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CEO Compensation and Board Structure
Vidhi Chhaochharia University of Miami Yaniv Grinstein Cornell University - Samuel Curtis Johnson Graduate School of Management September 10, 2008 Abstract: In response to the corporate scandals in 2001-2002, the major U.S. exchanges came up with new director and committee independence requirements which are intended to enhance board oversight. We use this regulation event to shed light on the effect of board structure on CEO compensation. We find a significant decrease in CEO compensation upon compliance with these requirements. The significant decrease in compensation is due to a decrease in the option-based portion of the compensation. The results suggest that board structure is a significant determinant of the size and structure of CEO compensation.
Keywords: CEO compensation, Board of Directors JEL Classifications: G34, G38, J33, J38 Working Paper SeriesDate posted: May 17, 2006 ; Last revised: February 23, 2009Suggested CitationContact Information
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