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One dollar CEOs
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DOI：10.1016/j.jbusres.2019.11.086.png)
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Abstract
En 中文
We study the impact of $1 CEO salaries on firm performance and CEO total compensation. We find that, on average, $1 CEO firms earn higher total compensation and lower stock market returns relative to their peers after the adoption of $1 salaries. The effect on total compensation is mitigated if the $1 CEO firm is undergoing restructuring or the CEO is entrenched and aggravated if the CEO is overconfident. The stock market underperformance especially affects firms not under a restructuring process and firms with entrenched or overconfident CEOs.
Keywords:
CEO compensation
CEO characteristics
Firm performance
Restructuring
Entrenched CEOs
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