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Author: Lucian A. Bebchuk
Publisher: Harvard University Press
ISBN: 9780674020634
Category : Business & Economics
Languages : en
Pages : 308
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Book Description
The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Author: Lucian A. Bebchuk
Publisher: Harvard University Press
ISBN: 9780674020634
Category : Business & Economics
Languages : en
Pages : 308
Get Book Here
Book Description
The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Author: Charles H. Fay
Publisher: Simon and Schuster
ISBN: 0684842335
Category : Compensation management
Languages : en
Pages : 888
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Book Description
For more than fifty years, human resources departments have turned to HayGroup for concrete, practical advice on how to structure compensation programs. Also the authority behind leading books on compensation, HayGroup renders all others obsolete with this publication -- the new last word on compensation. The Executive Handbook on Compensation speaks directly to businesses' most important concerns, highlighting dramatic changes in the world of business over the past decade -- changes caused by the globalization of the economy, the diversification of the workforce, new work habits including flexible time and telecommuting, and organizational shifts that require that compensation packages maximize employee-employer partnerships like never before. The Executive Handbook on Compensation shows managers how to: -- Reward and retain key people -- Determine affordable, appropriate pay scales -- Evaluate employee expectations and boost morale -- Develop nontraditional and contingency-based compensation -- Use the latest electronic media to improve the way businesses document, evaluate, price, and plan jobs
Author: Colleen Ammerman
Publisher: Harvard Business Press
ISBN: 1633695948
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
Why the gender gap persists and how we can close it. For years women have made up the majority of college-educated workers in the United States. In 2019, the gap between the percentage of women and the percentage of men in the workforce was the smallest on record. But despite these statistics, women remain underrepresented in positions of power and status, with the highest-paying jobs the most gender-imbalanced. Even in fields where the numbers of men and women are roughly equal, or where women actually make up the majority, leadership ranks remain male-dominated. The persistence of these inequalities begs the question: Why haven't we made more progress? In Glass Half-Broken, Colleen Ammerman and Boris Groysberg reveal the pervasive organizational obstacles and managerial actions—limited opportunities for development, lack of role models and sponsors, and bias in hiring, compensation, and promotion—that create gender imbalances. Bringing to light the key findings from the latest research in psychology, sociology, organizational behavior, and economics, Ammerman and Groysberg show that throughout their careers—from entry-level to mid-level to senior-level positions—women get pushed out of the leadership pipeline, each time for different reasons. Presenting organizational and managerial strategies designed to weaken and ultimately break down these barriers, Glass Half-Broken is the authoritative resource that managers and leaders at all levels can use to finally shatter the glass ceiling.
Author: Marc Wouters
Publisher: McGraw Hill
ISBN: 0077147286
Category : Business & Economics
Languages : en
Pages : 899
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Book Description
This book is an adaptation of the successful US text Cost Management by Hilton, Maher and Selto, written specifically for an international audience.Major improvements include:Diverse and truly international examples of organizations - Examples used throughout the book are from all over the world and represent manufacturing, retail, not-for-profit, and service firms in many different countries. Completely restructured and rewritten text - The book has been rewritten, restructured and also shortened significantly to align content closer with international courses. Integral use of spreadsheets - Spreadsheet software is used for explaining techniques and making applications more realistic. In depth research - Summaries of international research studies that address important cost management issues have been updated and more references to recent research findings have been added. Intuitive explanation of accounting - The authors show directly how events impact the balance sheet and profit and loss account.
Author: Mr Kit Sadgrove
Publisher: Ashgate Publishing, Ltd.
ISBN: 1472442199
Category : Business & Economics
Languages : en
Pages : 579
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Book Description
The importance of Risk Management and Contingency Planning has increased significantly since the first publication of The Complete Guide to Business Risk Management. This new edition reflects changes in the global environment, the new risks that have emerged and the effect of macroeconomic factors on business profitability and success. Businesses are constantly under threat from the likes of computer failure, fire, fraud, robbery, accident, environmental damage and new regulations. But how do you determine which are the most important dangers for your business? What can you do to lessen the chances of their happening - and minimize the impact if they do? In this comprehensive volume Kit Sadgrove shows how you can identify and control the relevant threats to ensure that your company will survive.
Author: Wei Shi
Publisher: John Wiley & Sons
ISBN: 1119798256
Category : Business & Economics
Languages : en
Pages : 323
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Book Description
Explore the interplay between corporate governance and strategic decision-making in this startling new resource In Understanding and Managing Strategic Governance, strategy and management experts Dr. Wei Shi and Robert E. Hoskisson deliver an insightful exploration of the influence that governance actors, like the board of directors, activist investors, institutional investors, and securities analysts, have on important strategic decisions. Based on surveying the latest research and analyzing unique datasets compiled by the authors, the book explains the impact that governance actors have on a firm’s strategic choices and the quality of such choices as well as the unintended consequences of that impact. The authors also describe how executives can manage the conflicting interests of multiple governance actors and leverage the influence of these actors to make effective strategic decisions. In this book, you’ll discover: How to avoid the strategic pitfalls that arise from governance actor influence and harm firms’ long-term competitiveness The effect that governance actors can have on corporate strategy, competitive strategy, corporate innovation strategy, global strategy, stakeholder strategy, and more The latest trends in corporate governance and their implications for managers, regulators, and policy makers in this area Perfect for C-level executives, board of directors, and institutional investors as well as students of corporate governance and strategy, Understanding and Managing Strategic Governance is a revealing and original examination of the interplay between corporate governance and firm strategy and how to manage that interplay to create sustainable competitive advantages.
Author: Michael Dennis GRAHAM
Publisher: AMACOM/American Management Association
ISBN: 0814410820
Category : Business & Economics
Languages : en
Pages : 544
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Book Description
When it comes to creating an executive compensation program, it can feel like there’s little gray area between giving top performers too shiny a golden parachute, with exorbitant perks, and providing the company’s leaders with the incentive they need to continue doing their best. This book gives readers the techniques and understanding they need to design a rewards strategy that will motivate performers while benefiting the entire organization. Taking a careful look at the complicated state of executive rewards, this no-nonsense, practical guide provides readers with a complete methodology for motivating management to accomplish critical business goals. Eschewing a one-size-fits-all approach, the book uses case studies and examples to illustrate what factors should be considered—including environment, key stakeholders, people strategy, business strategy, and organizational capabilities—when designing a program that will benefit both their company and the people who fuel its success.
Author: Jeffrey S. Harrison
Publisher:
ISBN: 9780538878395
Category : Industrial management
Languages : en
Pages : 764
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Book Description
Author: John S. Beasley
Publisher: Edward Elgar Publishing
ISBN: 1781005109
Category : Business & Economics
Languages : en
Pages : 553
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Book Description
Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay. The authors analyze the two dominant theoretical approaches – managerial power theory and optimal contracting theory – and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed. A timely study of a controversial topic, the Handbook will be an essential resource for students, scholars and practitioners of law, finance, business and accounting.
Author: Steffen Florian Burkert
Publisher: BoD – Books on Demand
ISBN: 3947095104
Category : Business & Economics
Languages : en
Pages : 233
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Book Description
Top managers have a significant impact on organizations because they are responsible for the formulation and implementation of corporate strategies, have the visibility and influence to shape the opinions of internal and external stakeholders, and coin the culture of their organizations, affecting employees at every level of the organization. Research has focused on the drivers and consequences of top managers' actions, with a particular focus on executive compensation, but important questions remain unanswered. This dissertation contributes to the literature on top executives by examining the antecedents of executive compensation, the influence of executive compensation on executive behavior, and the interplay of executive compensation and top executive personality. The first study introduces the role of compensation benchmarking for determining executive compensation to the management literature. It finds that benchmarking leads to compensation convergence. The second study examines the impact of executive compensation complexity on firm performance. The results show that compensation complexity is negatively related to accounting-based, market-based, and ESG-based metric of firm performance. The third study explores the implications of relative performance evaluation (RPE) on the imitation behavior of firms. It finds that the introduction of RPE is positively related to the imitation of the strategic actions of peer firms. The fourth study contributes to the growing literature on the impact of corporate social performance (CSP) goals in CEO contracts. Specifically, it examines how and when CSP incentives influence the CEO's attention to corporate social responsibility topics. The final essay examines the role of CEO personality; it finds that differences in CEO personality explain differences in the level of strategic conformity. Taken together, the essays in this dissertation make a significant contribution to the scholarly discourse on the influence of top managers on their companies. The empirical evidence presented expands the current understanding of how top executives affect strategic firm behaviors, and it provides insights for policymakers, managers, and investors.
