RESEARCH: Trends in CEO Compensation and Equity Holdings for S&P 1,500 Firms: 1994-2007
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http://papers.ssrn.com/sol3/
Date posted: November 14, 2009
Richard A. Lord Montclair State University - School of Business and Yoshie Saito Georgia College & State University - Department of Accounting
Trends in CEO Compensation and Equity Holdings for S&P 1,500 Firms:
1994-2007
Abstract:
We analyze CEO pay and equity holdings for the S&P 1,500 and broad
industry classes. Between 1994 and 2000 real annual compensation
doubled, and there was a dramatic shift from salary to option grants.
The value and proportion of CEO equity holdings and the
price-performance-sensitivity of their portfolios also increased, but,
managers held less shares and more options. After the crash of the
dot.com bubble at the turn-of-the-century pay fell briefly. But, it then
began to trend upward again through 2007. Since 2001 option grants have
declined notably, replaced largely by restricted stock grants. In the
most recent years CEO option holdings and the
price-performance-sensitivity of their equity portfolios have declined
to levels far below those in 1994.
Keywords:
CEO Compensation, Equity Holding, Price-Performance-Sensitivity,
Industry Analysis
JEL
Classifications: J33, G30, M40
Accepted Paper Series
Date posted: November 14, 2009
; Last revised: November 14, 2009
Yoshie
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Richard A. Lord Montclair State University -
School of Business ( email ) Upper Montclair,
NJ 07043 United States 973-655-7448 (Phone) 973-655-7629 (Fax) |
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