CEOs' Outside Employment Opportunities and the Lack of Relative Performance Evaluation in Compensation Contracts
نویسندگان
چکیده
منابع مشابه
CEOs’ Outside Employment Opportunities and the Lack of Relative Performance Evaluation in Compensation Contracts
Although agency theory suggests that firms ought to index executive compensation to remove market-wide effects (i.e., RPE), there is little evidence to support this theory. Oyer (2004) posits that absence of RPE is optimal if the CEO's reservation wages from outside employment opportunities rise and fall with the economy's fortunes. We directly test and find support for Oyer's (2004) theory. We...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2005
ISSN: 1556-5068
DOI: 10.2139/ssrn.516644