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Description
Title: | Three Essays on Managerial Compensation |
Author(s): | Ahn, Ji-Young |
Doctoral Committee Chair(s): | Craig Olson |
Department / Program: | Human Resources and Industrial Relations |
Discipline: | Human Resources and Industrial Relations |
Degree Granting Institution: | University of Illinois at Urbana-Champaign |
Degree: | Ph.D. |
Genre: | Dissertation |
Subject(s): | Business Administration, Management |
Abstract: | The third chapter examines multi-year dynamic response of CEO compensation to firm performance. Multi-period agency theories posit that the CEO's current performance can be compensated both today and tomorrow. This study investigates the dynamic view of CEO pay and firm performance by using partial adjustment models of CEO pay. I find that target pay levels are set on "long-run" past firm performance and that the deviation of the actual pay level causes near-complete convergence to the target in one year. Such effects are more pronounced for the firms with weaker external corporate governance. Overall, the findings here indicate that a pay-for-contemporaneous-only-performance relationship significantly understates the incentive effects of CEO pay. |
Issue Date: | 2008 |
Type: | Text |
Language: | English |
Description: | 139 p. Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2008. |
URI: | http://hdl.handle.net/2142/87478 |
Other Identifier(s): | (MiAaPQ)AAI3337681 |
Date Available in IDEALS: | 2015-09-28 |
Date Deposited: | 2008 |
This item appears in the following Collection(s)
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Dissertations and Theses - Labor and Employment Relations
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Graduate Dissertations and Theses at Illinois
Graduate Theses and Dissertations at Illinois