激励措施对高管的报酬和固定表现的影响【外文翻译】

《激励措施对高管的报酬和固定表现的影响【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、外文翻译原文TheimpactofincentivesonCEOcompensationandfirmperformanceMaterialSource:Economics,2006,Volume53,Number3,Pages402-420Author:MahmoudM.NourayiandSudhaKrishnanAbstract:Asignificantcomponentofamanagementcontrolsystemistheincentivemechanismandmotivationalunderpinningofcompensationcont

2、racts.Mostexecutivesarerewardedintheformofcashandcompanystock.Ourdataindicatethatover82.5percentoftheobservationsincludeabonuspaytoCEOsandanevenlargerpercentage,about94.5percent,havestockoptiongrants.Ouranalysesindicatethatthemeansofmarket-basedreturnsaresignificantlylargerforcompani

3、eswithnostockoptionincentives.However,theaccounting-basedreturnsdonotappeartobesignificantlyinfluencedbystock-basedrewards.Keywords:CEOcompensation,agencycontract,incentives,performance,Accounting-basedincentives,market-basedincentives1.IntroductionAsignificantcomponentofamanagementc

4、ontrolsystemistheincentivemechanismandmotivationalunderpinningofcompensationcontracts.Awell-designedincentivesystemcandealeffectivelywithbothadverse-selectionandmoralhazardissuesinanagencycontract.Thedegreetowhichcompensationcontractsvaryinrelationtothemeasureofperformance,determines

5、thelevelofself-confidenceandrisk-takingattributesoftheapplicants.Themainobjectiveofthisstudyistoidentifytheinfluenceofincentivecontractsandperformancemeasuresonexecutivecompensation.WealsoassessthesensitivityofCEOpaytocashincentivesas6comparedtostock-basedincentives.Therelationshipbe

6、tweenexecutivecompensationandcorporateperformancehasbeenextensivelystudiedbyresearchersfromvariousperspectives.Researchhasconfirmedthepositiverelationbetweenfirmsizeandexecutivecompensationaswellastheinfluenceoffirmperformanceontheorywithaconcentrationonthelinkagesbetweenexecutivecom

7、pensationandfirmperformance.Murphy(2000)indicatesthatamajorityofcompaniesusemultiplemeasuresofperformanceinrewardingtheirexecutives.Themostpopularformsofrewardseemtobecashandcompanystock.Majorityofpubliccompaniesofferstockoptionsorrestrictedstockinordertoassurethecongruityofthemanage

8、r’swelfarean