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https://hdl.handle.net/2142/87478
Description
Title
Three Essays on Managerial Compensation
Author(s)
Ahn, Ji-Young
Issue Date
2008
Doctoral Committee Chair(s)
Craig Olson
Department of Study
Human Resources and Industrial Relations
Discipline
Human Resources and Industrial Relations
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Business Administration, Management
Language
eng
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."
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