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A study on the level of pay satisfaction of middle and top management executives in the public sector using a multidimensional approach inmeasurement陳詠儀, Chan, Wing-yi, Elaine. January 1988 (has links)
published_or_final_version / Business Administration / Master / Master of Business Administration
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Industry homogeneity and performance impact on relative pay performance in executive compensationLicon, Lawrence Wendell 28 August 2008 (has links)
Not available / text
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Managerial incentive contracts in newly listed firmsChen, Jie, 陈洁 January 2011 (has links)
Newly listed firms have a short history of stock value, and may initially not rely on stock price information in incentive contracting as much as seasoned firms. In this thesis, I examine managerial incentive contracts in newly listed firms by comparing CEO compensation between IPO firms and seasoned firms. For IPOs listed on NYSE from 1993 to 2001, a matching sample of seasoned firms was obtained according to criteria in industry, size and book-to-market ratio. By examining the multi-dimensions of CEO incentives, including cash compensation, option grants, stock ownership, and dismissal for the first six years after listing, I document significant differences between IPOs and seasoned firms. I find that while the sensitivity of short-term incentive pay to shareholder return is lower in IPOs than in seasoned firms, long-term incentives from CEO stock ownership are significantly more important in newly listed firms. Moreover, although CEO turnover in an IPO firm is lower, it depends on both stock-price return and accounting performance. These IPO-seasoned differences diminish over time and disappear in three to five years. My findings suggest that to motivate the manager of a newly listed firm, the board avoids short-term uncertainty associated with new stocks while emphasizing the role of shareholder value in the long run. / published_or_final_version / Economics and Finance / Master / Master of Philosophy
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Essays on acquisition of newly listed firms and managerial compensationPan, Luyao, 潘璐瑶 January 2014 (has links)
This thesis consists of two essays in corporate finance, one on newly listed firms’ post-IPO activities as acquisition targets and the other on corporate executive compensation. In the first essay, I examine a large sample of U.S. newly listed firms to analyze their likelihood of becoming a takeover target. I find that 27 percent of newly listed firms are acquired within five years after the IPO, which is compared with the seasoned-firm counterpart of 17 percent. This difference is economically large, statistically significant, and robust to various firm and market characteristics controls. Several recent studies have reported newly listed firms’ active activities as an acquirer. Contributing to this literature, my finding further identifies an active role of IPO firms as a takeover target. My finding is consistent with the presumed motivation of firms’ going public for a “double-exit” strategy: To sell the shares through a takeover after the company goes public. Economic rationales for this strategy include advantages from auctioning off a minority stake to dispersed shareholders and more efficient bargaining in takeover negotiations due to increased share liquidity and reduced uncertainty after the IPO. Therefore, going public can be an optimal first step in the process of selling a company. In further support of this motivation, I find that IPO firms, as an acquisition target, receive higher takeover premiums than do comparable privately held targets and seasoned target firms. In conclusion, my findings are consistent with the double-exit strategy predicted by theory, suggesting that IPOs facilitate subsequent sales of the companies and that the strategy is economically justified.
In the second essay, I study executive compensation under the Japanese corporate governance system. In March 2010, the Japanese regulator enacted the first legislation regarding the disclosure of director compensation to named individuals. With access to the first publicly available data for Japanese executives, I document comprehensive evidence on the level, structure, and mechanisms of CEO compensation. My findings reveal Japanese practices in CEO pay that differ from the well-known Anglo-American model in significant ways. Its distinct features include base salary dominance and unusually low levels of pay and pay variation. I also identify significant impacts on the compensation system of corporate governance and U.S. influence factors, such as keiretsu groups, financial institutions, US-style compensation committees, and cross-listing on US stock exchanges. / published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy
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INCENTIVE EFFECTS AND MANAGERIAL COMPENSATION CONTRACTS: A STUDY OF PERFORMANCE PLAN ADOPTIONS.GAVER, JENNIFER JANE. January 1987 (has links)
This study provides evidence concerning the endogenous determination of managerial compensation contracts. To avoid the confounding effect of tax considerations, we limit our attention to the choice among long-term nonqualified incentive plans. Specifically, we consider a two-part decision faced by the firm: (1) whether to add an accounting-based "performance plan" to the existing portfolio of compensation contracts and (2) if the firm adopts a plan, the choice between a "relative" or an "absolute" performance measure. Based on some behavioral implications of performance plans which distinguish them from alternative contracts, we develop hypotheses which relate the adoption and design of a performance plan to the firm's general incentive contracting environment. We test these hypotheses using a choice-based sample, evenly divided between performance plan adopters and nonadopters. For the purposes of parameter estimation, we use the multinomial logit model to reflect the qualitative, hierarchical nature of the decision setting. Our results indicate that variables which proxy for the incentive environment can explain which firms will adopt a performance plan, and also the type of performance measure used by the adopting firms.
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Executive director remuneration, company performance and executive director profiles for South African companies listed on the Johannesburg Stock Exchange (JSE)Naik, Minal January 2016 (has links)
Research thesis submitted in partial fulfilment (50%) of the
Degree of Master of Commerce
University of the Witwatersrand, Johannesburg, Faculty of Commerce, Law
and Management – School of Accountancy
2015 / Executive remuneration has been under intense scrutiny by both investors and the
media over the past 10 to 20 years because of the increasing magnitude of these
remuneration packages (Otten, 2007; Sapp, 2007). This research report explores
the relationship between executive director remuneration and the performance of
publically listed companies (JSE) in South Africa, as well as ascertaining whether
any relationship exists between director profiles and director remuneration.
The study population comprised all South African companies listed on the JSE
during 2014. The final sample consisted of 49 companies after the transformation of
the data. A total of 708 director profiles were examined. The results of the study
appeared to indicate a lack of correlation between executive director remuneration
and company performance in publically listed South African companies. On the
other hand, the results of the regression provided empirical support for the
existence of a significant positive relationship between director remuneration and
total assets.
The results also illustrated that, in general, directors who are male over the age of
50 and who have served as directors for periods of between six to 10 years receive
higher total remuneration compared to other classes of directors. It was also noted
that race appeared not to play a role in director remuneration.
Key words: Executive director remuneration, executive director profiles, company
performance, ROA, Tobin’s Q / MT2017
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The perceived impact of short term executive financial incentive schemesBussin, Mark Herbert Raymond January 1994 (has links)
A research report submitted to the
Faculty of Management,
University of the Witwatersrand,
Johannesburg, in partial fulfilment
of the requirements for the degree
of Master of Management.
1994 / Organisations in South Africa are. paying out millions of Rands in financial
incentives to executives without ,knowing conclusively whether or not company
performance actually improves as a result of financial incentive schemes.
Unions, tne media, workers, politicians and others are paying increasing
attention to the levels of compensation that executives receive. The question
being asked is whether these levels ate really necessary.
This, the first research of its mud in South Africa, surveys the views of 121
top managers, from 17 organisations using incentive schemes, on the, impact
of these schemes. There is convincing evidence that they are perceived to
increase motivation and company performance, build teamwork and are
effective in aligning the interests of managers and shareholders. The schemes
are valuable in attracting, retaining and motivating executives" Given the
complexity of setting executive remuneration, it is submitted. that there be no
interference in the level of incentive scheme payouts.
The factor analysis yielded a four factor solution, which was interpreted in
terms of the literature review and constructs in the questionnaire. The first
factor revealed that incentives are a motivator and increase company
performance. The) build teamwork and are effective in aligning the interests
of managers and shareholders. The second factor state; that incentives should
be underpinned by openness and transparency. A fundamental principle behind
this is that the relevant financial position should be known by all participants.
It was also stated that the whole organisation i.e, all IfNels , should be on an
incentive scheme, The third factor highlighted risk aversion in these executives
and that basic salary is most important. The fourth factor, locus of control,
stressed the importance of the scheme to the individual personally in terms of
motivation, focus, reward, retention of services and the ability to control the
incentive scheme payout. 111e surprising finding was the extent to which SA
executives were risk averse and just how important the basic salary is.
Guidelines, based on the factor analysis, content analysis and oo:rrespohd~nce
analysis conducted on the questionnaires, ate offered to the designers
incentive· schemes. Without correctly designed and aggressive incentive
schemes the owners oforgamsations could expect very m.ediocre, "9 to S" type
of commitment from their top·management team.
Incentive schemes playa vital role in the design of com.petitive remuneration
systems. Their importance should not be underestimated. / MT2017
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Executive compensation : a new look.Merton, Andrew Ralph January 1978 (has links)
Thesis. 1978. M.S.--Massachusetts Institute of Technology. Alfred P. Sloan School of Management. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY. / Includes bibliographical references. / M.S.
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Executive compensation : performance for payGuzzetta, Judith T. 12 1900 (has links)
No description available.
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Adherence to the spirit of corporate governance : the ethics of executive remunerationGevers, Elke 11 July 2013 (has links)
M.Comm. (Industrial Psychology) / With the implementation of King III in 2010 and the promulgation of the new Companies Act in 2011, the corporate governance landscape in South Africa was irrevocably changed. Simultaneously, there was an increase in the protestations against the perceived excesses of executive1 remuneration packages. The question posed in this research study was what does adherence to the spirit of corporate governance with regard to executive remuneration entail? The literature study explores the perceived separation between ownership and control, as well as attempts at controlling this separation via structured executive remuneration packages. It further provides an overview of the relative efficacy of voluntary codes and compulsory codes. Various methods of determining executive remuneration are investigated and the possible shortcomings of each are identified. Sixteen semi-structured, in-depth interviews, equally divided amongst four interest groups in the field of executive remuneration, were conducted. A content analysis of the qualitative data that emerged from the interviews resulted in 39 first-order themes that were then iterated to 11 second-order themes. These second-order themes were categorised into two sets, namely five that are indicative of behaviour in support of adherence to the spirit of corporate governance with regard to executive remuneration, and six that are indicative of behaviour that undermines the spirit of corporate governance in this regard. The five themes indicative of behaviour in support of adherence to the spirit of corporate governance were: problem recognition, sustainable development, embracing governance, remuneration management competence, and ethical intent. The six themes found to indicate behaviour that undermines adherence to the spirit of corporate governance with regard to executive remuneration were: shareholder appeasement, misrepresentation, elitism, justification, arrogance, and intentional amorality. It emanated from the findings that greater social debate should be stimulated on how ethics can be brought into the domain of executive remuneration. A potentially important facilitator of such debate could be tertiary education institutions responsible for management education integrating the ethics of executive remuneration in curricula. It is further recommended boards, who are tasked with the governance of their organisations, be made aware of the behavioural manifestations that support or undermine adherence to the spirit of governance as it relates to executive remuneration. Remuneration consultants could also benefit from these findings, and could assist organisations to design fair and responsible systems of remuneration for executives and senior employees.
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