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1、544744JOMXXX10.1177/0149206314544744JournalofManagementHouetal./CEOPayandFutureFirmPerformanceresearch-article2014JournalofManagementVol.43No.3,March2017864–891DOI:10.1177/0149206314544744©TheAuthor(s)2014Reprintsandpermissions:sagepub.com/journalsPermissions.navDoesOneSizeFitAll?Investigatin
2、gPay–FuturePerformanceRelationshipsOverthe“Seasons”ofCEOTenureWanrongHouUniversityofTexas-PanAmericanRichardL.PriemTexasChristianUniversityLUISSGuidoCarliUniversityMariaGoranovaUniversityofWisconsin-MilwaukeeBoardsofdirectorsmustnavigatebetweenadoptingstandardized“bestpractices”fortheirCEOs’p
3、ayplans,ontheonehand,andcustomizingtheirCEOs’paytoaligntheirparticularCEO’sgoalswiththoseofshareholders,ontheother.Webuildtheoryproposingthattheincen-tiveeffectsofdifferentCEOcompensationtypesvaryconsistentlyoverCEOtenuresand,there-fore,thatoverstandardizationofCEOpayplansactuallycanhurtshare
4、holders.OuranalysisofasampleofU.S.Standard&Poor’s500firmsfrom1998to2005showsdecliningbenefitstoshareholdersfromperformance-basedcompensation(i.e.,optionsandbonuses)asCEOtenureincreasesbutanoppositeeffectfornon-performance-based(i.e.,salary)pay.Thesefindingscanbeconsideredapreliminarywarningth
5、atnormative“bestpractices”shouldnotbecometheexclusiveapproachtodeterminingCEOpaypackages;instead,boardsshouldconsidermoreholisticapproachesthatincorporatethefitbetweenCEOcharacteristicsandorganizationalgoals.Keywords:CEOtenure;executivecompensation;shareholderreturns;upperechelonsAcknowledgme
6、nts:ThisarticlewasacceptedundertheeditorshipofDeborahE.Rupp.AnearlierversionofthismanuscriptwaspresentedattheSDSUCorporateGovernanceInstitute21stCenturyCorporateGovernanceCon-ference,SanDiego,2011.WethankEditorJeremyShortandtwoanonymousreviewersfortheirinsightfulcom-mentsthathelpedusstrengthe
7、nthisarticle.Correspondingauthor:WanrongHou,CollegeofBusinessAdministration,UniversityofTexas-PanAmerican,1201W.UniversityDr.,Edinburg,TX78539,USA.E-mail:houw@utpa.edu864Houetal./CEOPayandFutureFirmPerformance865Shareholders,advisoryservices,