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CEO Compensation, Incentives and Governance in New Enterprise Firms

He, Lerong and Conyon, Martin (2004) CEO Compensation, Incentives and Governance in New Enterprise Firms. Journal of Derivatives Accounting, 1 (1). pp. 47-60. ISSN 0219-8681

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Abstract

This study investigates executive compensation, corporate governance and the determination of CEO equity incentives in US entrepreneurial high technology firms. We find the following. First, CEO equity incentives in these new enterprise firms are twenty times larger than that which previous large firm studies have found. Second, both economic factors (firm size, growth opportunities, and risk) and governance factors (founder, venture capitalist presence, board structure, and ownership distribution) determine CEO incentives in these firms. We document instances where direct monitoring arrangements (e.g. venture capitalist monitoring) act as substitutes for explicit incentives in aligning shareholder and CEO interests.

Item Type: Article
Journal or Publication Title: Journal of Derivatives Accounting
Uncontrolled Keywords: Corporate governance ; pay for performance ; equity incentives
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Departments: Lancaster University Management School > Accounting & Finance
ID Code: 54039
Deposited By: ep_importer_pure
Deposited On: 27 Jun 2012 09:08
Refereed?: Yes
Published?: Published
Last Modified: 26 Jul 2012 20:21
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/54039

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