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Corporate Governacne and Pay-Performance Sensitivity

机译:公司治理与薪酬绩效敏感性

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The present study focuses on the performance sensitivity of CEO wealth for a sample of Australian firms for the period 2005 to 2011. For a sample of 2153 non-financial firm-years, the study analyses the influences of economic determinants, governance and ownership factors on the performance sensitivity of CEO wealth for the pre-GFC, post-GFC sub-periods. Employing pooled OLS and panel random effects (RE) regressions, the study finds that firm size, performance and growth opportunities have a significant positive influence on the performance sensitivity of CEO wealth. Board size, CEO duality, average director tenure and board interlocking have a negative significant influence on the performance sensitivity of CEO wealth while CEO tenure and managerial ownership have a significant positive influence.
机译:本研究的重点是2005年至2011年间澳大利亚公司样本中CEO财富的绩效敏感性。对于2153个非金融公司年样本,该研究分析了经济决定因素,治理和所有权因素对CEO财富对GFC之前,GFC之后子时期的绩效敏感性。利用汇总的OLS和面板随机效应(RE)回归,研究发现公司规模,绩效和增长机会对CEO财富的绩效敏感性具有显着的积极影响。董事会规模,CEO二重性,平均董事任期和董事会联锁对CEO财富的绩效敏感性具有负面显着影响,而CEO任期和管理层所有权则具有显着积极影响。

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