CEO compensation structure and firm performance

Matolcsy, Z; Wright, A

CEO compensation structure and firm performance

Matolcsy, Z

Wright, A

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Publication Type:: Journal Article
Citation:: Accounting and Finance, 2011, 51 (3), pp. 745 - 763
Issue Date:: 2011-09-01

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Field	Value	Language
dc.contributor.author	Matolcsy, Z https://orcid.org/0000-0001-6566-5079	en_US
dc.contributor.author	Wright, A https://orcid.org/0000-0002-6132-571X	en_US
dc.date.issued	2011-09-01	en_US
dc.identifier.citation	Accounting and Finance, 2011, 51 (3), pp. 745 - 763	en_US
dc.identifier.issn	0810-5391	en_US
dc.identifier.uri	http://hdl.handle.net/10453/15839
dc.description.abstract	The objectives of our study are to estimate a model of 'efficient' compensation structure based on firm characteristics and test the performance consequences of deviation from the efficient compensation structure. Our results are based on 3503 firm years for the period from 1999 to 2005. The results suggest that firms whose CEOs receive compensation inconsistent with their firm characteristics have a lower performance compared to those firms whose CEOs' compensation is consistent with their firms' characteristics. Our measure of performance is based on both accounting and market-based performance measures. Overall, our study provides some important new insights into the links between CEO compensation structure and firm performance. © 2010 The Authors. Accounting and Finance © 2010 AFAANZ.	en_US
dc.relation.ispartof	Accounting and Finance	en_US
dc.relation.isbasedon	10.1111/j.1467-629X.2010.00363.x	en_US
dc.subject.classification	Accounting	en_US
dc.title	CEO compensation structure and firm performance	en_US
dc.type	Journal Article
utslib.citation.volume	3	en_US
utslib.citation.volume	51	en_US
utslib.for	150103 Financial Accounting	en_US
utslib.for	1402 Applied Economics	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Accounting Discipline
utslib.copyright.status	closed_access
pubs.issue	3	en_US
pubs.publication-status	Published	en_US
pubs.volume	51	en_US

Abstract:

The objectives of our study are to estimate a model of 'efficient' compensation structure based on firm characteristics and test the performance consequences of deviation from the efficient compensation structure. Our results are based on 3503 firm years for the period from 1999 to 2005. The results suggest that firms whose CEOs receive compensation inconsistent with their firm characteristics have a lower performance compared to those firms whose CEOs' compensation is consistent with their firms' characteristics. Our measure of performance is based on both accounting and market-based performance measures. Overall, our study provides some important new insights into the links between CEO compensation structure and firm performance. © 2010 The Authors. Accounting and Finance © 2010 AFAANZ.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/15839