RUcore: Rutgers University Community Repository
Say on pay
Descriptive
TitleInfo
Title
Say on pay
SubTitle
is anybody listening?
Name
(type = personal)
NamePart
(type = family)
Mason
NamePart
(type = given)
Stephania
NamePart
(type = date)
1972-
DisplayForm
Stephania Mason
Role
RoleTerm
(authority = RULIB)
author
Name
(type = personal)
NamePart
(type = family)
Palmon
NamePart
(type = given)
Dan
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Dan Palmon
Affiliation
Advisory Committee
Role
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chair
Name
(type = personal)
NamePart
(type = family)
Sudit
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(type = given)
Ephraim
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Ephraim Sudit
Affiliation
Advisory Committee
Role
RoleTerm
(authority = RULIB)
internal member
Name
(type = personal)
NamePart
(type = family)
Issa
NamePart
(type = given)
Hussein
DisplayForm
Hussein Issa
Affiliation
Advisory Committee
Role
RoleTerm
(authority = RULIB)
internal member
Name
(type = personal)
NamePart
(type = family)
Yezegel
NamePart
(type = given)
Ari
DisplayForm
Ari Yezegel
Affiliation
Advisory Committee
Role
RoleTerm
(authority = RULIB)
outside member
Name
(type = corporate)
NamePart
Rutgers University
Role
RoleTerm
(authority = RULIB)
degree grantor
Name
(type = corporate)
NamePart
Graduate School - Newark
Role
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(authority = RULIB)
school
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Text
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theses
OriginInfo
DateCreated
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(qualifier = exact)
2015
DateOther
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(type = degree)
2015-10
CopyrightDate
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(qualifier = exact)
2015
Place
PlaceTerm
(type = code)
xx
Language
LanguageTerm
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(type = code)
eng
Abstract
(type = abstract)
For the last two decades there has been quite a bit of debate about whether executives receive excessive compensation and if so, how to control it. A number of countries have instituted some type of Say on Pay rules, affording shareholders the right to vote on executive compensation. Much of this regulatory activity and debate is predicated on the notion that shareholder voting actually influences executive compensation for the better. Although Say on Pay continues to grow as a regulatory tool, the effectiveness of it as a mechanism to effect change remains an open and controversial question, and academic research has been inconclusive. Some prior studies find no change in the level of CEO pay around the adoption of Say on Pay in the U.S. and the U.K. (e.g., see Ferri & Maber (2013) for the U.K. and Iliev & Vitanova (2013) for the U.S.), whereas other studies provide strong evidence that Say on Pay is associated with lower CEO pay. (e.g., see Correa & Lel (2013)). The primary purpose of this dissertation is to investigate the impact of Say on Pay by addressing an important question: Do firms alter executive compensation after the enactment of Say on Pay? I conduct a meta-analysis on the impact of Say on Pay on executive compensation, comprising prior tests derived from 29 primary studies. Impact is measured for the firm by comparing the level of executive compensation and its growth rate; pay-performance sensitivity; pay dispersion (between the CEO and other top executives); and composition of executive compensation in the pre- and post-Say on Pay periods. I find that Say on Pay does not reduce executive compensation; however it does change the composition of the compensation. These results are inconsistent with the public interest theory of regulation, which posits that regulation is implemented to improve some public good (reduce executive compensation). In addition, I construct an international comparative analysis of Say on Pay votes outlining the history of compensation, political trends, and corporate governance characteristics that led to the specific legislation in each jurisdiction in order to evaluate the impact of Say on Pay by type and find that binding votes lead to larger CEO compensation reduction.
Subject
(authority = RUETD)
Topic
Management
RelatedItem
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TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
Identifier
(type = RULIB)
ETD
Identifier
ETD_6865
PhysicalDescription
Form
(authority = gmd)
electronic resource
InternetMediaType
application/pdf
InternetMediaType
text/xml
Extent
1 online resource (iii, 94 p. : ill.)
Note
(type = degree)
Ph.D.
Note
(type = bibliography)
Includes bibliographical references
Subject
(authority = ETD-LCSH)
Topic
Executives--Salaries, etc.
Subject
(authority = ETD-LCSH)
Topic
Corporate governance
Note
(type = statement of responsibility)
by Stephania Mason
RelatedItem
(type = host)
TitleInfo
Title
Graduate School - Newark Electronic Theses and Dissertations
Identifier
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rucore10002600001
Location
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(displayLabel = Rutgers, The State University of New Jersey)
NjNbRU
Identifier
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doi:10.7282/T33F4RP3
Genre
(authority = ExL-Esploro)
ETD doctoral
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Rights
RightsDeclaration
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The author owns the copyright to this work.
RightsHolder
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Name
FamilyName
Mason
GivenName
Stephania
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime
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(qualifier = exact);
(point = start)
2015-10-07 15:19:05
AssociatedEntity
Name
Stephania Mason
Role
Copyright holder
Affiliation
Rutgers University. Graduate School - Newark
AssociatedObject
Type
License
Name
Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
RightsEvent
DateTime
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(qualifier = exact);
(point = start)
2015-10-31
DateTime
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2017-10-30
Type
Embargo
Detail
Access to this PDF has been restricted at the author's request. It will be publicly available after October 30th, 2017.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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Technical
RULTechMD
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ContentModel
ETD
OperatingSystem
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windows xp
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Statistical Profile