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Corporate spinoffs and executive compensation

Author

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  • Justin Law

    (The Hong Kong Polytechnic University)

  • Wayne Yu

    (City University of Hong Kong)

Abstract

This paper investigates the impact of corporate spinoffs on executive compensation. We find no significant association between executive compensation and stock returns prior to spinoffs, but a significant positive association between the two afterwards. We also find evidence that corporate governance generally improves after the spinoff. In addition, the positive association between executive compensation and stock returns is more pronounced for firms with greater improvements in their corporate governance. Overall, our findings support the notion that spinoffs create value by reducing agency costs.

Suggested Citation

  • Justin Law & Wayne Yu, 2018. "Corporate spinoffs and executive compensation," Frontiers of Business Research in China, Springer, vol. 12(1), pages 1-25, December.
    • Handle: RePEc:spr:fobric:v:12:y:2018:i:1:d:10.1186_s11782-018-0043-9
    DOI: 10.1186/s11782-018-0043-9
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    More about this item

    Keywords

    Spinoffs; Corporate governance; CEO compensation;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods

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