Executive pay and performance Evidence from the U.S. banking industry

Journal of Financial Economics - Tập 39 - Trang 105-130 - 1995
R.Glenn Hubbard1, Darius Palia1
1Columbia Business School, Columbia University, New York, NY, 10027, USA

Tài liệu tham khảo

Amel, 1991, State laws affecting commercial bank branching, multibank holding company expansion, and interstate banking Antle, 1986, An empirical investigation of the relative performance evaluation of corporate executives, Journal of Accounting Research, 24, 1, 10.2307/2490802 Barro, 1990, Pay, performance and turnover of bank CEOs, Journal of Labor Economics, 8, 448, 10.1086/298230 Berle, 1932 Black, 1973, The pricing of options and corporate liabilities, Journal of Political Economy, 81, 637, 10.1086/260062 Breusch, 1980, The Lagrange multiplier test and its application to model specification in econometrics, Review of Economic Studies, 47, 239, 10.2307/2297111 Ciscell, 1980, The determinants of executive salaries: An econometric survey, Review of Economics and Statistics, 62, 7, 10.2307/1924267 Coughlan, 1985, Executive compensation, management turnover and firm performance, Journal of Accounting and Economics, 7, 43, 10.1016/0165-4101(85)90027-8 Crawford, 1993, Bank CEO pay-performance relations and the effects of deregulation Dunlevy, 1985, Econometric issues in the analysis of executive compensation, Review of Economics and Statistics, 67, 171, 10.2307/1928451 Gibbons, 1990, Relative performance evaluation for chief executive officers, Industrial and Labor Relations Review, 43, 30, 10.1177/001979399004300303 Golembe, 1986 Greene, 1993 Hausman, 1981, Panel data and unobservable individual effects, Econometrica, 49, 1377, 10.2307/1911406 Hermalin, 1988, The determinants of board composition, Rand Journal of Economics, 19, 589, 10.2307/2555459 Houston, 1992, Managerial ownership, turnover and risk-taking in banking Hsiao, 1986 Hubbard, 1994 Jensen, 1986, Agency costs of free cash flow, corporate finance and takeovers, American Economic Review, 76, 323 Jensen, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3, 305, 10.1016/0304-405X(76)90026-X Jensen, 1990, Performance, pay and top-management incentives, Journal of Political Economy, 98, 225, 10.1086/261677 Jensen, 1990, CEO incentives — it's not how much you pay, but how, Journal of Applied Corporate Finance, 3, 36, 10.1111/j.1745-6622.1990.tb00207.x Joskow, 1993, Regulatory constraints on CEO compensation, Brookings Papers on Economic Activity (Microeconomics), 1 Kostiuk, 1989, Firm size and executive compensation, Journal of Human Resources, 25, 90, 10.2307/145728 Murphy, 1985, Corporate performance and managerial remuneration, Journal of Accounting and Economics, 7, 11, 10.1016/0165-4101(85)90026-6 Murphy, 1986, Incentives, learning, and compensation: A theoretical and empirical investigation of managerial labor contracts, Rand Journal of Economics, 17, 59, 10.2307/2555628 Murphy, 1991, Financial performance over CEO careers: An empirical investigation Noreen, 1981, Equilibrium warrant pricing models and accounting for stock options, Journal of Accounting Research, 19, 384, 10.2307/2490872 Peltzman, 1993, Brookings Papers on Economic Activity (Microeconomics), 63 Rose, 1994, Firm diversification and CEO compensation: Managerial ability or executive entrenchment?, NBER working paper no. 4723 Rosen, 1982, Authority, control, and the distribution of earnings, Bell Journal of Economics, 13, 311, 10.2307/3003456 Rosen, 1990, Contracts and the market for executives, NBER working paper no. 3542 Shleifer, 1988, Value maximization and the acquisition process, Journal of Economic Literature, 2, 7 Simon, 1957, The compensation of executives, Sociometry, 20, 32, 10.2307/2786111 Sloan, 1993, Accounting earnings and top executive compensation, Journal of Accounting and Economics, 16, 55, 10.1016/0165-4101(93)90005-Z Smith, 1992, The investment opportunity set and corporate financing, dividend and compensation policies, Journal of Financial Economics, 32, 263, 10.1016/0304-405X(92)90029-W Warner, 1988, Stock prices and top management changes, Journal of Financial Economics, 20, 461, 10.1016/0304-405X(88)90054-2 Weisbach, 1988, Outside directors and CEO turnover, Journal of Financial Economics, 20, 431, 10.1016/0304-405X(88)90053-0