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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/144870

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Title:	The Use of Peer Groups in Setting Director Compensation: Competition for Talent vs. Self-Serving Behavior
Authors:	黃嘉威 Huang, Chia-Wei Chen, Sheng-Syan;Chien, Cheng-Yi
Contributors:	財管系
Date:	2024-06
Issue Date:	2023-05-29 09:31:08 (UTC+8)
Abstract:	Recent Delaware Chancery Court decisions that boards are self-interested in setting director compensation have focused scrutiny on the pay-setting process used by corporations. We examine the effect of peer benchmarking on director compensation decisions. Director pay relates positively to peer director pay, and firms paying their directors highly are selected as peers. Moreover, firm performance and board advising performance are positively related to the talent component and are generally unrelated to the self-serving component of the peer pay effect. The evidence indicates that firms use peer benchmarking to justify high compensation mainly to attract talented directors to enhance board quality.
Relation:	Journal of Financial and Quantitative Analysis, Vol.59, No.4, pp.1886-1925
Data Type:	article
DOI link:	https://doi.org/10.1017/S002210902300039X
DOI:	10.1017/S002210902300039X
Appears in Collections:	[Department of Finance] Periodical Articles

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