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Is there a dark side to incentive compensation?

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  • Denis, David J.
  • Hanouna, Paul
  • Sarin, Atulya

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Corporate Finance.

Volume (Year): 12 (2006)
Issue (Month): 3 (June)
Pages: 467-488

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Handle: RePEc:eee:corfin:v:12:y:2006:i:3:p:467-488

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Web page: http://www.elsevier.com/locate/jcorpfin

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References

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  1. Hendershott, Robert J., 2004. "Net value: wealth creation (and destruction) during the internet boom," Journal of Corporate Finance, Elsevier, vol. 10(2), pages 281-299, March.
  2. 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.
  3. Healy, Paul M., 1985. "The effect of bonus schemes on accounting decisions," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 85-107, April.
  4. Benjamin E. Hermalin & Michael S. Weisbach, 2001. "Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature," NBER Working Papers 8161, National Bureau of Economic Research, Inc.
  5. DeFusco, Richard A & Johnson, Robert R & Zorn, Thomas S, 1990. " The Effect of Executive Stock Option Plans on Stockholders and Bondholders," Journal of Finance, American Finance Association, vol. 45(2), pages 617-27, June.
  6. Robert C. Merton, 1973. "Theory of Rational Option Pricing," Bell Journal of Economics, The RAND Corporation, vol. 4(1), pages 141-183, Spring.
  7. Jensen, M.C. & Murphy, K.J., 1988. "Performance Pay And Top Management Incentives," Papers 88-04, Rochester, Business - Managerial Economics Research Center.
  8. Gaver, Jennifer J. & Gaver, Kenneth M. & Austin, Jeffrey R., 1995. "Additional evidence on bonus plans and income management," Journal of Accounting and Economics, Elsevier, vol. 19(1), pages 3-28, February.
  9. Murphy, Kevin J., 1999. "Executive compensation," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 38, pages 2485-2563 Elsevier.
  10. Holthausen, Robert W. & Larcker, David F. & Sloan, Richard G., 1995. "Annual bonus schemes and the manipulation of earnings," Journal of Accounting and Economics, Elsevier, vol. 19(1), pages 29-74, February.
  11. Edith S. Hotchkiss & Deon Strickland, 2003. "Does Shareholder Composition Matter? Evidence from the Market Reaction to Corporate Earnings Announcements," Journal of Finance, American Finance Association, vol. 58(4), pages 1469-1498, 08.
  12. Brian J. Hall & Jeffrey B. Liebman, 1998. "Are CEOs Really Paid Like Bureaucrats?," The Quarterly Journal of Economics, MIT Press, vol. 113(3), pages 653-691, August.
  13. Melissa B. Frye, 2004. "Equity-Based Compensation for Employees: Firm Performance and Determinants," Journal of Financial Research, Southern Finance Association & Southwestern Finance Association, vol. 27(1), pages 31-54.
  14. Brian J. Hall & Kevin J. Murphy, 2000. "Stock Options for Undiversified Executives," NBER Working Papers 8052, National Bureau of Economic Research, Inc.
  15. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-54, May-June.
  16. Mehran, Hamid, 1995. "Executive compensation structure, ownership, and firm performance," Journal of Financial Economics, Elsevier, vol. 38(2), pages 163-184, June.
  17. Denis, David J. & Denis, Diane K. & Sarin, Atulya, 1997. "Ownership structure and top executive turnover," Journal of Financial Economics, Elsevier, vol. 45(2), pages 193-221, August.
  18. John Core, 2002. "Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility," Journal of Accounting Research, Wiley Blackwell, vol. 40(3), pages 613-630, 06.
  19. Yermack, David, 1995. "Do corporations award CEO stock options effectively?," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 237-269.
  20. Jennifer E. Bethel & Julia Porter Liebeskind & Tim Opler, 1998. "Block Share Purchases and Corporate Performance," Journal of Finance, American Finance Association, vol. 53(2), pages 605-634, 04.
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Citations

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Cited by:
  1. David Bruner & Michael McKee & Rudy Santore, 2008. "Hand in the Cookie Jar: An Experimental Investigation of Equity-based Compensation and Managerial Fraud," Working Papers 08-05, Department of Economics, Appalachian State University.
  2. Chen, Jiandong & Cumming, Douglas & Hou, Wenxuan & Lee, Edward, 2013. "Executive integrity, audit opinion, and fraud in Chinese listed firms," Emerging Markets Review, Elsevier, vol. 15(C), pages 72-91.
  3. Gillan, Stuart L. & Martin, John D., 2007. "Corporate governance post-Enron: Effective reforms, or closing the stable door?," Journal of Corporate Finance, Elsevier, vol. 13(5), pages 929-958, December.
  4. Minnick, Kristina & Rosenthal, Leonard, 2014. "Stealth compensation: Do CEOs increase their pay by influencing dividend policy?," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 435-454.
  5. Anastasia Danilov & Torsten Biemann & Thorn Kring & Dirk Sliwka, 2012. "The dark side of team incentives: Experimental evidence on advice quality from financial service professionals," Cologne Graduate School Working Paper Series 03-13, Cologne Graduate School in Management, Economics and Social Sciences, revised 18 Dec 2012.
  6. Illoong Kwon & Katherine Guthrie & Jan Sokolowsky, 2008. "On the Objective of Corporate Boards: Theory and Evidence," Discussion Papers 08-08, University at Albany, SUNY, Department of Economics.
  7. Wenxuan Hou & Geoff Moore, 2010. "Player and Referee Roles Held Jointly: The Effect of State Ownership on China’s Regulatory Enforcement Against Fraud," Journal of Business Ethics, Springer, vol. 95(2), pages 317-335, September.
  8. Tim R. Adam & Chitru S. Fernando & Jesus M. Salas, 2012. "Why Do Firms Engage in Selective Hedging?," SFB 649 Discussion Papers SFB649DP2012-019, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  9. Brick, Ivan E. & Chidambaran, N.K., 2010. "Board meetings, committee structure, and firm value," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 533-553, September.
  10. Igor Filatotchev & Gregory Jackson & Chizu Nakajima, 2013. "Corporate governance and national institutions: A review and emerging research agenda," Asia Pacific Journal of Management, Springer, vol. 30(4), pages 965-986, December.
  11. Chen, Gongmeng & Firth, Michael & Gao, Daniel N. & Rui, Oliver M., 2006. "Ownership structure, corporate governance, and fraud: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 12(3), pages 424-448, June.
  12. Bryan, Stephen & Nash, Robert & Patel, Ajay, 2006. "Can the agency costs of debt and equity explain the changes in executive compensation during the 1990s?," Journal of Corporate Finance, Elsevier, vol. 12(3), pages 516-535, June.
  13. Cohen, Jeffrey & Ding, Yuan & Lesage, Cedric & Stolowy, Hervé, 2008. "The role of managers’ behavior in corporate fraud," Les Cahiers de Recherche 900, HEC Paris.
  14. Crutchley, Claire E. & Minnick, Kristina, 2012. "Cash versus incentive compensation: Lawsuits and director pay," Journal of Business Research, Elsevier, vol. 65(7), pages 907-913.
  15. Nogata, Daisuke & Uchida, Konari & Goto, Naohisa, 2011. "Is corporate governance important for regulated firms' shareholders?: Evidence from Japanese mergers and acquisitions," Journal of Economics and Business, Elsevier, vol. 63(1), pages 46-68, January.
  16. McTier, Brian C. & Wald, John K., 2011. "The causes and consequences of securities class action litigation," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 649-665, June.
  17. Engesaeth, E.J.P., 2011. "Managerial compensation contracting," Open Access publications from Tilburg University urn:nbn:nl:ui:12-4807459, Tilburg University.
  18. Fiordelisi, Franco & Meles, Antonio & Monferrà, Stefano & Starita, Maria Grazia, 2013. "Personal vs. Corporate Goals: Why do Insurance Companies Manage Loss Reserves?," MPRA Paper 47867, University Library of Munich, Germany.
  19. Jeffrey Cohen & Yuan Ding & Cédric Lesage & Hervé Stolowy, 2010. "Corporate Fraud and Managers’ Behavior: Evidence from the Press," Journal of Business Ethics, Springer, vol. 95(2), pages 271-315, September.
  20. Elyasiani, Elyas & Jia, Jingyi, 2010. "Distribution of institutional ownership and corporate firm performance," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 606-620, March.
  21. Robert Jones & Yan Wu, 2010. "Executive compensation, earnings management and shareholder litigation," Review of Quantitative Finance and Accounting, Springer, vol. 35(1), pages 1-20, July.

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