The role of executive cash bonuses in providing individual and team incentives

Guay Wayne R.; Kepler John D.; Tsui David

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The role of executive cash bonuses in providing individual and team incentives

机译：高管现金奖金在提供个人和团队激励方面的作用

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Given CEOs' substantial equity portfolios, much recent literature on CEO incentives regards cash-based bonus plans as largely irrelevant, begging the question of why nearly all CEO compensation plans include such bonuses. We develop a new measure of bonus plan incentives and show that performance sensitivities are much greater than prior estimates. We also test hypotheses regarding the role of bonuses in providing executives with individualized and team incentives. We find little evidence supporting the individualized incentives hypotheses but find consistent evidence that bonus plans appear to be used to encourage mutual monitoring and to facilitate coordination across the top management team as a whole. (C) 2019 Elsevier B.V. All rights reserved.

机译：鉴于CEO拥有大量股票投资组合，最近有关CEO激励的文献都认为基于现金的奖金计划基本上无关紧要，这引起了为什么几乎所有CEO薪酬计划都包括这样的奖金的问题。我们开发了一种新的奖金计划激励措施，并表明绩效敏感性远高于先前的估计。我们还检验了有关奖金在向高管提供个性化和团队激励方面的作用的假设。我们发现很少有证据支持个性化激励假说，但是找到了一致的证据表明，奖金计划似乎被用来鼓励相互监督并促进整个高层管理团队之间的协调。（C）2019 Elsevier B.V.保留所有权利。

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来源
《Journal of financial economics》 |2019年第2期|441-471|共31页
作者
Guay Wayne R.; Kepler John D.; Tsui David;
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作者单位

Univ Penn, Wharton Sch, 1300 Steinberg Dietrich Hall,3620 Locust Walk, Philadelphia, PA 19104 USA;

Univ Penn, Wharton Sch, 1300 Steinberg Dietrich Hall,3620 Locust Walk, Philadelphia, PA 19104 USA;

Univ Southern Calif, Marshall Sch Business, Leventhal Sch Accounting, 3660 Trousdale Pkwy, Los Angeles, CA 90089 USA;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Executive compensation; Managerial incentives; Pay-performance sensitivity;

机译：执行赔偿;管理激励;付费性能敏感性;

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1. The role of executive cash bonuses in providing individual and team incentives [J] . Guay Wayne R., Kepler John D., Tsui David Journal of financial economics . 2019,第2期

机译：执行现金奖金在提供个人和团队激励措施方面的作用
2. The effect of outside directors' and auditors' incentives on managers' ability to manage cash bonuses [J] . Christiane Pott, Tobias Tebben, Christoph Watrin Journal of management & governance . 2014,第2期

机译：外部董事和审计师的激励措施对经理人管理现金奖金能力的影响
3. Pemex awards E&P deals providing cash incentives [J] . Ronald Buchanan Platt's Oilgram News . 2011,第163期

机译：Pemex授予勘探开发交易以提供现金奖励
4. The Influence of Executive Equity Incentive on Company Cash Holding [C] . Yeqian Liu International Conference on Industrial Economics System and Industrial Security Engineering . 2018

机译：高管股权激励对公司现金持有的影响
5. The Relationship of Management Support, Cash Incentives, Non-Cash Incentives, and Project Leadership to Project Success in Information Technology Organizations [D] . Bryant, Robert Graham 2016

机译：管理支持，现金激励，非现金激励和项目领导与信息技术组织中项目成功的关系
6. Do bonuses affect teacher staffing and student achievement in high poverty schools? Evidence from an incentive for national board certified teachers in Washington State [O] . James Cowan, Dan Goldhaber -1

机译：奖金是否会影响高贫困学校的教师配备和学生成绩？华盛顿州国家局认证教师激励措施的证据
7. Can higher bonuses lead to less effort? Incentive reversal in teams [O] . Klor Esteban F., Kube Sebastian, Winter Eyal, 2011

机译：奖金越高可以减少工作量吗？团队中的激励逆转
8. Military Cash Incentives: DOD Should Coordinate and Monitor Its Efforts to Achieve Cost-Effective Bonuses and Special Pays [R] . 2011

机译：军事现金激励：国防部应协调并监督其努力以实现具有成本效益的奖金和特殊支付

The role of executive cash bonuses in providing individual and team incentives

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