CEO Compensation and Board Structure Revisited

被引：115

作者：

Guthrie, Katherine ^{[1
]}

Sokolowsky, Jan ^{[2
]}

Wan, Kam-Ming ^{[3
]}

机构：

[1] Coll William & Mary, Mason Sch Business, Williamsburg, VA 23187 USA

[2] Univ Michigan, Ann Arbor, MI 48109 USA

[3] Hong Kong Polytech Univ, Sch Accounting & Finance, Hong Kong, Hong Kong, Peoples R China

来源：

JOURNAL OF FINANCE | 2012年 / 67卷 / 03期

关键词：

D O I：

10.1111/j.1540-6261.2012.01744.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Chhaochharia and Grinstein estimate that CEO pay decreases 17% more in firms that were not compliant with the recent NYSE/Nasdaq board independence requirement than in firms that were compliant. We document that 74% of this magnitude is attributable to two outliers of 865 sample firms. In addition, we find that the compensation committee independence requirement increases CEO total pay, particularly in the presence of effective shareholder monitoring. Our evidence casts doubt on the effectiveness of independent directors in constraining CEO pay as suggested by the managerial power hypothesis.

引用

页码：1149 / 1168

页数：20

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