pay without performance the unfulfilled promise of executive compensation

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Pay Without Performance

Author : Lucian A. Bebchuk
ISBN : 0674020634
Genre : Business & Economics
File Size : 27. 43 MB
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The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.

Author : Paul Krugman
ISBN : 9789960547077
Genre : Political Science
File Size : 51. 57 MB
Format : PDF, Kindle
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يضع بول كروغمان خريطة للطريق المؤدية إلى الإصلاح، وكروغمان هو الاقتصادي الأكثر قراءة لما يكتب على نطاق واسع في العالم، وهو واحد من أكثر المعلقين السياسيين تأثيراً. ويطوف كروغمان في كل اتجاه على قرن من التاريخ، من الاقتصاد السياسي للعصر المموّه، وهو الذي يبدو مألوفاً جداً في هذه الأيام، إلى كوارث سنوات بوش، التي يجادل المؤلف في أنها كانت محتومة بعد أن فازت حركة المحافظين بالسيطرة الكاملة على حكومة الولايات المتحدة. ويبين المؤلف أنه لا (الطبقة الوسطى) التي ترعرع فيها جيل ازدهار المواليد في أمريكا، ولا (أمة حكومة القلة) التي صرنا إليها على نحو متزايد طوال الجيل الماضي تطورا تطوراً طبيعياً، وكلاهما أنشئ ـ إلى حد كبير ـ بفعل خطط سياسية حكومية مستهدية بحركات سياسية منظمة. ويشرح كيف أن المدافعين عن اللامساواة استغلوا الانقسامات الثقافية والعرقية لمصلحتهم، في حين وجد المصلحون طرقاً لتجسير تلك الانقسامات، ويجادل في أن الوقت قد حان من أجل عصر عظيم للإصلاح. وأخيراً وليس آخراً، فإن الكتاب يلخص برنامجاً للتغيير، ويبين البرنامج كيف أن الرعاية الصحية الشاملة تستطيع أن تكون الملمح الرئيس لبرنامج إصلاح جديد، تماماً مثلما كان الضمان الاجتماعي هو لباب برنامج الإصلاح الجديد (نيوديل). ويشرح البرنامج ما الذي يمكن عمله لتضييق فجوة الثروة والدخل، ويبين كيف أن تحالفاً سياسياً جديداً يستطيع في آن معاً أن يدعم الإصلاح، وأن يكون مدعوماً بالإصلاح، وهو ما يجعل مجتمعنا لا مجرد مجتمع أكثر تساوياً بل أكثر ديمقراطية أيضاً. ويعد كتاب (ضمير ليبرالي) بأن يعيد تشكيل الحوار العام حول خطط السياسة الأمريكية الاجتماعية، وأن يصير عملاً معيارياً ومحكاً مرجعياً لجيل كامل.

Too Much Is Not Enough

Author : Robert W. Kolb
ISBN : 9780199977123
Genre : Business & Economics
File Size : 56. 60 MB
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The scholarly literature on executive compensation is vast. As such, this literature provides an unparalleled resource for studying the interaction between the setting of incentives (or the attempted setting of incentives) and the behavior that is actually adduced. From this literature, there are several reasons for believing that one can set incentives in executive compensation with a high rate of success in guiding CEO behavior, and one might expect CEO compensation to be a textbook example of the successful use of incentives. Also, as executive compensation has been studied intensively in the academic literature, we might also expect the success of incentive compensation to be well-documented. Historically, however, this has been very far from the case. In Too Much Is Not Enough, Robert W. Kolb studies the performance of incentives in executive compensation across many dimensions of CEO performance. The book begins with an overview of incentives and unintended consequences. Then it focuses on the theory of incentives as applied to compensation generally, and as applied to executive compensation particularly. Subsequent chapters explore different facets of executive compensation and assess the evidence on how well incentive compensation performs in each arena. The book concludes with a final chapter that provides an overall assessment of the value of incentives in guiding executive behavior. In it, Kolb argues that incentive compensation for executives is so problematic and so prone to error that the social value of giving huge incentive compensation packages is likely to be negative on balance. In focusing on incentives, the book provides a much sought-after resource, for while there are a number of books on executive compensation, none focuses specifically on incentives. Given the recent fervor over executive compensation, this unique but logical perspective will garner much interest. And while the literature being considered and evaluated is technical, the book is written in a non-mathematical way accessible to any college-educated reader.

Executive Compensation In Imperfect Financial Markets

Author : Jay Cullen
ISBN : 9781782549291
Genre : Law
File Size : 31. 62 MB
Format : PDF, ePub
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This important book discusses the issue of executive compensation in Anglo-American financial markets following the financial crisis. The book begins by contextualizing the problem facing financial institutions in the US and the UK and argues that appr

China S Legal System

Author : Donald C. Clarke
ISBN : 0521719291
Genre : History
File Size : 88. 92 MB
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Examines the legal ramifications of economic and social changes in China, mid 1990s to present.

The Oxford Handbook Of Capitalism

Author : Dennis C. Mueller
ISBN : 9780199942596
Genre : Political Science
File Size : 65. 36 MB
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The financial crisis that began in 2008 and its lingering aftermath have caused many intellectuals and politicians to question the virtues of capitalist systems. The 19 original essays in this Handbook, written by leading scholars from Asia, North America, and Europe, analyze both the strengths and weaknesses of capitalist systems. The volume opens with essays on the historical and legal origins of capitalism. These are followed by chapters describing the nature, institutions, and advantages of capitalism: entrepreneurship, innovation, property rights, contracts, capital markets, and the modern corporation. The next set of chapters discusses the problems that can arise in capitalist systems including monopoly, principal agent problems, financial bubbles, excessive managerial compensation, and empire building through wealth-destroying mergers. Two subsequent essays examine in detail the properties of the "Asian model" of capitalism as exemplified by Japan and South Korea, and capitalist systems where ownership and control are largely separated as in the United States and United Kingdom. The handbook concludes with an essay on capitalism in the 21st century by Nobel Prize winner Edmund Phelps.

Corporate Governance As A Limited Legal Concept

Author : Cornelis de Groot
ISBN : 9789041128737
Genre : Business & Economics
File Size : 60. 97 MB
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The concept of corporate governance has come under intense public scrutiny in recent years. Business people everywhere are asking: What exactly does and‘goodand’ corporate governance entail? Which aspects of it are legally binding, and in what ways is it merely a set of expectations on how corporations should be organized ideally? Nowhere are these important questions answered more precisely - nowhere are the lines more clearly drawn - than in the insightful synthesis of statutory law, case law, and organizational theory presented in this book. Recognizing that the concept of and‘goodand’ corporate governance is not dramatically different from one jurisdiction to another but represents an international phenomenon that has to a reasonable extent the same characteristics everywhere, the author proceeds, with detailed analysis, through a series of issues that (he shows) make up the brunt of corporate governance. Each of these issues in turn gives rise to such specific problem areas as the following: board compensation and executive compensation; unitary and dual board structures; monitoring management; legal parameters of and‘mismanagementand’; the and‘supervisory gapand’; audit, selection and appointment and remuneration committees; director tenure and retirement policy; risk management and risk reporting; corporate safety culture; conflicts of interest; whistleblower arrangements; aims of the regulation of public takeover bids; and defensive tactics in case of a hostile public takeover bid. These problems - and many others - are examined in the light of corporate governance codes and guidelines and of reports and judgments that deal with specific instances where investigators or courts were asked to analyze corporate governance issues in concrete cases. Each of the ten chapters includes in-depth analysis of such cases. A special feature of the book is a set of model corporate governance guidelines based on US corporate practice. Corporate Governance as a Limited Legal Concept is remarkable for its very thorough characterization and definition of corporate governance as a legal concept, as a code of conduct, and as an organizational structure. The authorand’s clearly reasoned analysis of the legal limits of corporate governance will be of great interest and practical value to business people and their counsel in any jurisdiction.

Corporate Practice Series

Author : Bureau of National Affairs (Washington, D.C.)
ISBN : STANFORD:36105134420392
Genre : Corporation law
File Size : 53. 34 MB
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Financialization And Strategy

Author : Julie Froud
ISBN : 9781134314546
Genre : Business & Economics
File Size : 84. 15 MB
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Considering the recent impact of the capital market on corporate strategy, this text analyzes, through argument and supportive case studies, how pressures from the capital bull market of the 1990s and bear market of the early 2000s, have reshaped management action and calculation in large, publicly quoted US and UK corporations. Beginning with the dissatisfaction with classical strategy and its limited engagement with the processes of financialization, the book moves on to cover three detailed company case studies (General Electric, Ford and GlaxoSmithKline) which use long run financial data and analysis of company and industry narratives to illustrate and explore key themes. The book emphasizes the importance of company and industry narrative, while also analyzing long term financial results, and helps to explain the limits of management action and the burden of expectations placed on corporate governance. Presenting financial and market information on trajectory in an accessible way, this book provides a distinctive, critical social science account of management in large UK and US corporations, and it is a valuable resource for students, scholars and researchers of business, management, political economy and non-mainstream economics. short listed for the 2007 IPEG Book Prize

Battleground Government And Politics 2 Volumes

Author : Lori A. Johnson
ISBN : 9780313343148
Genre : Political Science
File Size : 89. 13 MB
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Through a detailed exploration of the viewpoints involved, this balanced and incisive work promotes understanding of the most divisive issues in American government today. • Includes many sidebars that highlight and elaborate on important aspects of the topic • Provides a list of useful resources for further study with each entry

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