CEO pay cuts and forced turnover: Their causes and consequences

• المؤلفون الرئيسيون: Gao, Huasheng, Harford, Jarrad, Li, Kai
• مؤلفون آخرون: Nanyang Business School
• التنسيق: مقال
• اللغة: English
• منشور في: 2013
• الموضوعات: DRNTU::Business::Finance::Corporate finance
• الوصول للمادة أونلاين: https://hdl.handle.net/10356/107244; http://hdl.handle.net/10220/18162
• المؤسسة: Nanyang Technological University

We study large discrete decreases in CEO pay and compare them to CEO forced turnover. The determinants are similar, as are the performance improvements after the action. After the pay cut, the CEO pay-for-performance sensitivity is abnormally high, such that the CEO can restore his pay level by reve...