Cooper, Michael J.
[Verfasser:in]
;
Gulen, Huseyin
[Sonstige Person, Familie und Körperschaft];
Rau, P. Raghavendra
[Sonstige Person, Familie und Körperschaft]
Performance for Pay? The Relation Between CEO Incentive Compensation and Future Stock Price Performance
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 1, 2016 erstellt
Beschreibung:
Measures of Chief Executive Officer (CEO) excess compensation are negatively related to future firm returns and operating performance. The effect is stronger for more overconfident CEOs at firms with weaker corporate governance. Overconfident CEOs receiving high excess pay undertake activities such as overinvestment and value-destroying mergers and acquisitions that lead to shareholder wealth losses