Do high CEO pay ratios destroy firm value?

• Main Authors: CHENG, Qiang, RANASINGHE, Tharindra, ZHAO, Sha
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2017
• 主題: pay ratio; corporate governance; firm value; acquisitions; CEO turnover-performance sensitivity; Accounting; Corporate Finance
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/1629; https://ink.library.smu.edu.sg/context/soa_research/article/2656/viewcontent/HighCEOPayRatios_2017_wp.pdf
• 機構: Singapore Management University

There is growing public concern over the rapid growth in CEO pay relative to average worker pay (CEO pay ratio). Critics contend that high CEO pay ratios could destroy firm value by damaging employee morale and/or signal CEO rent extraction. In this paper, we use a proprietary dataset to examine the...