Consequences of deviating from predicted CEO labor market compensation on long-term firm value

被引：20

作者：

Fong, Eric A. ^{[1
]}

Xing, Xuejing ^{[2
]}

Orman, Wafa Hakim ^{[3
]}

Mackenzie, William I., Jr. ^{[1
]}

机构：

[1] Univ Alabama, Coll Business Adm, Dept Management & Mkt, Huntsville, AL 35899 USA

[2] Univ Alabama, Coll Business Adm, Dept Accounting & Finance, Huntsville, AL 35899 USA

[3] Univ Alabama, Coll Business Adm, Dept Econ & Informat Syst, Huntsville, AL 35899 USA

来源：

JOURNAL OF BUSINESS RESEARCH | 2015年 / 68卷 / 02期

关键词：

CEO compensation; Firm value; Labor markets; Tobin's Q; MANAGERIAL REMUNERATION; EXECUTIVE PAY; PERFORMANCE; DIVERSIFICATION; PERSPECTIVE; GOVERNANCE; TOURNAMENT; OWNERSHIP; MATTER; COSTS;

D O I：

10.1016/j.jbusres.2014.07.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Building upon labor market theory, we investigate whether under- or over-investing in CEOs (i.e., strategically paying above or below a CEO's predicted labor market compensation rate) affects long-term firm value and whether there are diminishing returns to these investments. Our results indicate that investments in CEOs are positively related to long-term firm value and that the relationship diminishes, eventually becoming negative, as investments increase. (C) 2014 Elsevier Inc. All rights reserved.

引用

页码：299 / 305

页数：7

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