Institutional Investors and CEO Compensation - Does the Composition of Institutional Ownership Matter?

by Jae Yong
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Jae Yong Institutional Investors and CEO Compensation - Does the Composition of Institutional Ownership Matter?
Jae Yong - Institutional Investors and CEO Compensation - Does the Composition of Institutional Ownership Matter?

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Description

Institutional investors have become increasingly important as equity holders in the U.S. financial market. This book investigates the relation between the structure of CEO compensation and the composition of firms' institutional ownership in terms of investment horizons and legal type. Consistent with regulators' and investors' concerns that myopic investment behavior by some institutional investors leads managers to fear an earnings disappointment, I provide evidence that in companies with more shares held by institutions with short-term investment horizons, executive compensation is structured with preference towards these short-term institutions' preferences (e.g., more use of stock options that do not need to be expensed and larger annual bonus penalties for missing quarterly earnings benchmarks). By documenting one potential consequence of firms' ownership structure that related to the various classes of institutional shareholders in term of investment horizons, this book should be of interest to regulators, investors, board of directors, and academicians who may need to identify and mitigate undue influences from short-sighted institutional investors.

Contributors

Author:
Jae Yong

Further information

Biography Artist:
Jae Yong
Jae Yong Shin is an Assistant Professor in the Department of Accountancy at the University of Illinois at Urbana-Champaign. He received his Ph.D. degree from the University of Wisconsin-Madison. His research interests are in the area of managerial accounting. His articles have appeared in The Accounting Review and Journal of Business Ethics.
Language:
English
Number of Pages:
152
Media Type:
Softcover
Publisher:
VDM Verlag Dr. Müller

Master Data

Product Type:
Paperback book
Release date:
April 8, 2008
Package Dimensions:
0.224 x 0.147 x 0.01 m; 0.181 kg
GTIN:
09783836469111
DUIN:
K9IAQDTCESI
$79.99
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