CEO Compensation, Backdated Stock Options, and Compensation Committees

S. Frankforter, J. Becton
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Abstract

CEO compensation in U. S. based companies has undergone considerable scrutiny in recent years. Among the common observations are that U. S. executives are highly paid relative to those of other countries and that the disparities in compensations are increasing over time. In this study, we investigate the effects that backdated stock options, compensation committee structure and process, and ownership factors have on levels or executive compensation. Combining agency and organizational theory perspectives, we find CEO compensation positively associated with the presence of backdated stock options, few large-block stockholders, and small compensation committees.
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CEO薪酬、回溯股票期权和薪酬委员会
近年来,总部设在美国的公司的CEO薪酬受到了相当严格的审查。常见的观察结果是,美国高管的薪酬高于其他国家的高管,而且薪酬差距随着时间的推移而扩大。在本研究中,我们探讨了回溯股票期权、薪酬委员会结构和流程以及所有权因素对高管薪酬水平的影响。结合代理理论和组织理论的观点,我们发现CEO薪酬与回溯期权、少数大股东和小型薪酬委员会的存在呈正相关。
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