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- Title
Manager remuneration, share buybacks, and firm performance.
- Authors
Dawid, Herbert; Harting, Philipp; van der Hoog, Sander
- Abstract
Using a dynamic heterogeneous agent industry model, we examine the impact of manager remuneration schemes on firms' investment decisions and on the evolution of their competitiveness and share values. Whereas an increase in the share-based manager remuneration component is always beneficial to the manager, it is beneficial for shareholders only if such a change in the remuneration scheme is adopted by all firms in the industry. In that case, productivity growth is slowed down and workers' real wages are reduced.
- Subjects
REDEMPTION of securities; WAGES; INVESTMENTS; STOCKHOLDERS; STOCK prices
- Publication
Industrial & Corporate Change, 2019, Vol 28, Issue 3, p681
- ISSN
0960-6491
- Publication type
Article
- DOI
10.1093/icc/dty073