An ill wind? Terrorist attacks and CEO compensation

被引：107

作者：

Dai, Yunhao ^{[1
]}

Rau, P. Raghavendra ^{[2
]}

Stouraitis, Aris ^{[3
]}

Tan, Weiqiang ^{[3
]}

机构：

[1] Huazhong Univ Sci & Technol, Wuhan, Peoples R China

[2] Univ Cambridge, Cambridge Judge Business Sch, Trumpington St, Cambridge CB2 1AG, England

[3] Hong Kong Baptist Univ, Hong Kong, Peoples R China

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2020年 / 135卷 / 02期

基金：

中国国家自然科学基金;

关键词：

Terrorist attacks; Executive compensation; Compensation structure; CEO labor market; Nonmonetary compensation; OPTIMAL INCENTIVE CONTRACTS; MACROECONOMIC CONSEQUENCES; CORPORATE GOVERNANCE; IMPACT; MARKET; LIFE;

D O I：

10.1016/j.jfineco.2019.06.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using multiple measures of attack proximity, we show that CEOs employed at firms located near terrorist attacks earn an average pay increase of 12% after the attack relative to CEOs at firms located far from attacks. CEOs at terrorist attack-proximate firms prefer cash-based compensation increases (e.g., salary and bonus) over equity-based compensation (e.g., options and stocks granted). The effect is causal and it is larger when the bargaining power of the CEO is high. Other executives and workers do not receive a terrorist attack premium. (C) 2019 Elsevier B.V. All rights reserved.

引用

页码：379 / 398

页数：20

共 50 条

[1] The economic costs of conflict: A case study of the Basque Country
Abadie, A
Gardeazabal, J
[J]. AMERICAN ECONOMIC REVIEW, 2003, 93 (01) : 113 - 132
[2] Terrorism and the world economy
Abadie, Alberto
Gardeazabal, Javier
[J]. EUROPEAN ECONOMIC REVIEW, 2008, 52 (01) : 1 - 27
[3] The Influence of CEO Power on Compensation Contract Design
Abernethy, Margaret A.
Kuang, Yu Flora
Qin, Bo
[J]. ACCOUNTING REVIEW, 2015, 90 (04) : 1265 - 1306
[4] Ahern KR., 2012, IMPORTANCE PSY UNPUB
[5] Antoniou C., 2016, TERRORIST ATTA UNPUB
[6] The price of terror: The effects of terrorism on stock market returns and volatility
Arin, K. Peren
Ciferri, Davide
Spagnolo, Nicola
[J]. ECONOMICS LETTERS, 2008, 101 (03) : 164 - 167
[7] Foreign direct investment, aid, and terrorism
Bandyopadhyay, Subhayu
Sandler, Todd
Younas, Javed
[J]. OXFORD ECONOMIC PAPERS-NEW SERIES, 2014, 66 (01): : 25 - 50
[8] Bebchuk L., 2004, Pay without Performance The Unfulfilled Promise of Executive Compensation
[9] Executive compensation as an agency problem
Bebchuk, LA
Fried, JA
[J]. JOURNAL OF ECONOMIC PERSPECTIVES, 2003, 17 (03) : 71 - 92
[10] The CEO pay slice
Bebchuk, Lucian A.
Cremers, K. J. Martijn
Peyer, Urs C.
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2011, 102 (01) : 199 - 221

← 1 2 3 4 5 →