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CEO power and the structure of CEO pay
International Review of Financial Analysis, 2014 This paper fleshes out the rent extraction view of CEO compensation put forward by the managerial power theory (Bebchuk, Fried, & Walker, 2002), and tests its main implications on the relation between CEO power and the structure of CEO pay. For a measure
Chongwoo Choe, Xiangkang Yin
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SSRN Electronic Journal, 2006 I propose a model of mergers in which synergies and CEO power play a crucial role. A merger is modeled as a bargaining game between the acquiring and the target board of directors, with the gains from a merger divided according to the generalized Nash bargaining solution.
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The effect of CEO power on overinvestment
Review of Quantitative Finance and Accounting, 2022Huai-Chun Lo, Shin‐Rong Shiah‐Hou
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SSRN Electronic Journal, 2006
We consider a model of executive compensation in which CEOs have power to influence their compensation and test its implications using CEO compensation data from Execucomp. In the proposed model, CEOs endogenously determine their equity and salary compensation by maximizing the expected utility of their compensation while fulfilling minimal ...
Adam Gehr, Gurupdesh S. Pandher
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We consider a model of executive compensation in which CEOs have power to influence their compensation and test its implications using CEO compensation data from Execucomp. In the proposed model, CEOs endogenously determine their equity and salary compensation by maximizing the expected utility of their compensation while fulfilling minimal ...
Adam Gehr, Gurupdesh S. Pandher
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CEOs and the Product Market: When are Powerful CEOs Beneficial?
SSRN Electronic Journal, 2014We examine whether industry product market conditions are important in assessing the benefits and costs of chief executive officer (CEO) power. We find that firms are more likely to have powerful CEOs in high demand product markets where firms are facing entry threats.
Minwen Li, Yao Lu, Gordon M. Phillips
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CEO Power and Luck: Impact of Stock Markets on Building Powerful CEOs
SSRN Electronic Journal, 2020The optimal view of managerial power theory suggests that corporate boards reward CEOs with power for good firm performance as the boards' assessment of their ability is higher. In evaluating the CEO's quality, economic theory predicts that boards filter out luck from performance.
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Powerful CEOs and their Impact on Corporate Performance
SSRN Electronic Journal, 2003Executives can only impact firm outcomes if they have influence over crucial decisions. Based on this idea we develop and test the hypothesis that firms whose CEOs have more decision-making power should experience more variability in performance. Focusing primarily on the power the CEO has over the board and other top executives as a consequence of his
Heitor Almeida +2 more
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Power Laws, CEO Compensation and Inequality
SSRN Electronic Journal, 2014We observe that CEO compensation and top incomes in the US have both been increasing rapidly over the last thirty years. We hypothesize that the trends in CEO compensation have been caused by the same economy-wide factors that have contributed to increases in income.
Calvin Blackwell +3 more
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