels occur when CEOs are most endowed in employee pension plans, but that spillover endowments in supplemental executive plans coincide with the lowest funding levels. CEO equity-wealth correlates with funding health in between the extremes. Further, "hard freezes" of employee plans are less likely, the larger the CEO's total pension interest (in executive and employee plans together). This suggests that CEOs fear repercussions to their own pension plan when employee plans are frozen.

引用

页码：1013 / 1058

页数：46

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