CEO薪酬与风险承担:来自欧洲上市酒店公司的证据

Olga Fullana, Alba María Priego de la Cruz, David Toscano
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摘要

本文考察了欧洲酒店业CEO薪酬政策与财务绩效之间的关系。我们用两个基于会计和两个基于市场的财务绩效代理来分析CEO的现金、股权和总薪酬关系,其中包括一个由股票市场回报和风险构成的二维代理。这种基于市场的双向财务绩效代理使我们能够深入研究CEO薪酬政策与公司风险承担之间的关系。然后,我们通过使用五种可选的资产定价因子模型,将基于市场的风险分解为系统风险和特质风险,分析了这种关系的本质。我们的研究结果支持CEO薪酬政策与酒店公司风险承担之间存在显著负相关关系。此外,我们提出的证据表明,这一结果与这些欧洲公司所承担的特殊风险直接相关。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
CEO Compensation and Risk-Taking: Evidence from Listed European Hotel Firms
This paper examines the relationship between CEO compensation policies and financial performance in the European hotel sector. We analyze CEO cash-, equity- and total-compensation relationships with two accounting-based and two market-based financial performance proxies, including a bi-dimensional proxy formed by stock market return and risk. This bi-dimensional market-based financial performance proxy enables us to take a deep dive into the relationship between CEO compensation policies and firm risk-taking. We then analyze the nature of this relationship by decomposing market-based risk into systematic and idiosyncratic risk, using five alternative asset-pricing factorial models. Our results support a negative and significant relationship between CEO compensation policies and risk-taking by hotel firms. Moreover, we present evidence that relates this result directly with the idiosyncratic risk assumed by these European companies.
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