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Relative Performance Evaluation for Chief Executive Officers
Open accessAbstract
Relative performance evaluation (RPE) provides employees with an incentive to perform well while insulating their compensation from shocks that also affect the performances of other workers in the same firm, industry, or market. This paper reviews the benefits and costs of RPE and tests for the presence of RPE in the compensation contracts of chief executive officers (CEOs) using data on 1,668 CEOs from 1,049 corporations from 1974 to 1986. The results, in contrast to the findings of previous research, strongly support the hypothesis that RPE is used in compensation and retention decisions affecting CEOs: the revision in a CEO's pay and the probability that a CEO remains in his position for the following year are positively and significantly related to firm performance, but are negatively and significantly related to industry and market performance.
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Cites
The pricing of options and corporate liabilities
Black, F., & Scholes, M. (1973) · Journal of Political Economy · doi:10.1086/260062 · Cited by 29,074
Cited by
The Provision of Incentives in Firms
Prendergast, C. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.1.7 · Cited by 3,338
Are CEOs Rewarded for Luck? The Ones Without Principals Are
Bertrand, M., & Mullainathan, S. (2001) · The Quarterly Journal of Economics · doi:10.1162/00335530152466269 · Cited by 1,740
The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems
JENSEN, M. C. (1993) · The Journal of Finance · doi:10.2307/2329018 · Cited by 1,666
Are CEOs Really Paid Like Bureaucrats?
Hall, B. J., & Liebman, J. B. (1998) · The Quarterly Journal of Economics · doi:10.1162/003355398555702 · Cited by 1,308
Incentive contracts and performance measurement
Baker, G. P. (1992) · Journal of Political Economy · doi:10.1086/261831 · Cited by 1,085
Metadata
- Authors
- Gibbons, R., & Murphy, K. J.
- Venue
- ILR Review
- Publisher
- SAGE Publications
- Published
- 1990-04
- Volume
- 43
- Issue
- 3
- Pages
- 30-S-51-S
- ISSN
- 0019-7939 (ISSN-L)
- 2162-271X
- OpenAlex
- W2111377054
- Cited by
- 954
- References
- 1
- FWCI
- 48.91
- Type
- journal article
- Language
- en
- Open access
- green
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