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CEO Compensation after Deregulation: The Case of Electric Utilities

Author

Listed:
  • Stephen Bryan

    (Babcock Graduate School of Management, Wake Forest University)

  • Lee-Seok Hwang

    (College of Business Administration, Seoul National University)

  • Steven Lilien

    (Zicklin School of Business, Baruch College, CUNY)

Abstract

The 1992 National Energy Policy Act (NEPA) intensified competition in the electric utility industry by allowing nonutility generators to produce and sell power in wholesale energy markets. Congress expected NEPA to lead to improved operating efficiencies by substituting market forces for regulation. A data set that is unique to the utility industry allows us to test how and whether utility firms reallocated resources to improve efficiencies and, more important for this study, whether CEO compensation changed in accordance with agency theory predictions that CEO compensation would become more incentive-based and more equity-based in the competitive operating environment.

Suggested Citation

  • Stephen Bryan & Lee-Seok Hwang & Steven Lilien, 2005. "CEO Compensation after Deregulation: The Case of Electric Utilities," The Journal of Business, University of Chicago Press, vol. 78(5), pages 1709-1752, September.
    • Handle: RePEc:ucp:jnlbus:v:78:y:2005:i:5:p:1709-1752
    DOI: 10.1086/431440
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    Citations

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    Cited by:

    1. Xiaoyan Liu & William Schmidt, 2022. "Operational Distortion: Compound Effects of Short-Termism and Competition," Management Science, INFORMS, vol. 68(8), pages 5907-5923, August.
    2. Erlane K. Ghani* & Mazni Zulkifli & Rahayu Abdul Rahman, 2019. "Factors Influencing Material Weaknesses in Internal Control Over Financial Reporting in Malaysian Property Companies," The Journal of Social Sciences Research, Academic Research Publishing Group, vol. 5(2), pages 559-568, 02-2019.
    3. Petrov, Ivam & Chirkova, Evgeniya, 2012. "The Stock-Based Compensation Plans for Top Managemen," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 1-17.
    4. Pollock, Susan & Switzer, Lorne N. & Wang, Jun, 2023. "The dynamics of CEO equity vs. inside debt and firm performance," Research in International Business and Finance, Elsevier, vol. 64(C).
    5. Hu, Fang & Tan, Weiqiang & Xin, Qingquan & Yang, Sixian, 2013. "How do market forces affect executive compensation in Chinese state-owned enterprises?," China Economic Review, Elsevier, vol. 25(C), pages 78-87.

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