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Changes in CEO compensation structure and the impact on firm performance following CEO turnover

Author

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  • David Blackwell

    ()

  • Donna Dudney

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  • Kathleen Farrell

    ()

Abstract

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Suggested Citation

  • David Blackwell & Donna Dudney & Kathleen Farrell, 2007. "Changes in CEO compensation structure and the impact on firm performance following CEO turnover," Review of Quantitative Finance and Accounting, Springer, vol. 29(3), pages 315-338, October.
  • Handle: RePEc:kap:rqfnac:v:29:y:2007:i:3:p:315-338
    DOI: 10.1007/s11156-007-0034-y
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    File URL: http://hdl.handle.net/10.1007/s11156-007-0034-y
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    References listed on IDEAS

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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.
    2. Blackwell, David W. & Brickley, James A. & Weisback, Michael S., 1994. "Accounting information and internal performance evaluation : Evidence from Texas banks," Journal of Accounting and Economics, Elsevier, vol. 17(3), pages 331-358, May.
    3. M. Cary Collins & David W. Blackwell & Joseph F. Sinkey & Jr., 1995. "The Relationship Between Corporate Compensation Policies and Investment Opportunities: Empirical Evidence for Large Bank Holding Companies," Financial Management, Financial Management Association, vol. 24(3), Fall.
    4. Parrino, Robert, 1997. "CEO turnover and outside succession A cross-sectional analysis," Journal of Financial Economics, Elsevier, vol. 46(2), pages 165-197, November.
    5. Warner, Jerold B. & Watts, Ross L. & Wruck, Karen H., 1988. "Stock prices and top management changes," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 461-492, January.
    6. Jennifer J. Gaver & Kenneth M. Gaver, 1995. "Compensation Policy and the Investment Opportunity Set," Financial Management, Financial Management Association, vol. 24(1), Spring.
    7. Allgood, Sam & Farrell, Kathleen A, 2000. "The Effect of CEO Tenure on the Relation between Firm Performance and Turnover," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 23(3), pages 373-390, Fall.
    8. Mehran, Hamid, 1995. "Executive compensation structure, ownership, and firm performance," Journal of Financial Economics, Elsevier, vol. 38(2), pages 163-184, June.
    9. Bizjak, John M. & Brickley, James A. & Coles, Jeffrey L., 1993. "Stock-based incentive compensation and investment behavior," Journal of Accounting and Economics, Elsevier, vol. 16(1-3), pages 349-372, April.
    10. 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.
    11. Hermalin, Benjamin E & Weisbach, Michael S, 1998. "Endogenously Chosen Boards of Directors and Their Monitoring of the CEO," American Economic Review, American Economic Association, vol. 88(1), pages 96-118, March.
    12. Chung, Kee H. & Pruitt, Stephen W., 1996. "Executive ownership, corporate value, and executive compensation: A unifying framework," Journal of Banking & Finance, Elsevier, vol. 20(7), pages 1135-1159, August.
    13. Core, John E. & Larcker, David F., 2002. "Performance consequences of mandatory increases in executive stock ownership," Journal of Financial Economics, Elsevier, vol. 64(3), pages 317-340, June.
    14. Huson, Mark R. & Malatesta, Paul H. & Parrino, Robert, 2004. "Managerial succession and firm performance," Journal of Financial Economics, Elsevier, vol. 74(2), pages 237-275, November.
    15. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
    16. Gilson, Stuart C., 1989. "Management turnover and financial distress," Journal of Financial Economics, Elsevier, vol. 25(2), pages 241-262, December.
    17. 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.
    18. Denis, David J & Denis, Diane K, 1995. " Performance Changes Following Top Management Dismissals," Journal of Finance, American Finance Association, vol. 50(4), pages 1029-1057, September.
    19. Yermack, David, 1995. "Do corporations award CEO stock options effectively?," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 237-269.
    20. Brian J. Hall & Jeffrey B. Liebman, 1998. "Are CEOs Really Paid Like Bureaucrats?," The Quarterly Journal of Economics, Oxford University Press, vol. 113(3), pages 653-691.
    21. Murphy, Kevin J. & Zimmerman, Jerold L., 1993. "Financial performance surrounding CEO turnover," Journal of Accounting and Economics, Elsevier, vol. 16(1-3), pages 273-315, April.
    22. Fama, Eugene F. & French, Kenneth R., 1986. "Common Factors in the Serial Correlation of Stock Returns," University of California at Los Angeles, Anderson Graduate School of Management qt2jf8r7n7, Anderson Graduate School of Management, UCLA.
    23. 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.
    24. Lewellen, Wilbur & Loderer, Claudio & Martin, Kenneth, 1987. "Executive compensation and executive incentive problems : An empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 9(3), pages 287-310, December.
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    Citations

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    Cited by:

    1. Carlos Jiménez-Angueira & Nathan Stuart, 2015. "Relative performance evaluation, pay-for-luck, and double-dipping in CEO compensation," Review of Quantitative Finance and Accounting, Springer, vol. 44(4), pages 701-732, May.
    2. Jeff Boone & Inder Khurana & K. Raman, 2011. "Investor pricing of CEO equity incentives," Review of Quantitative Finance and Accounting, Springer, vol. 36(3), pages 417-435, April.
    3. Jalal, Abu M. & Prezas, Alexandros P., 2012. "Outsider CEO succession and firm performance," Journal of Economics and Business, Elsevier, vol. 64(6), pages 399-426.
    4. Shujun Ding & Zhenyu Wu & Yuanshun Li & Chunxin Jia, 2010. "Executive compensation, supervisory board, and China’s governance reform: a legal approach perspective," Review of Quantitative Finance and Accounting, Springer, vol. 35(4), pages 445-471, November.

    More about this item

    Keywords

    Executive compensation; CEO turnover; Compensation structure; Firm performance; G34; J31; J33; J63; M52;

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects

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