BibTeX
@MISC{Murphy99executivecompensation,
author = {Kevin J. Murphy},
title = {Executive Compensation },
year = {1999}
}
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Abstract
This paper summarizes the empirical and theoretical research on executive compensation and provides a comprehensive and up-to-date description of pay practices (and trends in pay practices) for chief executive officers (CEOs). Topics discussed include the level and structure of CEO pay (including detailed analyses of annual bonus plans, executive stock options, and option valuation), international pay differences, the pay-setting process, the relation between CEO pay and firm performance (“pay-performance sensitivities”), the relation between sensitivities and subsequent firm performance, relative performance evaluation, executive turnover, and the politics of CEO pay.
Keyphrases
ceo pay pay practice up-to-date description pay-performance sensitivity executive turnover subsequent firm performance firm performance relative performance evaluation executive stock option option valuation international pay difference chief executive officer theoretical research annual bonus plan executive compensation pay-setting process
