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CEO ability, pay, and firm performance / Yuk Ying Chang in Management science, Vol. 56 N° 10 (Octobre 2010) 

Public ISBD [article]  in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1633-1652 Titre : CEO ability, pay, and firm performance Type de document : texte imprimé Auteurs : Yuk Ying Chang, Auteur ; Sudipto Dasgupta, Auteur ; Gilles Hilary, Auteur Année de publication : 2010 Article en page(s) : pp. 1633-1652 Note générale : Management Langues : Anglais (eng) Mots-clés : CEO  ability  CEO  pay  Managerial  labor  market  Firm  performance Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Do chief executive officers (CEOs) really matter? Do cross-sectional differences in firm performance and CEO pay reflect differences in CEO ability? Examining CEO departures over 1992–2002, we first find that the stock price reaction upon departure is negatively related to the firm's prior performance and to the CEO's prior pay. Second, the CEO's subsequent labor market success is greater if the firm's predeparture performance is better, the prior pay is higher, and the stock market's reaction is more negative. Finally, better prior performance, higher prior pay, and a more negative stock market reaction are associated with worse postdeparture firm performance. Collectively, these results reject the view that differences in firm performance stem entirely from non-CEO factors such as the firms' assets, other employees, or "luck," and that CEO pay is unrelated to the CEO's contribution to firm value. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1633 [article] CEO ability, pay, and firm performance [texte imprimé] / Yuk Ying Chang, Auteur ; Sudipto Dasgupta, Auteur ; Gilles Hilary, Auteur . - 2010 . - pp. 1633-1652. Management Langues : Anglais (eng) in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1633-1652 Mots-clés : CEO  ability  CEO  pay  Managerial  labor  market  Firm  performance Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Do chief executive officers (CEOs) really matter? Do cross-sectional differences in firm performance and CEO pay reflect differences in CEO ability? Examining CEO departures over 1992–2002, we first find that the stock price reaction upon departure is negatively related to the firm's prior performance and to the CEO's prior pay. Second, the CEO's subsequent labor market success is greater if the firm's predeparture performance is better, the prior pay is higher, and the stock market's reaction is more negative. Finally, better prior performance, higher prior pay, and a more negative stock market reaction are associated with worse postdeparture firm performance. Collectively, these results reject the view that differences in firm performance stem entirely from non-CEO factors such as the firms' assets, other employees, or "luck," and that CEO pay is unrelated to the CEO's contribution to firm value. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1633