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Executive compensation and managerial incentives: A comparison between Canada and the United States1

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  • Zhou, Xianming

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  • Zhou, Xianming, 1999. "Executive compensation and managerial incentives: A comparison between Canada and the United States1," Journal of Corporate Finance, Elsevier, vol. 5(3), pages 277-301, September.
  • Handle: RePEc:eee:corfin:v:5:y:1999:i:3:p:277-301
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    1. Smith, Clifford Jr. & Watts, Ross L., 1992. "The investment opportunity set and corporate financing, dividend, and compensation policies," Journal of Financial Economics, Elsevier, vol. 32(3), pages 263-292, December.
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    3. Lewellen, Wilbur G & Huntsman, Blaine, 1970. "Managerial Pay and Corporate Performance," American Economic Review, American Economic Association, vol. 60(4), pages 710-720, September.
    4. Kaplan, Steven N, 1994. "Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 510-546, June.
    5. Kato, Takao & Rockel, Mark, 1992. "Experiences, credentials, and compensation in the Japanese and U.S. managerial labor markets: Evidence from new micro data," Journal of the Japanese and International Economies, Elsevier, vol. 6(1), pages 30-51, March.
    6. Hubbard, R. Glenn & Palia, Darius, 1995. "Executive pay and performance Evidence from the U.S. banking industry," Journal of Financial Economics, Elsevier, vol. 39(1), pages 105-130, September.
    7. Paul L. Joskow & Nancy L. Rose & Catherine Wolfram, 1996. "Political Constraints on Executive Compensation: Evidence from the Electric Utility Industry," RAND Journal of Economics, The RAND Corporation, vol. 27(1), pages 165-182, Spring.
    8. Masson, Robert Tempest, 1971. "Executive Motivations, Earnings, and Consequent Equity Performance," Journal of Political Economy, University of Chicago Press, vol. 79(6), pages 1278-1292, Nov.-Dec..
    9. Murphy, Kevin J., 1985. "Corporate performance and managerial remuneration : An empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 11-42, April.
    10. Ross, Stephen A, 1973. "The Economic Theory of Agency: The Principal's Problem," American Economic Review, American Economic Association, vol. 63(2), pages 134-139, May.
    11. Gibbons, Robert & Murphy, Kevin J, 1992. "Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 100(3), pages 468-505, June.
    12. James A. Mirrlees, 1976. "The Optimal Structure of Incentives and Authority Within an Organization," Bell Journal of Economics, The RAND Corporation, vol. 7(1), pages 105-131, Spring.
    13. Coughlan, Anne T. & Schmidt, Ronald M., 1985. "Executive compensation, management turnover, and firm performance : An empirical investigation," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 43-66, April.
    14. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-264, April.
    15. Cosh, Andrew, 1975. "The Remuneration of Chief Executives in the United Kingdom," Economic Journal, Royal Economic Society, vol. 85(337), pages 75-94, March.
    16. Ciscel, David H & Carroll, Thomas M, 1980. "The Determinants of Executive Salaries: An Econometric Survey," The Review of Economics and Statistics, MIT Press, vol. 62(1), pages 7-13, February.
    17. Grossman, Sanford J & Hart, Oliver D, 1983. "An Analysis of the Principal-Agent Problem," Econometrica, Econometric Society, vol. 51(1), pages 7-45, January.
    18. Garen, John E, 1994. "Executive Compensation and Principal-Agent Theory," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1175-1199, December.
    19. Bengt Holmstrom, 1979. "Moral Hazard and Observability," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 74-91, Spring.
    20. Jobson, J D & Korkie, Bob M, 1981. "Performance Hypothesis Testing with the Sharpe and Treynor Measures," Journal of Finance, American Finance Association, vol. 36(4), pages 889-908, September.
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    Cited by:

    1. Xunan Feng & Anders C. Johansson, 2017. "CEO Incentives in Chinese State-Controlled Firms," Economic Development and Cultural Change, University of Chicago Press, vol. 65(2), pages 223-264.
    2. Firth, Michael & Fung, Peter M.Y. & Rui, Oliver M., 2007. "How ownership and corporate governance influence chief executive pay in China's listed firms," Journal of Business Research, Elsevier, vol. 60(7), pages 776-785, July.
    3. Jesper Banghøj & Gorm Gabrielsen & Christian Petersen & Thomas Plenborg, 2010. "Determinants of executive compensation in privately held firms," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 50(3), pages 481-510, September.
    4. Kato, Takao & Kim, Woochan & Lee, Ju Ho, 2007. "Executive compensation, firm performance, and Chaebols in Korea: Evidence from new panel data," Pacific-Basin Finance Journal, Elsevier, vol. 15(1), pages 36-55, January.
    5. Hideaki Sakawa & Naoki Watanabel, 2008. "Relationship between Managerial Compensation and Business Performance in Japan: New Evidence Using Micro Data," Asian Economic Journal, East Asian Economic Association, vol. 22(4), pages 431-455, December.
    6. Firth, Michael & Fung, Peter M.Y. & Rui, Oliver M., 2006. "Corporate performance and CEO compensation in China," Journal of Corporate Finance, Elsevier, vol. 12(4), pages 693-714, September.
    7. Otten, J.A. & Heugens, P.P.M.A.R., 2007. "Extending the Managerial Power Theory of Executive Pay: A Cross National Test," ERIM Report Series Research in Management ERS-2007-090-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    8. Bird, Andrew, 2018. "Taxation and executive compensation: Evidence from stock options," Journal of Financial Economics, Elsevier, vol. 127(2), pages 285-302.
    9. Boyle, Glenn & Roberts, Helen, 2013. "CEO presence on the compensation committee: a puzzle," Journal of Economics and Business, Elsevier, vol. 70(C), pages 16-26.
    10. Unite, Angelo A. & Sullivan, Michael J. & Brookman, Jeffrey & Majadillas, Mary Anne & Taningco, Angelo, 2008. "Executive pay and firm performance in the Philippines," Pacific-Basin Finance Journal, Elsevier, vol. 16(5), pages 606-623, November.
    11. Li, Michelle & Roberts, Helen, 2017. "Director and CEO pay reciprocity and CEO board membership," Journal of Economics and Business, Elsevier, vol. 94(C), pages 54-65.
    12. Her‐Jiun Sheu & Huimin Chung & Chih‐Liang Liu, 2010. "Comprehensive Disclosure of Compensation and Firm Value: The Case of Policy Reforms in an Emerging Market," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(9‐10), pages 1115-1144, November.
    13. Boyle, Glenn & Roberts, Helen, 2010. "Wolves in the Hen-House? The Consequences of Formal CEO Involvement in the Executive Pay-Setting Process," Working Paper Series 4063, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
    14. Stephen G. Sapp, 2008. "The Impact of Corporate Governance on Executive Compensation," European Financial Management, European Financial Management Association, vol. 14(4), pages 710-746, September.

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