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Two essays on say-on-pay

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TitleInfo
Title
Two essays on say-on-pay
Name (type = personal)
NamePart (type = family)
Behera
NamePart (type = given)
Meera
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Meera Behera
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author
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NamePart (type = family)
Palmon
NamePart (type = given)
Oded
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Oded Palmon
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Advisory Committee
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chair
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Brick
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Ivan
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Ivan Brick
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Advisory Committee
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internal member
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Kim
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Jin-Mo
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Jin-Mo Kim
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Advisory Committee
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internal member
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Nanda
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Vikram
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Vikram Nanda
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Advisory Committee
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outside member
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Rutgers University
Role
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degree grantor
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Graduate School - Newark
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school
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Text
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theses
OriginInfo
DateCreated (qualifier = exact)
2017
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2017-05
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2017
Place
PlaceTerm (type = code)
xx
Language
LanguageTerm (authority = ISO639-2b); (type = code)
eng
Abstract (type = abstract)
High CEO compensation is a known problem. The Dodd-Frank Act of July 21st, 2010 mandates a periodic advisory Say-on-Pay vote (SoP) on a company’s executive pay. In the first essay, we estimate the determinants and impacts of the SoP vote. We find that SoP approval is positively related to the firm’s past performance and negatively related to the CEO’s past compensation. We also find that the increase in future compensation is positively related to the SoP support. These relationships are weaker in the presence of institutional ownership. We document similar results for non-CEO executive compensations. Last, we estimate the impact of SoP vote on future performance. We find that future performance is negatively related to SoP support and is positively associated with a vote being in the lowest SoP quartile. In the second essay, we use logit estimate to see the impact of the SoP vote on CEO turnover. We find that, controlling for firm performance and CEO attributes, the likelihood of a turnover is negatively related to SoP support. This result is similar for the likelihood of forced CEO turnovers and replacements by CEOs who are hired from outside of the company. We also find that most CEO departures take place in the second half of the year (rather than in the immediate six months) after the annual meeting in which the SoP vote is cast. In conclusion, SoP has consequences even though it is formally an advisory vote.
Subject (authority = RUETD)
Topic
Management
RelatedItem (type = host)
TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
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ETD
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ETD_8139
PhysicalDescription
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electronic resource
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application/pdf
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text/xml
Extent
1 online resource (viii, 110 p. : ill.)
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
Subject (authority = ETD-LCSH)
Topic
Wages
Subject (authority = ETD-LCSH)
Topic
Executives--Salaries, etc.
Note (type = statement of responsibility)
by Meera Behera
RelatedItem (type = host)
TitleInfo
Title
Graduate School - Newark Electronic Theses and Dissertations
Identifier (type = local)
rucore10002600001
Location
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NjNbRU
Identifier (type = doi)
doi:10.7282/T3GM8B7Z
Genre (authority = ExL-Esploro)
ETD doctoral
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Rights

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The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Behera
GivenName
Meera
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2017-04-27 19:27:25
AssociatedEntity
Name
Meera Behera
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Affiliation
Rutgers University. Graduate School - Newark
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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 (encoding = w3cdtf); (qualifier = exact); (point = start)
2017-05-31
DateTime (encoding = w3cdtf); (qualifier = exact); (point = end)
2019-05-31
Type
Embargo
Detail
Access to this PDF has been restricted at the author's request. It will be publicly available after May 31st, 2019.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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