美国REITs高管薪酬的决定因素：绩效与公司治理因素

IF 2.1 Q2 URBAN STUDIES

Journal of Property Research Pub Date : 2019-08-27 DOI:10.1080/09599916.2019.1653955

Claudia Ascherl, Liesa Schrand, Wolfgang Schaefers, Sofia Dermisi

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引用次数: 7

摘要

摘要本文考察了美国房地产投资信托行业高管薪酬方案是仅由业绩决定，还是由对董事会层面谈判有重要影响的首席执行官权力机制决定。我们对金融危机期间和之后的管理层薪酬安排提供独到见解。危机发生后，现金奖金在CEO薪酬合同中的相对重要性减少了一半以上。与此同时，在金融危机之后，基于股权的薪酬变得越来越重要。关于绩效工资挂钩，我们的研究结果显示，在金融危机期间没有任何关系。然而，在危机之后，我们发现薪酬待遇与企业成功之间存在着非常重要的联系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Determinants of Executive Compensation in US REITs: Performance vs. Corporate Governance Factors

ABSTRACT The paper examines whether executive compensation packages within the US REIT industry are determined merely by performance or also by CEO power mechanisms that have an essential influence on board-level negotiations. We offer original insights into management compensation arrangements during and after the financial crisis. The relative importance of cash bonuses in CEO compensation contracts has more than halved after the crisis. Simultaneously, after the financial crisis, equity-based compensation became increasingly important. Concerning the pay-for-performance link, our results show no relationship during the financial crisis. However, after the crisis, we find a strong significant link between remuneration packages and corporate success.

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来源期刊

Journal of Property Research URBAN STUDIES-

CiteScore

3.80

自引率

5.30%

发文量

期刊介绍： The Journal of Property Research is an international journal. The title reflects the expansion of research, particularly applied research, into property investment and development. The Journal of Property Research publishes papers in any area of real estate investment and development. These may be theoretical, empirical, case studies or critical literature surveys.