The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
CEO Ability, Pay, and Firm Performance
Abstract
Do chief executive officers (CEOs) really matter? Do cross-sectional differences in firm performance and CEO pay reflect differences in CEO ability? Examining CEO departures over 1992–2002, we first find that the stock price reaction upon departure is negatively related to the firm's prior performance and to the CEO's prior pay. Second, the CEO's subsequent labor market success is greater if the firm's predeparture performance is better, the prior pay is higher, and the stock market's reaction is more negative. Finally, better prior performance, higher prior pay, and a more negative stock market reaction are associated with worse postdeparture firm performance. Collectively, these results reject the view that differences in firm performance stem entirely from non-CEO factors such as the firms' assets, other employees, or “luck,” and that CEO pay is unrelated to the CEO's contribution to firm value.
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Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
JEGADEESH, N., & TITMAN, S. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04702.x · Cited by 11,584
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
What Matters in Corporate Governance?
Bebchuk, L., Cohen, A., & Ferrell, A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn099 · Cited by 2,906
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
Generalists versus specialists: Lifetime work experience and chief executive officer pay
Custódio, C., Ferreira, M. A., & Matos, P. (2013) · Journal of Financial Economics · doi:10.1016/j.jfineco.2013.01.001 · Cited by 745
Metadata
- Authors
- Chang, Y. Y., Dasgupta, S., & Hilary, G.
- Venue
- Management Science
- Published
- 2010-10
- Volume
- 56
- Issue
- 10
- Pages
- 1633-1652
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W3122411935
- Cited by
- 286
- References
- 4
- FWCI
- 30.39
- Type
- journal article
- Language
- en
- Open access
- closed
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- Chang, Y. Y., Dasgupta, S., & Hilary, G. (2010). CEO Ability, Pay, and Firm Performance. Management Science. https://doi.org/10.1287/mnsc.1100.1205
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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.
