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    Effect of executive compensation on firm performance

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    Author
    Abedin, Mohammad Yameenul
    Keyword
    CEO compensation
    pay-for-performance
    Fama-French 3-factor model
    risk taking
    pay-volatility sensitivity
    
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    URI
    http://hdl.handle.net/10464/6368
    Abstract
    The paper finds evidence that the equity-based CEO pay is positively related to firm performance and risk-taking. Both stock price and operating performance as well as firm's riskiness increase in the pay-performance sensitivities (PPS) provided by CEO stock options and stock holdings. PPS can explain stock returns better as an additional factor to the Fama-French 3-factor model. When CEOs are compensated with higher PPS, firms experience higher return on asset (ROA). The higher PPS also leads to the higher risk-taking. While CEO incentive compensation has been perceived mixed on its effectiveness, this study provides support to the equity-based CEO compensation in reducing agency conflicts between CEOs and shareholders.
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