Shoot the Arrow, Then Paint the Target: CEO Compensation and Institutional Shareholder Services Benchmarking
نویسندگان
چکیده
Abstract We document that firms expect their CEOs’ compensation to exceed the median CEO of Institutional Shareholder Services (ISS) peers influence ISS revise these peer sets. Controlling for changes in firm characteristics uses select peers, we find applies an abnormally high turnover rate members sets and increases representation focal firms’ chosen peers. This results medians peers’ size. underperform conclude they attempt camouflage pay mitigate outrage costs.
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ژورنال
عنوان ژورنال: Journal of Financial and Quantitative Analysis
سال: 2022
ISSN: ['1756-6916', '0022-1090']
DOI: https://doi.org/10.1017/s0022109022000965