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
Full text not available from this repository.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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