IDEAS home Printed from https://ideas.repec.org/a/ucp/jnlbus/v78y2005i5p1709-1752.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1086/431440
    File Function: main text
    Download Restriction: Access to the online full text or PDF requires a subscription.
    File URL: https://libkey.io/10.1086/431440?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. 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.
    3. Xiaoyan Liu & William Schmidt, 2022. "Operational Distortion: Compound Effects of Short-Termism and Competition," Management Science, INFORMS, vol. 68(8), pages 5907-5923, August.
    4. 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.
    5. 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).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ucp:jnlbus:v:78:y:2005:i:5:p:1709-1752. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Journals Division (email available below). General contact details of provider: https://www.jstor.org/journal/jbusiness .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.