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 : 72. 20 MB
Format : PDF, ePub
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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.

Pay Without Performance

Author : Lucian A. Bebchuk
ISBN : 0674022289
Genre : Business & Economics
File Size : 80. 59 MB
Format : PDF, Kindle
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Provides a detailed account of how corporate boards have failed to negotiate with executives and how pay practices have decoupled compensation from performance, leading to practices that dilute manager incentives and hurt shareholders.

Pay Without Performance

Author : Lucian A. Bebchuk
ISBN : UOM:39015060074591
Genre : Business & Economics
File Size : 37. 87 MB
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Provides a detailed account of how corporate boards have failed to negotiate with executives and how pay practices have decoupled compensation from performance, leading to practices that dilute manager incentives and hurt shareholders.

Fair Pay Fair Play

Author : Robin A. Ferracone
ISBN : 0470612851
Genre : Business & Economics
File Size : 85. 4 MB
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A timely look at how to evaluate and determine executive pay Recognized as the leading expert on executive compensation,Robin Ferracone combines her own 20 years of experience withinterviews with executives and compensation committees to provide aclear examination of and guidance on determining pay packages,actions, and designs. and Over the past 25 years, the author hascreated a database of executive pay across 44,000 companies, brokendown by company performance, company revenue and industry. Usingthis data, the author provides boards and individuals evaluatingexecutive pay with the ability to analytically determine anappropriate compensation package. Provides real-life stories, perspectives, and insights fromthought leaders on executive compensation Contains interview with compensation committee members,executives, academicians, government leaders, and shareholderactivists Research based on 44,000 companies broken down by performance,revenue and industry Offers a timely resource on a hot button topic.

Optimal Executive Compensation Vs Managerial Power

Author : Michael S. Weisbach
ISBN : OCLC:255726181
Genre : Executives
File Size : 82. 16 MB
Format : PDF, Kindle
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An Introduction To Executive Compensation

Author : Steven Balsam
ISBN : 0120771268
Genre : Business & Economics
File Size : 60. 19 MB
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General readers have no idea why people should care about what executives are paid and why they are paid the way they are. That's the reason that The Wall Street Journal, Fortune, Forbes, and other popular and practitioner publications have regular coverage on them. This book not only proposes a reason--executives need incentives in order to maximize firm value (economists call this "agency theory")--it also describes the nature and design of executive compensation practices. Those incentives can take the form of benefits (salary, stock options), perquisites (reflecting the status of the executive within the organizational culture. This book is important because it takes the elements of an executive compensation package apart, analyzing them in the contexts of both economic theory and corporate practice and then explains how, under varying conditions, one might construct a compensation package that optimizes an executive's and a corporation's performance. Key Features * Presents an objective analysis of current executive compensation practices * Comprehensively reviews of academic literature and extant practice * Explains and illustrates the various components of the compensation package * Discusses the incentive, financial reporting, tax, political, equity, and firm value effects of those components

Ethical Boundaries Of Capitalism

Author : Daniel Daianu
ISBN : STANFORD:36105114223428
Genre : Business & Economics
File Size : 62. 88 MB
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The spate of corporate scandals across the Atlantic and similar cases in the EU in the early twenty first century illustrate the complex reality of capitalist societies, casting new doubts on the ability of these societies to impose natural limits on greed, selfishness and aggressive rivalry between economic actors. Social scientists now question whether capitalism can provide a solid basis for the development of ethical behaviour and whether unethical behaviour is an inherent feature of capitalist systems. This book addresses these issues within a thesis-antithesis approach, with analysis of the ethical virtues of capitalist structures, and a study of ethical issues within various applied contexts, including corporate governance and regulation. This book will be of interest to students of business, economics, and philosophy. It will also appeal to practitioners who want to broaden their understanding of modern societies and improve the quality of their decision-making by incorporating the essential ethical dimension.

International Company And Commercial Law Review

Author :
ISBN : 0414063198
Genre :
File Size : 62. 53 MB
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The Modern Corporation And Private Property

Author : Adolf Augustus Berle
ISBN : OCLC:249577076
Genre : Corporate governance
File Size : 65. 68 MB
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Business Persons

Author : Eric W. Orts
ISBN : 9780199670918
Genre : Business & Economics
File Size : 60. 60 MB
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Business firms are ubiquitous in modern society, but an appreciation of how they are formed and for what purposes requires an understanding of their legal foundations. This book provides a scholarly and yet accessible introduction to the legal framework of modern business enterprises. It explains how the legal ideas allow for the construction and recognition of business firms as persons having rights and responsibilities. It also shows how law sets the boundariesof firms. Specific applications include contributions to debates about executive compensation and political free-speech rights of corporations. Anyone who wishes to have a deeper understanding of thenature of business firms and their role in modern society will benefit from reading this book.

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