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Does managerial compensation influence price efficiency?

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  • Huang, Hung-Yi
  • Yan, Cheng
  • Ho, Kung-Cheng

Abstract

We examine the effects of managerial compensation (i.e., inside debt holdings of chief executive officer, CEO) on price efficiency, proxied by the measures of stock price delay. Based on a sample of 2617 firm-year observations for the 2006–2017 period, we find that CEO inside debt holdings have a significant positive effect on price efficiency. Furthermore, we find that stock liquidity plays a critical role in the effect of inside debt on price efficiency. Moreover, our study underscores the importance of CEO characteristics for understanding the relationship between CEO inside debt holdings and price efficiency. Consistent with our expectation, additional analyses show that this positive association is stronger for firms managed by CEOs who are male, older, and have longer tenure. Our study deepens the understanding of how managerial compensation shapes managerial incentives and offers insights to policymakers interested in enhancing price efficiency in shaping managerial incentives.

Suggested Citation

  • Huang, Hung-Yi & Yan, Cheng & Ho, Kung-Cheng, 2022. "Does managerial compensation influence price efficiency?," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    • Handle: RePEc:eee:pacfin:v:74:y:2022:i:c:s0927538x22000890
    DOI: 10.1016/j.pacfin.2022.101794
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    2. Dmytro Osiichuk, 2022. "The Driver of Workplace Alienation or the Cost of Effective Stewardship? The Consequences of Wage Gap for Corporate Performance," Sustainability, MDPI, vol. 14(13), pages 1-26, June.

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    More about this item

    Keywords

    Price efficiency; Inside debt; Stock liquidity; Price delay; Managerial compensation;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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