Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/104650 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 8538
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
This paper estimates the effects of Say-on-Pay (SoP); a policy that increases shareholder "voice" by providing shareholders with a regular vote on executive pay. We apply a regression discontinuity design to the votes on shareholder-sponsored SoP proposals. Adopting SoP leads to large increases in market value (4%) and to improvements in long-term performance: profitability and labor productivity increase, while overheads and investment fall. In contrast, we find limited effects on pay levels and structure. This suggests that SoP serves as a regular vote of confidence on the CEO, which leads to higher efficiency and market value.
Schlagwörter: 
say-on-pay
corporate governance
executive compensation
JEL: 
G34
M52
Dokumentart: 
Working Paper

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