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ID:349243
大小:36.00 KB
页数:6页
时间:2017-07-26
《银行和金融部门的管理层薪资水平和竞争【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库。
1、ExecutiveCompensationandCompetitionintheBankingandFinancialSectorsIntroductionThispaperstudiestheeffectofproductmarketcompetitiononthecompensationpackagesthatfirmsoffertotheirexecutivesandinparticularitsimpactonthesensitivityofpaytoperformance.Tomeasuret
2、heeffectofcompetitionweusetwodifferentidentificationstrategiesonapanelofUSexecutives.Weexploittwoderegulationepisodesinthebankingandfinancialsectorsasquasi-naturalexperiments.Weprovidedifferenceindifferencesestimatesoftheeffectofcompetitiononestimatedper
3、formance-paysensitivitiesandonthesensitivityofstockoptiongrants.Ourresultsindicatethatahigherlevelofproductmarketcompetitionincreasestheperformancepaysensitivityofexecutivecompensationschemes.TextAlargeamountofeffortandliteraturehasbeendevotedtounderstan
4、dingthedeterminantsofexecutivecompensation.Theavailabilityofdetaileddataandthebeliefthatfirmscangreatlyimprovetheirperformancebysettingtherightincentiveshasinducedresearcherstosearchforcomplexcompensationpackagesinthespiritofprincipal-agenttheory(Holmstr
5、om1979;Mirrlees1976;1974).Theempiricalliteratureonthetopic(seeMurphy1999foranextensivesurvey)hasunderlinedthesharpincreaseoverthe80sand90sinperformancepaysensitivitiesandintheuseofstockoptions,thatdominatecompensationpackagesformanyexecutives(HallandLieb
6、man1998;Murphy1999).However,thereislittleworkontheeffectofthecompetitiveenvironmentonhowcompensationcontractsaredesigned.Itislikelythatthestructureoftheproductmarketandinparticularthedegreeofproductmarketcompetitionthatthefirmfaceswhentryingtosellitsprod
7、uctsaffectstheincentivesofexecutivesandthereforetheoptimaltypeofcontractsthatthefirmshouldoffer.Anumberoftheoreticalpapershaveanalyzedtheexpectedeffectsofchangesinproductmarketcompetitiononincentivesandcontracts.Ouraimwiththispaperistoassessthisquestione
8、mpirically.Thisisarelevantquestionnotonlytounderstandhowtheeconomicenvironmentandthedegreeofcompetitionaffectsthestructureofperformancepaycontractsandincentiveprovision,butalsobecausegiventheincreaseinproductmarketcompetit
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