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Bank Efficiency and Executive Compensation

Listed author(s):
  • Timothy King

    (Leeds University)

  • Jonathan Williams

    ()

    (Bangor University, UK)

We investigate whether handsomely rewarding bank executives’ realizes superior efficiency by determining if executive remuneration contracts produce incentives that offset potential agency problems and lead to improvements in bank efficiency. We calculate executive Delta and Vega to proxy executives’ risk-taking following changes in their compensation contracts and estimate their relationship with alternative profit efficiency. Our study uses novel instruments to account for the potentially endogenous relationship between efficiency and Delta and Vega whilst controlling for the structure of executive compensation, board structure, and bank-level characteristics. Our main results demonstrate that shareholders use executive Vega to incentivise executives into taking risks that improve bank efficiency, and also that executive perquisites can be used to attract and retain executives which ex post deliver efficiency gains.

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File URL: http://www.bangor.ac.uk/business/research/documents/BBSWP13009.pdf
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Paper provided by Bangor Business School, Prifysgol Bangor University (Cymru / Wales) in its series Working Papers with number 13009.

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Length: 21 pages
Date of creation: Sep 2013
Handle: RePEc:bng:wpaper:13009
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