Board social capital and excess CEO returns
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Steve Sauerwald & Mike Peng, 2013. "Informal institutions, shareholder coalitions, and principal–principal conflicts," Asia Pacific Journal of Management, Springer, vol. 30(3), pages 853-870, September.
- Christopher Marquis & Gerald F. Davis & Mary Ann Glynn, 2013. "Golfing Alone? Corporations, Elites, and Nonprofit Growth in 100 American Communities," Organization Science, INFORMS, vol. 24(1), pages 39-57, February.
- Encinosa III, William E. & Gaynor, Martin & Rebitzer, James B., 2007.
"The sociology of groups and the economics of incentives: Theory and evidence on compensation systems,"
Journal of Economic Behavior & Organization, Elsevier, vol. 62(2), pages 187-214, February.
- William E. Encinosa, III & Martin Gaynor & James B. Rebitzer, "undated". "The Sociology of Groups and the Economics of Incentives: Theory and Evidence on Compensation Systems," GSIA Working Papers 49, Carnegie Mellon University, Tepper School of Business.
- William E. Encinosa III & Martin Gaynor & James B. Rebitzer, 1997. "The Sociology of Groups and the Economics of Incentives: Theory and Evidence on Compensation Systems," NBER Working Papers 5953, National Bureau of Economic Research, Inc.
- Encinosa III, William E. & Gaynor, Martin & Rebitzer, James B., 2005. "The Sociology of Groups and the Economics of Incentives: Theory and Evidence on Compensation Systems," IZA Discussion Papers 1851, Institute of Labor Economics (IZA).
- Eugene Kang & Mark Kroll, 2014. "Deciding Who Will Rule: Examining the Influence of Outside Noncore Directors on Executive Entrenchment," Organization Science, INFORMS, vol. 25(6), pages 1662-1683, December.
- Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
- McCahery, J.A. & Sautner, Z., 2011. "Institutional Investor Preferences and Executive Compensation (replaced by CentER DP 2012-004)," Discussion Paper 2011-103, Tilburg University, Center for Economic Research.
- James B. Wade & Charles A. O'Reilly & Timothy G. Pollock, 2006. "Overpaid CEOs and Underpaid Managers: Fairness and Executive Compensation," Organization Science, INFORMS, vol. 17(5), pages 527-544, October.
- John A. Pearce & Shaker A. Zahra, 1991. "The relative power of ceos and boards of directors: Associations with corporate performance," Strategic Management Journal, Wiley Blackwell, vol. 12(2), pages 135-153, February.
- Core, John E. & Guay, Wayne & Larcker, David F., 2008. "The power of the pen and executive compensation," Journal of Financial Economics, Elsevier, vol. 88(1), pages 1-25, April.
- Bebchuk, Lucian Arye & Fried, Jesse & Walker, David I, 2002.
"Managerial Power and Rent Extraction in the Design of Executive Compensation,"
CEPR Discussion Papers
3558, C.E.P.R. Discussion Papers.
- Lucian Arye Bebchuk & Jesse M. Fried & David I. Walker, 2002. "Managerial Power and Rent Extraction in the Design of Executive Compensation," NBER Working Papers 9068, National Bureau of Economic Research, Inc.
- Mike W. Peng, 2004. "Outside directors and firm performance during institutional transitions," Strategic Management Journal, Wiley Blackwell, vol. 25(5), pages 453-471, May.
- Bizjak, John M. & Lemmon, Michael L. & Naveen, Lalitha, 2008. "Does the use of peer groups contribute to higher pay and less efficient compensation?," Journal of Financial Economics, Elsevier, vol. 90(2), pages 152-168, November.
- Eisenberg, Melvin, 1999. "Corporate Law, Social Norms and Belief Systems," Berkeley Olin Program in Law & Economics, Working Paper Series qt1dh3j8qj, Berkeley Olin Program in Law & Economics.
- Marco Becht & Julian Franks & Colin Mayer & Stefano Rossi, 2010.
"Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund,"
The Review of Financial Studies, Society for Financial Studies, vol. 23(3), pages 3093-3129, March.
- Marco Becht & Julian Franks & Colin Mayer & Stefano Rossi, 2009. "Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund," The Review of Financial Studies, Society for Financial Studies, vol. 22(8), pages 3093-3129, August.
- Marco Becht & Julian Franks & Colin Mayer & Stefano Rossi, 2010. "Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund," NBER Chapters, in: Corporate Governance, National Bureau of Economic Research, Inc.
- Colin Mayer & Marco Becht, 2008. "Returns to Shareholder Activism Evidence from a Clinical Study of the Hermes U.K. Focus Fund," Economics Series Working Papers 2008fe07, University of Oxford, Department of Economics.
- Anil Shivdasani & David Yermack, 1999. "CEO Involvement in the Selection of New Board Members: An Empirical Analysis," Journal of Finance, American Finance Association, vol. 54(5), pages 1829-1853, October.
- Fahlenbrach, Rüdiger & Low, Angie & Stulz, René M., 2010.
"Why do firms appoint CEOs as outside directors?,"
Journal of Financial Economics, Elsevier, vol. 97(1), pages 12-32, July.
- Fahlenbrach, Rudiger & Low, Angie & Stulz, Rene, 2008. "Why Do Firms Appoint CEOs as Outside Directors?," Working Paper Series 2008-10, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Adair Morse & Vikram Nanda & Amit Seru, 2011. "Are Incentive Contracts Rigged by Powerful CEOs?," Journal of Finance, American Finance Association, vol. 66(5), pages 1779-1821, October.
- repec:bla:jfinan:v:58:y:2003:i:3:p:1087-1112 is not listed on IDEAS
- Eliezer M. Fich & Anil Shivdasani, 2006. "Are Busy Boards Effective Monitors?," Journal of Finance, American Finance Association, vol. 61(2), pages 689-724, April.
- Steen Thomsen & Torben Pedersen, 2000. "Ownership structure and economic performance in the largest european companies," Strategic Management Journal, Wiley Blackwell, vol. 21(6), pages 689-705, June.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- Katalin Takacs Haynes & Amy Hillman, 2010. "The effect of board capital and CEO power on strategic change," Strategic Management Journal, Wiley Blackwell, vol. 31(11), pages 1145-1163, November.
- Paul Kalyta, 2009. "Compensation transparency and managerial opportunism: a study of supplemental retirement plans," Strategic Management Journal, Wiley Blackwell, vol. 30(4), pages 405-423, April.
- Gibbons, Robert & Murphy, Kevin J, 1992.
"Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence,"
Journal of Political Economy, University of Chicago Press, vol. 100(3), pages 468-505, June.
- Murphy, K.J. & Gibbons, R., 1990. "Optimal Incentive Contracts in the Presence of Career Concerns : Theory and Evidence," Papers 90-09, Rochester, Business - Managerial Economics Research Center.
- Gibbons, R. & Murphy, K.J., 1990. "Optimal Incentive Contracts In The Presence Of Career Concerns: Theory And Evidence," Working papers 563, Massachusetts Institute of Technology (MIT), Department of Economics.
- Robert Gibbons & Kevin J. Murphy, 1991. "Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence," NBER Working Papers 3792, National Bureau of Economic Research, Inc.
- Brian K. Boyd, 1994. "Board control and ceo compensation," Strategic Management Journal, Wiley Blackwell, vol. 15(5), pages 335-344, June.
- Bruce Kogut, 2000. "The network as knowledge: generative rules and the emergence of structure," Strategic Management Journal, Wiley Blackwell, vol. 21(3), pages 405-425, March.
- Renneboog, Luc & Zhao, Yang, 2011.
"Us knows us in the UK: On director networks and CEO compensation,"
Journal of Corporate Finance, Elsevier, vol. 17(4), pages 1132-1157, September.
- Renneboog, L.D.R. & Zhao, Y., 2011. "Us Knows Us in the UK : On Director Networks and CEO Compensation," Other publications TiSEM dcb822fd-55f8-4000-9bf5-e, Tilburg University, School of Economics and Management.
- Renneboog, L.D.R. & Zhao, Y., 2011. "Us Knows Us in the UK : On Director Networks and CEO Compensation," Discussion Paper 2011-014, Tilburg University, Center for Economic Research.
- Michael C. Withers & Kevin G. Corley & Amy J. Hillman, 2012. "Stay or Leave: Director Identities and Voluntary Exit from the Board During Organizational Crisis," Organization Science, INFORMS, vol. 23(3), pages 835-850, June.
- David H. Zhu, 2014. "Group Polarization in Board Decisions About CEO Compensation," Organization Science, INFORMS, vol. 25(2), pages 552-571, April.
- Kenneth J. Rediker & Anju Seth, 1995. "Boards of directors and substitution effects of alternative governance mechanisms," Strategic Management Journal, Wiley Blackwell, vol. 16(2), pages 85-99.
- Robert L. Lippert & William T. Moore, 1995. "Monitoring Versus Bonding: Shareholder Rights and Management Compensation," Financial Management, Financial Management Association, vol. 24(3), Fall.
- Timothy B. Palmer & Robert M. Wiseman, 1999. "Decoupling risk taking from income stream uncertainty: a holistic model of risk," Strategic Management Journal, Wiley Blackwell, vol. 20(11), pages 1037-1062, November.
- Del Guercio, Diane & Seery, Laura & Woidtke, Tracie, 2008. "Do boards pay attention when institutional investor activists "just vote no"?," Journal of Financial Economics, Elsevier, vol. 90(1), pages 84-103, October.
- William B. Stevenson & Robert F. Radin, 2009. "Social Capital and Social Influence on the Board of Directors," Journal of Management Studies, Wiley Blackwell, vol. 46(1), pages 16-44, January.
- Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
- repec:bla:jfinan:v:59:y:2004:i:5:p:2281-2308 is not listed on IDEAS
- Jensen, Michael C & Murphy, Kevin J, 1990.
"Performance Pay and Top-Management Incentives,"
Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-264, April.
- Jensen, M.C. & Murphy, K.J., 1988. "Performance Pay And Top Management Incentives," Papers 88-04, Rochester, Business - Managerial Economics Research Center.
- S. Certo & Catherine Dalton & Dan Dalton & Richard Lester, 2008. "Boards of Directors’ Self Interest: Expanding for Pay in Corporate Acquisitions?," Journal of Business Ethics, Springer, vol. 77(2), pages 219-230, January.
- Edward J. Zajac & James D. Westphal, 1994. "The Costs and Benefits of Managerial Incentives and Monitoring in Large U.S. Corporations: When is More not Better?," Strategic Management Journal, Wiley Blackwell, vol. 15(S1), pages 121-142, December.
- Kee H. Chung & Stephen W. Pruitt, 1994. "A Simple Approximation of Tobin's q," Financial Management, Financial Management Association, vol. 23(3), Fall.
- Dittmann, Ingolf & Maug, Ernst & Zhang, Dan, 2011. "Restricting CEO pay," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 1200-1220, September.
- Core, John E. & Holthausen, Robert W. & Larcker, David F., 1999. "Corporate governance, chief executive officer compensation, and firm performance," Journal of Financial Economics, Elsevier, vol. 51(3), pages 371-406, March.
- Coles, Jeffrey L. & Daniel, Naveen D. & Naveen, Lalitha, 2008. "Boards: Does one size fit all," Journal of Financial Economics, Elsevier, vol. 87(2), pages 329-356, February.
- Jay C. Hartzell & Laura T. Starks, 2003. "Institutional Investors and Executive Compensation," Journal of Finance, American Finance Association, vol. 58(6), pages 2351-2374, December.
- Marianne Bertrand & Sendhil Mullainathan, 2001. "Are CEOs Rewarded for Luck? The Ones Without Principals Are," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 116(3), pages 901-932.
- Scott Johnson & Karen Schnatterly & Joel F. Bolton & Chris Tuggle, 2011. "Antecedents of New Director Social Capital," Journal of Management Studies, Wiley Blackwell, vol. 48(8), pages 1782-1803, December.
- Michael W. Morris & Joel Podolny & Bilian Ni Sullivan, 2008. "Culture and Coworker Relations: Interpersonal Patterns in American, Chinese, German, and Spanish Divisions of a Global Retail Bank," Organization Science, INFORMS, vol. 19(4), pages 517-532, August.
- Masulis, Ronald W. & Mobbs, Shawn, 2014. "Independent director incentives: Where do talented directors spend their limited time and energy?," Journal of Financial Economics, Elsevier, vol. 111(2), pages 406-429.
- Jarrad Harford & Kai Li, 2007. "Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs," Journal of Finance, American Finance Association, vol. 62(2), pages 917-949, April.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Manika Kohli, 2018. "Impact of Ownership Type and Board Characteristics on the Pay–Performance Relationship: Evidence from India," Indian Journal of Corporate Governance, , vol. 11(1), pages 1-34, June.
- Stacey Beaumont & Raluca Ratiu & David Reeb & Glenn Boyle & Philip Brown & Alexander Szimayer & Raymond Silva Rosa & David Hillier & Patrick McColgan & Athanasios Tsekeris & Bryan Howieson & Zoltan Ma, 2016. "Comments on Shan and Walter: ‘Towards a Set of Design Principles for Executive Compensation Contracts’," Abacus, Accounting Foundation, University of Sydney, vol. 52(4), pages 685-771, December.
- Sun, Jerry & Cahan, Steven F. & Emanuel, David, 2009. "Compensation committee governance quality, chief executive officer stock option grants, and future firm performance," Journal of Banking & Finance, Elsevier, vol. 33(8), pages 1507-1519, August.
- Peter Jaskiewicz & Joern H. Block & James G. Combs & Danny Miller, 2017. "The Effects of Founder and Family Ownership on Hired CEOs’ Incentives and Firm Performance," Entrepreneurship Theory and Practice, , vol. 41(1), pages 73-103, January.
- Chen, Chao-Jung & Hsu, Chung-Yuan & Chen, Yu-Lin, 2014. "The impact of family control on the top management compensation mix and incentive orientation," International Review of Economics & Finance, Elsevier, vol. 32(C), pages 29-46.
- Feito-Ruiz, Isabel & Renneboog, Luc, 2017.
"Takeovers and (excess) CEO compensation,"
Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 50(C), pages 156-181.
- Feito Ruiz, Isabel & Renneboog, Luc, 2017. "Takeovers and (Excess) CEO Compensation," Discussion Paper 2017-039, Tilburg University, Center for Economic Research.
- Feito Ruiz, Isabel & Renneboog, Luc, 2017. "Takeovers and (Excess) CEO Compensation," Other publications TiSEM bc25bf54-3420-49cc-8452-c, Tilburg University, School of Economics and Management.
- Feito Ruiz, Isabel & Renneboog, Luc, 2017. "Takeovers and (excess) CEO compensation," Other publications TiSEM e5de16dd-cf66-41af-9b3f-2, Tilburg University, School of Economics and Management.
- Chongwoo Choe & Gloria Tian & Xiangkang Yin, 2008.
"Managerial Power, Stock-Based Compensation, And Firm Performance: Theory And Evidence,"
Monash Economics Working Papers
21/08, Monash University, Department of Economics.
- Choe, Chongwoo & Tian, Gloria & Yin, Xiangkang, 2009. "Managerial Power, Stock-Based Compensation, and Firm Performance: Theory and Evidence," MPRA Paper 13449, University Library of Munich, Germany.
- Gregorio Sánchez‐Marín & María Encarnación Lucas‐Pérez & Samuel Baixauli‐Soler & Brian G.M. Main & Antonio Mínguez‐Vera, 2022. "Excess executive compensation and corporate governance in the United Kingdom and Spain: A comparative analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(7), pages 2817-2837, October.
- Etienne Redor, 2016. "Board attributes and shareholder wealth in mergers and acquisitions: a survey of the literature," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 20(4), pages 789-821, December.
- James, Hui L. & Benson, Bradley W. & Park, Jung Chul, 2020. "CEO fixed effects and inside debt compensation," Journal of Business Research, Elsevier, vol. 117(C), pages 71-86.
- Goh, Lisa & Gupta, Aditi, 2016. "Remuneration of non-executive directors: Evidence from the UK," The British Accounting Review, Elsevier, vol. 48(3), pages 379-399.
- Volonté, Christophe, 2015.
"Boards: Independent and committed directors?,"
International Review of Law and Economics, Elsevier, vol. 41(C), pages 25-37.
- Gantenbein, Pascal & Volonté, Christophe, 2011. "Boards: Independent and Committed Directors?," Working papers 2011/12, Faculty of Business and Economics - University of Basel.
- Sautner, Zacharias & Weber, Martin, 2005.
"Corporate governance and the design of stock option programs,"
Papers
05-32, Sonderforschungsbreich 504.
- Sautner, Zacharias & Weber, Martin, 2005. "Corporate Governance and the Design of Stock Option Programs," Sonderforschungsbereich 504 Publications 05-32, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- Chen, Jie & Song, Wei & Goergen, Marc, 2019.
"Passing the dividend baton: The impact of dividend policy on new CEOs' initial compensation,"
Journal of Corporate Finance, Elsevier, vol. 56(C), pages 458-481.
- Jie Chen & Wei Song & Marc Goergen, 2018. "Passing the dividend baton: The impact of dividend policy on new CEOs' initial compensation," Working Papers 2018-18, Swansea University, School of Management.
- Marwa Elnahass & Kamil Omoteso & Aly Salama & Vu Quang Trinh, 2020. "Differential market valuations of board busyness across alternative banking models," Review of Quantitative Finance and Accounting, Springer, vol. 55(1), pages 201-238, July.
- Stefan Winter & Philip Michels, 2019. "The managerial power approach: Is it testable?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 23(3), pages 637-668, September.
- Andres, Christian & Fernau, Erik & Theissen, Erik, 2014.
"Should I stay or should I go? Former CEOs as monitors,"
Journal of Corporate Finance, Elsevier, vol. 28(C), pages 26-47.
- Andres, Christian & Fernau, Erik & Theissen, Erik, 2013. "Should I stay or should I go? Former CEOs as monitors," CFR Working Papers 12-02 [rev.], University of Cologne, Centre for Financial Research (CFR).
- Hongfei Tang, 2014. "Are CEO stock option grants optimal? Evidence from family firms and non-family firms around the Sarbanes–Oxley Act," Review of Quantitative Finance and Accounting, Springer, vol. 42(2), pages 251-292, February.
- Justin Law & Wayne Yu, 2018. "Corporate spinoffs and executive compensation," Frontiers of Business Research in China, Springer, vol. 12(1), pages 1-25, December.
- Fernández Méndez, Carlos & Pathan, Shams & Arrondo García, Rubén, 2015. "Monitoring capabilities of busy and overlap directors: Evidence from Australia," Pacific-Basin Finance Journal, Elsevier, vol. 35(PA), pages 444-469.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:stratm:v:37:y:2016:i:3:p:498-520. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://onlinelibrary.wiley.com/journal/10.1111/0143-2095 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.