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1、为避免同组同学论文文献撞车,希望大家下载之后稍作修改!Executivecompensationstructure,ownership,andfirmperformanceIntroductionDespitewidespreadpublicattentionandasurgeinresearchinterest,therelationshipsamongexecutivecompensationstructure,ownershipstructureandcontrol,andfirmperformance
2、arestilllittleunderstood.Forexample,JensenandMurphy(1990a)suggestthatequity-basedratherthancashcompensationgivesmanagersthecorrectincentivetomaximizefirmvalue,butthereislittleempiricalevidenceonwhethercorporationswhoseexecutivecompensationismoreequity-based
3、actuallyperformbetter.Littleisknown,either,aboutwhethertheownershipofthecompany’sstockbyinsidersversusoutsidersorthecompositionoftheboardofdirectorsaffectsexecutivecompensationstructure.Thisstudypresentsempiricalevidenceontherelationshipbetweenthestructureo
4、fexecutivecompensationandfirmperformance.Itisexploratoryinthatexecutivecompensation,ownershipstructure,andboardcompositionareultimatelypartofasimultaneoussystemthatdeterminesthecorporation’svalueandtheallocationofthatvalueamongvariousclaimants.Asaresult,the
5、associationsreportedherearenotnecessarilycausalones.Nevertheless,empiricalregularitiesinthestructureofexecutivecompensationshouldhelpguidefutureresearch.Thisstudydiffersfrompreviousworkoncompensationintwoways.First,itfocusesonthestructureratherthanthelevelo
6、fcompensation.Second,itinvestigatesexecutivecompensationinthecontextofthefirm’sownershipstructureandthecompositionofitsboardofdirectors.Iusecompensationdatafor153randomly-selectedmanufacturingfirms.Animportantfeatureofthesampleisthatitfocusesonsmallaswellas
7、largefirms,thusprovidingthevariationnecessarytoconductstatisticaltests.Inaddition,thesampleisconstructedseparatelyforCEOs,fortopexecutives,aswellasforallofficersanddirectorsasagroup.Myprimaryfindingsoncompensationstructureareasfollows:(1)firmswithmoreoutsid
8、edirectorshaveahigherpercentageoftheirexecutivecompensationinequity-basedform;(2)thepercentageofexecutivecompensationthatisequity-basedisinverselyrelatedtotheirpercentageofequityholdings;and(3)firmsinw