Ex Post Bargaining, Corporate Cash Holdings, and Executive Compensation. (21st May 2022)
- Record Type:
- Journal Article
- Title:
- Ex Post Bargaining, Corporate Cash Holdings, and Executive Compensation. (21st May 2022)
- Main Title:
- Ex Post Bargaining, Corporate Cash Holdings, and Executive Compensation
- Authors:
- Cheng, Yingmei
Harford, Jarrad
Hutton, Irena
Shipe, Stephan - Abstract:
- Abstract: We show that high cash holdings can be used by executives in the ex post bargaining over their compensation. Cash holdings are positively associated with CEO compensation and is driven by non-salary components. In companies with weaker governance, this relation is more pronounced. Using exogenous shocks to the firm's cash, we show that CEO compensation readily responds to increases in cash holdings, confirming that managers are able to derive personal benefits from excess cash holdings.
- Is Part Of:
- Journal of financial and quantitative analysis. Volume 57:Number 3(2022)
- Journal:
- Journal of financial and quantitative analysis
- Issue:
- Volume 57:Number 3(2022)
- Issue Display:
- Volume 57, Issue 3 (2022)
- Year:
- 2022
- Volume:
- 57
- Issue:
- 3
- Issue Sort Value:
- 2022-0057-0003-0000
- Page Start:
- 957
- Page End:
- 987
- Publication Date:
- 2022-05-21
- Subjects:
- Finance -- Periodicals
Investments -- Mathematics -- Periodicals
332.05 - Journal URLs:
- http://catalog.hathitrust.org/api/volumes/oclc/1754589.html ↗
http://depts.washington.edu/jfqa ↗
http://journals.cambridge.org/action/displayJournal?jid=JFQ ↗
http://www.jstor.org/journals/00221090.html ↗ - DOI:
- 10.1017/S0022109020000964 ↗
- Languages:
- English
- ISSNs:
- 0022-1090
- Deposit Type:
- Legaldeposit
- View Content:
- Available online (eLD content is only available in our Reading Rooms) ↗
- Physical Locations:
- British Library HMNTS - ELD Digital store
- Ingest File:
- 21237.xml