Strategic Management Journal · 1989 · 756 citations · 23 references
ManagementBusiness EconomicsCorporate GovernanceCorporate FinanceExecutive CompensationExecutive PowerBoard-executive RelationsCompensation StrategyExecutive Decision-makingOwnership StructurePay-for-performance CompensationPerformance-based PayCeo OversightExecutive Bonus CompensationExecutive Compensation AnalysisExecutive Compensation DecisionsExecutive Compensation EffectsExecutive Pay IncentivesManagerial Power TheoryVigilance
Abstract A model of the determinants of chief executive (CEO) compensation is presented and tested. Based on a sample from the leisure industry, the study finds that CEO pay has complex links to several factors: firm size, complexity, performance, CEO power, board vigilance, and the CEO's human capital. The study includes a separate examination of CEO salary and bonus, as well as a test of pay determination across McEachern's (1975) ownership categories.
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The Pricing of Options and Corporate Liabilities
Fischer Black, Myron S. Scholes · Journal of Political Economy · 1973 · 29.4K citations
The Modern Corporation and Private Property
Joseph V. Kline, Adolph A. Berle, Gardiner C. Means · Columbia Law Review · 1933 · 7.6K citations
Law, Corporate Law, Property Law +8