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This paper revisits the determinants of CEOcompensation using recent data covering 125 firms from 2003 to 2012. We focusin particular on how CEO pay changed after the 2008 financial crisis.Post-crisis, the composition of pay shifted away from cash toward equity.Furthermore, post-crisis pay is tied more closely to performance and lessclosely to factors like firm size that are more tenuously connected toshareholder value. We also investigate the impact of mergers and divestitureson CEO pay, overall and before and after the crisis. Finally, we consider therole that board composition plays in CEO compensation and find that CEOs takelarger post-crisis pay cuts when they have more employees on their boards.

KEYWORDS

Mergers and Divestitures, CEO Compensation, Board Composition, Stock Market Performance, Principal Agent, Managerial Power

Cite this paper

Sonenshine, R. , Larson, N. and Cauvel, M. 2016 Determinants of CEO Compensation before and after the Financial Crisis. Modern Economy, 7, 1455-1477. doi: 10.4236-me.2016.712133.





Autor: Ralph Sonenshine, Nathan Larson, Michael Cauvel

Fuente: http://www.scirp.org/



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