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CEO pay, firm size, and corporate performance: evidence from Canada

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  • Xianming Zhou
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    Abstract

    Executive compensation of 755 Canadian firms is examined over the period 1991-95, and evidence is obtained consistent with previous studies: CEO pay rises with firm size and compensation is tied to company performance. In addition, executives in utilities earn lower pay, and their compensation is less responsive to performance, than is true for their counterparts in other industries. Some novel findings are also documented. First, the sales elasticity of CEO compensation is greater in larger firms. Second, while CEO turnover probability is generally negatively related to the firm's stock performance, the threat of dismissal appear to be less pronounced in small firms.

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    Bibliographic Info

    Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

    Volume (Year): 33 (2000)
    Issue (Month): 1 (February)
    Pages: 213-251

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    Handle: RePEc:cje:issued:v:33:y:2000:i:1:p:213-251

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    Cited by:
    1. Humphery-Jenner, M., 2011. "Internal and External Discipline Following Securities Class Actions," Discussion Paper 2011-044, Tilburg University, Center for Economic Research.
    2. Kato, Takao & Long, Cheryl, 2006. "CEO turnover, firm performance, and enterprise reform in China: Evidence from micro data," Journal of Comparative Economics, Elsevier, vol. 34(4), pages 796-817, December.
    3. Chen, Jing & Ezzamel, Mahmoud & Cai, Ziming, 2011. "Managerial power theory, tournament theory, and executive pay in China," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 1176-1199, September.
    4. Duffhues, Pieter & Kabir, Rezaul, 2008. "Is the pay-performance relationship always positive: Evidence from the Netherlands," Journal of Multinational Financial Management, Elsevier, vol. 18(1), pages 45-60, February.
    5. Kato, Takao & Long, Cheryl, 2006. "CEO Turnover, Firm Performance and Enterprise Reform in China: Evidence from New Micro Data," IZA Discussion Papers 1914, Institute for the Study of Labor (IZA).
    6. Powers, Eric A., 2005. "Interpreting logit regressions with interaction terms: an application to the management turnover literature," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 504-522, June.
    7. Fumitoshi Mizutani & Eri Nakamura, 2014. "Managerial incentive, organizational slack, and performance: empirical analysis of Japanese firms’ behavior," Journal of Management and Governance, Springer, vol. 18(1), pages 245-284, February.
    8. Cornell, Bradford, 2004. "Compensation and recruiting: private universities versus private corporations," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 37-52, January.

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