Financial Management · 23 July 2018

注意你的篮子——它决定CEO的补偿

作者：Neal Galpin(Department of Banking and Finance at Monash University in Melbourne, Australia)

Hae Won (Henny) Jung(Department of Finance at the University of Melbourne in Melbourne, Australia)

Lyndon Moore(Department of Finance at the University of Melbourne in Melbourne, Australia)

Ekaterina Volkova(Department of Finance at the University of Melbourne in Melbourne, Australia)

摘要：如果CEO在大股东的投资组合中胜过其他公司的投资组合，他们会获得更多的报酬。CEO所在公司的回报，每超过一年内最大的大股东组合篮子回报的一个百分点，他们的报酬补偿就会增加超过9800美元。一旦我们将这个投资组合作为基准，行业回报和自己公司回报就不那么重要了。当公司占大股东的投资组合中的更大一部分时，并且当大股东经验丰富时，优于大股东投资组合的表现得到的奖励会更高。在变换行业分类和大股东的定义后，我们的结果是稳健。

Watch your basket-to determine CEO compensation

Neal Galpin(Department of Banking and Finance at Monash University in Melbourne, Australia), Hae Won (Henny) Jung(Department of Finance at the University of Melbourne in Melbourne, Australia), Lyndon Moore(Department of Finance at the University of Melbourne in Melbourne, Australia), Ekaterina Volkova(Department of Finance at the University of Melbourne in Melbourne, Australia)

ABSTRACT

CEOs are paid more if they outperform other firms in their blockholders’ portfolios. For every percentage point by which their own firm's return exceeds the return of the largest blockholder's basket of investments in a year, their compensation increases by over $9,800. Once we benchmark to this portfolio, industry returns and own firm returns are of little importance. When the firm is a larger portion of the blockholder's portfolio and when the blockholder is experienced, the reward for outperforming the blockholder's portfolio is greater. Our results are robust to alternate industry classifications and definitions of blockholders.

原文链接：https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12243

翻译：施懿