Shareholder say on pay and CEO compensation: three strikes and the board is out

被引：33

作者：

Grosse, Matthew ^{[1
]}

Kean, Stephen ^{[1
]}

Scott, Tom ^{[2
]}

机构：

[1] Univ Technol Sydney, Accounting Discipline Grp, Sydney, NSW, Australia

[2] Univ Auckland, Grad Sch Management, Auckland, New Zealand

来源：

ACCOUNTING AND FINANCE | 2017年 / 57卷 / 03期

关键词：

Executive compensation; Shareholder resolutions; Say on pay; Remuneration disclosure; EXECUTIVE-COMPENSATION; CORPORATE GOVERNANCE; INSTITUTIONAL INVESTORS; FIRM PERFORMANCE; REMUNERATION; DIRECTORS; ACTIVISM; FINANCE; UK;

D O I：

10.1111/acfi.12176

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

From 2011 in Australia, if over 25% of shareholders vote against a non-binding remuneration resolution, firms are awarded a strike'. We examine 237 firms that receive a strike relative to matched firms, and find no association with any measure of CEO pay. However, we do find that strike firms have higher book-to-market and leverage ratios, suggesting that the remuneration vote is not used to target excessive pay. We also find that firms respond to a strike by decreasing the discretionary bonus component of CEO pay by 57.10% more than non-strike firms and increasing their remuneration disclosure by 10.95%.

引用

页码：701 / 725

页数：25

共 50 条

[21] Compensation Consultants and CEO Pay: UK Evidence
Voulgaris, Georgios
Stathopoulos, Konstantinos
Walker, Martin
CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2010, 18 (06) : 511 - 526
[22] Export diversification, CEO compensation and CEO pay-performance sensitivity: lesson from china
Dai, Hui
Xing, Licong
Khan, Yousaf Ali
CURRENT PSYCHOLOGY, 2024, 43 (09) : 8133 - 8148
[23] Does obfuscating excessive CEO pay work? The influence of remuneration report readability on say-on-pay votes
Hooghiemstra, Reggy
Kuang, Yu Flora
Qin, Bo
ACCOUNTING AND BUSINESS RESEARCH, 2017, 47 (06) : 695 - 729
[24] Board Committees, CEO Compensation, and Earnings Management
Laux, Christian
Laux, Volker
ACCOUNTING REVIEW, 2009, 84 (03) : 869 - 891
[25] Shareholder Voice on Executive Pay: A Decade of Dutch Say on Pay
Van der Elst, Christoph
Lafarre, Anne
EUROPEAN BUSINESS ORGANIZATION LAW REVIEW, 2017, 18 (01) : 51 - 83
[26] Shareholder Voice on Executive Pay: A Decade of Dutch Say on Pay
Christoph Van der Elst
Anne Lafarre
European Business Organization Law Review, 2017, 18 : 51 - 83
[27] Shareholder Votes and Proxy Advisors: Evidence from Say on Pay
Ertimur, Yonca
Ferri, Fabrizio
Oesch, David
JOURNAL OF ACCOUNTING RESEARCH, 2013, 51 (05) : 951 - 996
[28] Equity-based incentives and shareholder say-on-pay
Collins, Denton
Marquardt, Blair B.
Niu, Xu
JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2019, 46 (5-6) : 739 - 761
[29] Say on pay votes, subsequent firm performance, and CEO risk-taking behavior
Omar, Ayishat
Sun, Huey-Lian
Tang, Alex P.
JOURNAL OF CORPORATE ACCOUNTING AND FINANCE, 2022, 33 (04) : 9 - 21
[30] Aligning CEO compensation with sustainability performance: the role of CEO duality, board size, and compensation committees
Shabbir, Muhammad Farooq
Hanaysha, Jalal Rajeh
Oon, Elain Yen Nee
Asif, Muhammad
Aslam, Hassan Danial
DISCOVER SUSTAINABILITY, 2024, 5 (01):

← 1 2 3 4 5 →