Publikation:

The value of say on pay

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Datum

2024

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URI (zitierfähiger Link)
http://nbn-resolving.de/urn:nbn:de:bsz:352-2-oxr7vwv01ipb0
DOI (zitierfähiger Link)
https://doi.org/10.1016/j.jbankfin.2024.107311
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CC BY 4.0

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Open Access-Veröffentlichung
Open Access Hybrid

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Wirtschaftswissenschaften: Publikationen
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Titel in einer weiteren Sprache

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Published

Erschienen in

Journal of Banking & Finance. Elsevier. 2024, 169, 107311. ISSN 0378-4266. eISSN 1872-6372. Verfügbar unter: doi: 10.1016/j.jbankfin.2024.107311

Zusammenfassung

We measure the impact of “say on pay” (SoP) – mandatory shareholder votes on top-management compensation – on the market value of voting rights. By exploiting the staggered introduction of SoP across 14 economies, we show that SoP does not automatically increase the value of shareholder voting rights. While stricter, binding SoP reforms increase voting values, looser advisory SoP laws decrease them. Firms that do not pay their CEOs excessively experience the largest decreases in voting values. Voting values also reflect a country’s level of investor protection, past dissent in SoP ballots, and dynamically adjust to changes in managerial compensation.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

Schlagwörter

Say on pay, Shareholder voting rights, Corporate governance, Option pricing

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ISO 690KIND, Axel, Marco POLTERA, Johannes ZAIA, 2024. The value of say on pay. In: Journal of Banking & Finance. Elsevier. 2024, 169, 107311. ISSN 0378-4266. eISSN 1872-6372. Verfügbar unter: doi: 10.1016/j.jbankfin.2024.107311
BibTex
@article{Kind2024-09value-70845,
  year={2024},
  doi={10.1016/j.jbankfin.2024.107311},
  title={The value of say on pay},
  volume={169},
  issn={0378-4266},
  journal={Journal of Banking & Finance},
  author={Kind, Axel and Poltera, Marco and Zaia, Johannes},
  note={Article Number: 107311}
}
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Interner Vermerk

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