Three Essays on Executive Compensation - KOPS - Universität ...

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Profit Sharing with Executives that a top management with more power vis-à-vis shareholders and more powerful CEOs are able to capture a larger share of cash flows as cash bonuses for the top management team. If we follow Bebchuk et al. (2011) who find that CEO power is associated with agency problems resulting in inferior firm performance, our finding may imply agency problems in firms where the top management captures a large share of cash flows. This finding calls for further investigation of the implications from high managerial cash-flow participation. Future research may analyze whether a higher cash-flow share captured by the top management is indeed negatively associated with firm performance or firm value and thus evidence for agency problems and managerial rent extraction. 145
Profit Sharing with Executives References Adams, R. B., Almeida, H. and Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance, Review of Financial Studies 18(4): 1403–1432. Banyi, M., Dyl, E. and Kahle, K. (2008). Errors in estimating share repurchases, Journal of Corporate Finance 14(4): 460–474. Baum, C. (2008). Stata tip 63: Modeling proportions, Stata Journal 8(2): 299–303. Bebchuk, L., Cohen, A. and Ferrell, A. (2009). What matters in corporate governance?, Review of Financial Studies 22(2): 783–827. Bebchuk, L., Cremers, M. and Peyer, U. (2011). The CEO pay slice, Journal of Financial Economics 102(1): 199–221. Bebchuk, L. and Grinstein, Y. (2005). The growth of executive pay, Oxford Review of Economic Policy 21(2): 283–303. Bhargava, A. (2010). An econometric analysis of dividends and share repurchases by US firms, Journal of the Royal Statistical Society: Series A (Statistics in Society) 173(3): 631–656. Bhargava, A. (2013). Executive compensation, share repurchases and investment expenditures: econometric evidence from us firms, Review of Quantitative Finance and Accounting 40(3): 403–422. Bhattacharyya, N., Mawani, A. and Morrill, C. (2008a). Dividend payout and executive compensation: theory and canadian evidence, Managerial Finance 34(8): 585–601. Bhattacharyya, N., Mawani, A. and Morrill, C. (2008b). Dividend payout and executive compensation: theory and evidence, Accounting & Finance 48(4): 521– 541. Cook, D. O., Kieschnick, R. and McCullough, B. D. (2008). Regression analysis of proportions in finance with self selection, Journal of Empirical Finance 15(5): 860–867. Deutsche Bank (2012). Update on strategy review. Press release, 31 July 2012. 146
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Three Essa
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Contents Vorwort Contents List of T
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CONTENTS 3.5.1 Determinants of the
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LIST OF TABLES 2.9 Cash Bonuses and
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Summary Chapter 1, Executive Compen
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Zusammenfassung nehmensmerkmale, so
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Executive Compensation and Firm Per
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