Pay Without Performance

preview-18
  • Pay Without Performance Book Detail

  • Author : Lucian A. Bebchuk
  • Release Date : 2004
  • Publisher : Harvard University Press
  • Genre : Business & Economics
  • Pages : 308
  • ISBN 13 : 9780674020634
  • File Size : 3,3 MB

Pay Without Performance by Lucian A. Bebchuk PDF Summary

Book Description: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.

Disclaimer: www.yourbookbest.com does not own Pay Without Performance books pdf, neither created or scanned. We just provide the link that is already available on the internet, public domain and in Google Drive. If any way it violates the law or has any issues, then kindly mail us via contact us page to request the removal of the link.

Pay Without Performance

Pay Without Performance

File Size : 81,81 MB
Total View : 8423 Views
DOWNLOAD

The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this

Corporate Law and Economic Analysis

Corporate Law and Economic Analysis

File Size : 51,51 MB
Total View : 461 Views
DOWNLOAD

The past decade has brought certain corporate transactions and arrangements to the forefront of public attention and debate. At the same time, a new mode of cor

Hedge Fund Activism

Hedge Fund Activism

File Size : 22,22 MB
Total View : 9536 Views
DOWNLOAD

Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.

Grow the Pie

Grow the Pie

File Size : 41,41 MB
Total View : 1079 Views
DOWNLOAD

Should companies be run for profit or purpose? This book shows how they can deliver both-based on rigorous evidence and an actionable framework. This edition, u

Pay Without Performance

Pay Without Performance

File Size : 1,1 MB
Total View : 9048 Views
DOWNLOAD

Provides a detailed account of how corporate boards have failed to negotiate with executives and how pay practices have decoupled compensation from performance,