Total board remuneration and company performance

• 成果类型: Article
• 署名作者: Main, BGM; Bruce, A; Buck, T
• 署名单位: University of Nottingham
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.2307/2235204
• 发表日期: 1996
• 页码: 1627-1644
• 关键词: executive stock-options; corporate performance; fasb proposal; united-kingdom; directors pay; COMPENSATION; incentives; valuation; models

摘要

Using a hitherto neglected source of data, this paper combines executive emoluments with executive share options to construct a broader measure of executive pay than has been possible in earlier British studies. The result of including the long-term share option component of pay along with the more commonly utilised short-term component of emoluments is to reveal executive pay as being significantly more sensitive to company performance than has previously been thought to be the case. The paper questions the current policy stance of British institutional investors and of the Greenbury Committee with respect to executive share options.