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- Title
Does Say-on-Pay Matter? Evidence from Say-on-Pay Proposals in the United States.
- Authors
Burns, Natasha; Minnick, Kristina
- Abstract
We investigate the effect of say-on-pay (SOP) proposals on changes in executive and director compensation. Relative to non-SOP firms, SOP firms' total compensation to CEOs does not significantly change after the proposal. However, the mix of compensation does change-companies move away from using cash compensation toward more incentive compensation, offsetting the reduction in bonus. Further, the mix of compensation of non-CEO executives changes similarly to that of CEOs. Compensation to directors of SOP firms increases less than non-SOP firms. Firms whose CEOs are well compensated, especially with cash-based compensation, are most likely to receive a proposal.
- Subjects
EXECUTIVE compensation; CHIEF executive officers; CORPORATE directors' salaries; EMPLOYEE bonuses; EMPLOYEE benefits; EXECUTIVES
- Publication
Financial Review, 2013, Vol 48, Issue 2, p233
- ISSN
0732-8516
- Publication type
Article
- DOI
10.1111/fire.12002