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A study of CEO compensation and firm performance across companies with high, medium and low managerial discretion

机译：对具有高，中，低管理层自由裁量权的公司的首席执行官薪酬和公司绩效的研究

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摘要

Is there a significant difference across the three levels of management discretion with regard to CEO compensation, firm performance and stock performance? This is a summation of the research questions for this study. To answer the research questions in this study data was gathered on a sample of 156 publicly traded U.S. companies. The data was for a three-year period, 1996 through 1999. It was obtained from several secondary sources: Standard & Poor's COMPUSTAT tapes, Hoovers annual fillings reports, corporate annual reports and 10K and 10Q reports filed with the SEC.;The independent variable used in the study was the level of management discretion as determined by earlier research by Hambrick and Abrahamson (1995). There were five dependent variables engaged in the study: CEO salary plus bonus, Corporate profits (ROE), Net operating profit rate of return, Shareholder return, and three year average price/earnings ratio.;Using the managerial discretion rankings of 71 industries by Hambrick and Abrahamson 1995, the investigator randomly selected 52 companies from the top 10, middle 10, and bottom 10 publicly traded companies. Since COMPUSTAT was complete there was no missing data. All hypotheses were tested using One-Factor Analysis of variance. For each level of discretion the firm that ranked highest and the firm that ranked lowest was discarded to address the impact of outliers.;The results of the One-Factor Analysis of variance supported four of five hypotheses. Hypotheses five was rejected mainly due to serious outliers that were not addressed using One-Factor Analysis of variance. This study supports Hambrick and Finkelsteins' previous research, finding significant differences across the levels of managerial discretion; however, one of the interesting side results was the distribution between high, medium and low discretion in several of the tested hypotheses.
机译：在首席执行官薪酬，公司绩效和股票绩效的三个管理自由裁量权之间是否存在显着差异？这是本研究的研究问题的总和。为了回答本研究中的研究问题，我们从156家美国上市公司的样本中收集了数据。该数据是从1996年到1999年的三年期间。该数据是从几个二手来源获得的：标准普尔的COMPUSTAT磁带，胡佛斯年度填充报告，公司年度报告以及向SEC提交的10K和10Q报告。研究中使用的是由Hambrick和Abrahamson（1995）进行的较早研究确定的管理自由度水平。这项研究涉及五个因变量：首席执行官薪金加奖金，公司利润（ROE），净营业利润率，股东回报率和三年平均市盈率;使用71个行业的管理自由度排名Hambrick和Abrahamson 1995年，研究人员从前10名，中部10名和后10名公开交易的公司中随机选择了52家公司。由于COMPUSTAT已完成，因此没有丢失的数据。使用假设的一因素分析检验所有假设。对于每个自由度级别，排名最高的公司和排名最低的公司都将被丢弃，以解决离群值的影响。方差一因素分析的结果支持五个假设中的四个。假设5被拒绝的主要原因是没有使用单因素方差分析解决的严重异常值。这项研究支持Hambrick和Finkelsteins的先前研究，发现在管理自由裁量水平上存在显着差异。然而，有趣的附带结果之一是在一些被检验的假设中，高，中，低判断力之间的分布。

著录项

  • 作者

    Murphy, Richard.;

  • 作者单位

    Nova Southeastern University.;

  • 授予单位 Nova Southeastern University.;
  • 学科 Management.;Commerce-Business.
  • 学位 D.B.A.
  • 年度 1999
  • 页码 124 p.
  • 总页数 124
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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