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Essays on endogenous matching in the...

Li, Fei.

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Essays on endogenous matching in the managerial market.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on endogenous matching in the managerial market./
作者:	Li, Fei.
面頁冊數:	149 p.
附註:	Source: Dissertation Abstracts International, Volume: 67-09, Section: A, page: 3526.
Contained By:	Dissertation Abstracts International67-09A.
標題:	Business Administration, Management. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3234812
ISBN:	9780542887918

Essays on endogenous matching in the managerial market.
Li, Fei.

Essays on endogenous matching in the managerial market. - 149 p.

Source: Dissertation Abstracts International, Volume: 67-09, Section: A, page: 3526.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 2006.

This paper studies the endogenous matching in the managerial market and its implications on CEO compensation and firm post-turnover performance. We show that a more efficient CEO should be matched with a superior firm, meaning the firm who possesses a safer project, a higher-return-to-effort project, or both. Further, this sorting result implies that superior firms should pay more to their CEOs; and the impacts of firms' characteristics on the pay-performance sensitivity ought to be overestimated if the CEO characteristics are not controlled for. Our empirical results confirm the argument that a firm's dollar return volatility measures not only variability in the CEO performance but also the marginal return to CEO effort. We also investigate the empirical determinants of post-turnover performance using the method developed by Sorensen (2003) to address the endogeneity issue. We find CEO educational achievements and firm risk are both significantly related with firm post-turnover performance. Finally, we employ CEO's past performance and educational achievements as proxies for managerial productivity and find positive relations between these variables and firm risks, supporting our theory.

ISBN: 9780542887918Subjects--Topical Terms:

626628
Business Administration, Management.

Essays on endogenous matching in the managerial market.
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520 $a This paper studies the endogenous matching in the managerial market and its implications on CEO compensation and firm post-turnover performance. We show that a more efficient CEO should be matched with a superior firm, meaning the firm who possesses a safer project, a higher-return-to-effort project, or both. Further, this sorting result implies that superior firms should pay more to their CEOs; and the impacts of firms' characteristics on the pay-performance sensitivity ought to be overestimated if the CEO characteristics are not controlled for. Our empirical results confirm the argument that a firm's dollar return volatility measures not only variability in the CEO performance but also the marginal return to CEO effort. We also investigate the empirical determinants of post-turnover performance using the method developed by Sorensen (2003) to address the endogeneity issue. We find CEO educational achievements and firm risk are both significantly related with firm post-turnover performance. Finally, we employ CEO's past performance and educational achievements as proxies for managerial productivity and find positive relations between these variables and firm risks, supporting our theory.
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