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Local mutual funds and executive com...

The University of Texas at Dallas.

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Local mutual funds and executive compensation.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Local mutual funds and executive compensation./
作者:	Zhang, Jin.
面頁冊數:	106 p.
附註:	Adviser: Suresh Radhakrishnan.
Contained By:	Dissertation Abstracts International69-08A.
標題:	Business Administration, Accounting. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3323637
ISBN:	9780549758556

Local mutual funds and executive compensation.
Zhang, Jin.

Local mutual funds and executive compensation. - 106 p.

Adviser: Suresh Radhakrishnan.

Thesis (Ph.D.)--The University of Texas at Dallas, 2008.

I examine the association between local mutual fund holdings and executive compensation. I show that local mutual fund holdings are more positively associated with pay-for-performance sensitivity than nonlocal mutual fund holdings. This suggests that local mutual funds influence executive compensation, leading to higher pay-for-performance sensitivity. I find that local mutual fund holdings are more positively associated with the level of executive compensation than nonlocal mutual fund holdings. Additionally, I find that (1) the positive association between local mutual fund holding and option-grant sensitivity and (2) the positive association between local mutual fund holding and the level of executive compensation are driven by firms with low managerial ownership. This suggests that local mutual funds are more likely to influence pay-for-performance sensitivity of executives in firms where agency problem of separation of ownership and control is more severe, as proxied by low managerial ownership, and the higher pay-for-performance sensitivity imposes more risk on managers, requiring that risk-averse managers be paid more than they otherwise would be paid.

ISBN: 9780549758556Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Local mutual funds and executive compensation.
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520 $a I examine the association between local mutual fund holdings and executive compensation. I show that local mutual fund holdings are more positively associated with pay-for-performance sensitivity than nonlocal mutual fund holdings. This suggests that local mutual funds influence executive compensation, leading to higher pay-for-performance sensitivity. I find that local mutual fund holdings are more positively associated with the level of executive compensation than nonlocal mutual fund holdings. Additionally, I find that (1) the positive association between local mutual fund holding and option-grant sensitivity and (2) the positive association between local mutual fund holding and the level of executive compensation are driven by firms with low managerial ownership. This suggests that local mutual funds are more likely to influence pay-for-performance sensitivity of executives in firms where agency problem of separation of ownership and control is more severe, as proxied by low managerial ownership, and the higher pay-for-performance sensitivity imposes more risk on managers, requiring that risk-averse managers be paid more than they otherwise would be paid.
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