Remuneration, Retention, And Reputation Incentives for Outside Directors  

Oleh:

Yermack, David

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 5 (Oct. 2004), page 2281-2308.
Topik: incentives; studies; incentives; outside directors; executive compensation; financial performance
Fulltext: p 2281.pdf (198.74KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

I study incentives received by outside directors in Fortune 500 firms from compensation, replacement, and the opportunity to obtain other directorships. Previous research has only shown these relations to apply under limited circumstances such as financial distress. Together these incentive mechanisms provide directors with wealth increases of approximately 11 cents per $1,000 rise in firm value. Although smaller than the performance sensitivities of CEOs, outside directors' incentives imply a change in wealth of about $285,000 for a 1 standard deviation (SD) change in typical firm performance. Cross - sectional patterns of director equity awards conform to agency and financial theories.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali