The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Performance Incentives within Firms: The Effect of Managerial Responsibility
Open accessAbstract
We show that top management incentives vary by responsibility. For oversight executives, pay‐performance incentives are $1.22 per thousand dollar increase in shareholder wealth higher than for divisional executives. For CEOs, incentives are $5.65 higher than for divisional executives. Incentives for the median top management team are substantial at $32.32. CEOs account for 42 to 58 percent of aggregate team incentives. For divisional executives, the pay–divisional performance sensitivity is positive and increasing in the precision of divisional performance and the pay–firm performance sensitivity is decreasing in the precision of divisional performance. These results support principal–agent models with multiple signals of managerial effort.
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Citations
Cites
Managerial Incentive Problems: A Dynamic Perspective
Holmstrom, B. (1999) · Review of Economic Studies · doi:10.1111/1467-937x.00083 · Cited by 3,172
Cited by
Bebchuk, L. A., Cremers, K. J. M., & Peyer, U. C. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.05.006 · Cited by 993
Metadata
- Authors
- Aggarwal, R. K., & Samwick, A. A.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2003-07-15
- Volume
- 58
- Issue
- 4
- Pages
- 1613-1650
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2890117207
- Cited by
- 298
- References
- 1
- FWCI
- 37.30
- Type
- journal article
- Language
- en
- Open access
- bronze
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
