The role of risk in executive compensation

被引：123

作者：

Gray, SR ^{[1
]}

Cannella, AA ^{[1
]}

机构：

[1] TEXAS A&M UNIV, COLLEGE STN, TX 77843 USA

来源：

JOURNAL OF MANAGEMENT | 1997年 / 23卷 / 04期

关键词：

D O I：

10.1016/S0149-2063(97)90046-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The present study was designed to investigate the role of risk in executive compensation. We argue that compensation arrangements may be used to mitigate agency problems by encouraging risk taking behavior and providing incentives for optimizing long-term performance. We examine total compensation, compensation risk, and compensation time horizon. Consistent with our theory, the evidence indicates that these dimensions vary with the financial and strategic context of the firm and with the risk-taking propensity of the CEO.

引用

收藏

页码：517 / 540

页数：24

相关论文

共 84 条

[1] MANAGERIAL INCENTIVES AND CORPORATE-INVESTMENT AND FINANCING DECISIONS [J].

AGRAWAL, A ;

MANDELKER, GN .

JOURNAL OF FINANCE, 1987, 42 (04) :823-837

[2] MARKET FOR LEMONS - QUALITY UNCERTAINTY AND MARKET MECHANISM [J].

AKERLOF, GA .

QUARTERLY JOURNAL OF ECONOMICS, 1970, 84 (03) :488-500

[3]

Allison P. D., 2014, Series: Quantitative Applications in the Social Sciences, V2nd edn

[4]

[Anonymous], 1994, STRATEGIC MANAGE J

[5] MEASURING EXECUTIVE-COMPENSATION - METHODS AND AN APPLICATION [J].

ANTLE, R ;

SMITH, A .

JOURNAL OF ACCOUNTING RESEARCH, 1985, 23 (01) :296-325

[6] COMPENSATION AND INCENTIVES - PRACTICE VS THEORY [J].

BAKER, GP ;

JENSEN, MC ;

MURPHY, KJ .

JOURNAL OF FINANCE, 1988, 43 (03) :593-616

[7] ON THE THEORY OF OLIGOPOLY [J].

BAUMOL, WJ .

ECONOMICA, 1958, 25 (99) :187-198

[8] MANAGERIAL INCENTIVES, MONITORING, AND RISK BEARING - A STUDY OF EXECUTIVE-COMPENSATION, OWNERSHIP, AND BOARD STRUCTURE IN INITIAL PUBLIC OFFERINGS [J].

BEATTY, RP ;

ZAJAC, EJ .

ADMINISTRATIVE SCIENCE QUARTERLY, 1994, 39 (02) :313-335

[9] THE RATIONALE BEHIND INTERFIRM TENDER OFFERS - INFORMATION OR SYNERGY [J].

BRADLEY, M ;

DESAI, A ;

KIM, EH .

JOURNAL OF FINANCIAL ECONOMICS, 1983, 11 (1-4) :183-206

[10] FIRM FAILURE AND MANAGERIAL LABOR-MARKETS - EVIDENCE FROM TEXAS BANKING [J].

CANNELLA, AA ;

FRASER, DR ;

LEE, DS .

JOURNAL OF FINANCIAL ECONOMICS, 1995, 38 (02) :185-210

← 1 2 3 4 5 6 7 8 9 →