Executive compensation and the performance of the firm
作者:
Wilbur Lewellen,
Claudio Loderer,
Kenneth Martin,
Gerald Blum,
期刊:
Managerial and Decision Economics
(WILEY Available online 1992)
卷期:
Volume 13,
issue 1
页码: 65-74
ISSN:0143-6570
年代: 1992
DOI:10.1002/mde.4090130108
出版商: John Wiley&Sons, Ltd.
数据来源: WILEY
摘要:
AbstractA sample of large industrial corporations is examined to determine whether there is a relationship between the levels of compensation received by the senior executives of those firms and the firms' economic performances. We find consistent evidence of such a relationship, with differences across firms in the total compensation of their three highest‐paid officers being positively related to differences in both the common stock returns and operating profitability of the firms. The implication is that compensation packages are designed to reduce agency cost
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