Pay-Performance Sensitivity and Firm Risk: The New Zealand Evidence
|dc.contributor.author||Amza, Raluca Elena|
|dc.identifier.citation||Amza, R. E. (2012). Pay-Performance Sensitivity and Firm Risk: The New Zealand Evidence (Thesis, Master of Business). University of Otago. Retrieved from http://hdl.handle.net/10523/2273||en|
|dc.description.abstract||The study finds evidence that CEO pay-performance sensitivity decreases in the variance of stock returns for NZ publicly listed firms during 1997 to 2005. Furthermore, CEOs in firms with more volatile stock prices have less performance-based compensation. Lower estimated pay-performance sensitivity indicates a weaker link between CEO pay and performance suggesting that NZ CEO pay is less affected by changes in firm value compared to their US counterparts. However, opportunistic CEOs use their presence on the compensation committee and their ability to influence the pay-setting process to divorce their option remuneration from firm performance.|
|dc.publisher||University of Otago|
|dc.rights||All items in OUR Archive are provided for private study and research purposes and are protected by copyright with all rights reserved unless otherwise indicated.|
|dc.subject||Pay Performance Sensitivity|
|dc.title||Pay-Performance Sensitivity and Firm Risk: The New Zealand Evidence|
|thesis.degree.discipline||Department of Accountancy & Finance|
|thesis.degree.name||Master of Business|
|thesis.degree.grantor||University of Otago|
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