[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/ucp/jnlbus/v70y1997i2p153-87.html
   My bibliography  Save this article

Compensation, Turnover, and Top Management Incentives: Historical Evidence

Author

Listed:
  • Hadlock, Charles J
  • Lumer, Gerald B
Abstract
The authors find that the rate of top management turnover and the sensitivity of turnover to stock returns for a sample of large industrial firms from 1933 to 1941 was significantly smaller than estimates reported for modern panels. They present evidence that management compensation has become more sensitive to firm performance since the 1930s. In contrast to the conclusions of Michael C. Jensen and Kevin J. Murphy (1990) and others, the authors' findings indicate that management incentives under control of the board have become stronger rather than weaker over the past half century. These findings are consistent with internal and external control mechanisms functioning as complements. Copyright 1997 by University of Chicago Press.

Suggested Citation

  • Hadlock, Charles J & Lumer, Gerald B, 1997. "Compensation, Turnover, and Top Management Incentives: Historical Evidence," The Journal of Business, University of Chicago Press, vol. 70(2), pages 153-187, April.
    • Handle: RePEc:ucp:jnlbus:v:70:y:1997:i:2:p:153-87
    DOI: 10.1086/209714
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1086/209714
    File Function: full text
    Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.
    File URL: https://libkey.io/10.1086/209714?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ucp:jnlbus:v:70:y:1997:i:2:p:153-87. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Journals Division (email available below). General contact details of provider: https://www.jstor.org/journal/jbusiness .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.