Pay Without Performance

Released on by Lucian A. Bebchuk
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 : 61,61 MB
DOWNLOAD BOOK

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 : 69,69 MB
Total View : 5788 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

Explaining Executive Pay

Explaining Executive Pay

File Size : 41,41 MB
Total View : 3033 Views
DOWNLOAD

Lukas Hengartner shows that both firm complexity and managerial power are associated with higher pay levels. This suggests that top managers are paid for the co

Research Handbook on Executive Pay

Research Handbook on Executive Pay

File Size : 84,84 MB
Total View : 5833 Views
DOWNLOAD

Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the lat