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What influences the Changes in REIT CEO Compensation?: Evidence from Panel Data

Author

Listed:
  • John M. Griffith

    (Old Dominion University)

  • Mohammad Najand

    (Old Dominion University)

  • H. Shelton Weeks

    (Florida Gulf Coast University)

Abstract

This study examines what influences the changes in REIT CEO compensation using the following performance measures: average three-year total returns to shareholders, market value added, Tobin's q, and change in funds from operations. In addition, we examine the impact of managerial power on the change in compensation. Unbalanced panel data is employed to capture both the time-series and cross-sectional effects. The empirical evidence indicates that firm performance and size do not influence the change in CEO salary, while risk, tenure, title, ownership, and age have significant impacts. Contrary to previous findings and a priori expectations, bonuses are not influenced by risk, size, or CEO power; however, they are influenced by performance. Option awards are affected by performance and CEO power.

Suggested Citation

  • John M. Griffith & Mohammad Najand & H. Shelton Weeks, 2011. "What influences the Changes in REIT CEO Compensation?: Evidence from Panel Data," Journal of Real Estate Research, American Real Estate Society, vol. 33(2), pages 209-232.
    • Handle: RePEc:jre:issued:v:33:n:2:2011:p:209-232
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    Cited by:

    1. S. Price & Jesus Salas & C. Sirmans, 2015. "Governance, Conference Calls and CEO Compensation," The Journal of Real Estate Finance and Economics, Springer, vol. 50(2), pages 181-206, February.
    2. Mamoru Nagano, 2016. "Financing Patterns and Property Acquisitions of Sponsor-backed REITs: Evidence from J-REIT Markets," International Real Estate Review, Global Social Science Institute, vol. 19(2), pages 223-248.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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