Synchronous and lagged relationships between CEO pay and performance of quality companies
Purpose - This paper aims to examine the synchronous and lagged relationships between CEOs' pay and the performance of a group of public companies that had won a very prestigious award: the Malcolm Baldrige National Quality Award (MBNQA).Design methodology approach - This study uses three rates...
Gespeichert in:
| Veröffentlicht in: | Managerial finance 2008-07, Vol.34 (8), p.555-561 |
|---|---|
| 1. Verfasser: | |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 561 |
|---|---|
| container_issue | 8 |
| container_start_page | 555 |
| container_title | Managerial finance |
| container_volume | 34 |
| creator | Tai, Lawrence S |
| description | Purpose - This paper aims to examine the synchronous and lagged relationships between CEOs' pay and the performance of a group of public companies that had won a very prestigious award: the Malcolm Baldrige National Quality Award (MBNQA).Design methodology approach - This study uses three rates of return to represent firm performance: return on assets, return on equity and holding period return. Regression analysis is used to determine the direction of causality between CEO pay and firm performance and the existence of lagged relationship between them.Findings - The findings indicate the existence of synchronous and lagged relationships between CEO pay and firm performance. However, the direction of causality is mainly from pay to performance, and not vice versa.Research limitations implications - The results presented in this paper are limited by the small sample size of MBNQA winning companies. Although the award began in 1988, only a few companies won the award each year and many of them were not public companies. In addition, five companies won the award twice and one company won the award three times, which further reduces the sample size.Originality value - This paper finds the existence of synchronous and lagged relationships between CEO pay and firm performance for a group of quality companies. |
| doi_str_mv | 10.1108/03074350810874073 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_emera</sourceid><recordid>TN_cdi_proquest_journals_212607647</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>1510352171</sourcerecordid><originalsourceid>FETCH-LOGICAL-c462t-dfd38b7c2f0876b3c13a0a233e4e635580dcab5b33bd7eed3625872de545804b3</originalsourceid><addsrcrecordid>eNqN0EFPHCEUB3DS1MSt9gP0RnroqWOBB8N4NBu1TTaxybYxnggDb3TsDIwwG91vL7qmh9qDJwLv94fHI-QTZ0ecs-YbA6YlKNaUjZZMwzuy4Fo1lS7H78niqV4V0OyTDznfMsaF5GpBrtbb4G5SDHGTqQ2eDvb6Gj1NONi5jyHf9FOmLc73iIEuTy_oZLfPcMLUxTTa4JDGjt5t7NDPW-riONnQYz4ke50dMn58WQ_I77PTX8vv1eri_MfyZFU5WYu58p2HptVOdKXxugXHwTIrAFBiDUo1zDvbqhag9RrRQy1Uo4VHJUtNtnBAvuzunVK822Cezdhnh8NgA5ZPGQAlBTtmBX7-B97GTQqlNyO4qJmupS6I75BLMeeEnZlSP9q0NZyZp0mbV5MumWqX6fOMD38DNv0xtQatjLwUhq14ff5zvTbr4tnO44jJDv5NT3z9f-QVNZPv4BE3LpsX</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>212607647</pqid></control><display><type>article</type><title>Synchronous and lagged relationships between CEO pay and performance of quality companies</title><source>Emerald A-Z Current Journals</source><source>Standard: Emerald eJournal Premier Collection</source><creator>Tai, Lawrence S</creator><contributor>Nourayi, Mahmoud M. ; Tai, Lawrence S.</contributor><creatorcontrib>Tai, Lawrence S ; Nourayi, Mahmoud M. ; Tai, Lawrence S.</creatorcontrib><description>Purpose - This paper aims to examine the synchronous and lagged relationships between CEOs' pay and the performance of a group of public companies that had won a very prestigious award: the Malcolm Baldrige National Quality Award (MBNQA).Design methodology approach - This study uses three rates of return to represent firm performance: return on assets, return on equity and holding period return. Regression analysis is used to determine the direction of causality between CEO pay and firm performance and the existence of lagged relationship between them.Findings - The findings indicate the existence of synchronous and lagged relationships between CEO pay and firm performance. However, the direction of causality is mainly from pay to performance, and not vice versa.Research limitations implications - The results presented in this paper are limited by the small sample size of MBNQA winning companies. Although the award began in 1988, only a few companies won the award each year and many of them were not public companies. In addition, five companies won the award twice and one company won the award three times, which further reduces the sample size.Originality value - This paper finds the existence of synchronous and lagged relationships between CEO pay and firm performance for a group of quality companies.</description><identifier>ISSN: 0307-4358</identifier><identifier>EISSN: 1758-7743</identifier><identifier>DOI: 10.1108/03074350810874073</identifier><language>eng</language><publisher>Patrington: Emerald Group Publishing Limited</publisher><subject>Awards & honors ; Chief executive officers ; Chief executives ; Executive compensation ; Fiscal years ; Pay ; Performance measures ; Public companies ; Public sector ; Public sector organizations ; Quality ; Quality of service ; Rates of return ; Regression analysis ; Return on assets ; Stock options ; Stock prices ; Wages & salaries</subject><ispartof>Managerial finance, 2008-07, Vol.34 (8), p.555-561</ispartof><rights>Emerald Group Publishing Limited</rights><rights>Copyright Emerald Group Publishing Limited 2008</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c462t-dfd38b7c2f0876b3c13a0a233e4e635580dcab5b33bd7eed3625872de545804b3</citedby><cites>FETCH-LOGICAL-c462t-dfd38b7c2f0876b3c13a0a233e4e635580dcab5b33bd7eed3625872de545804b3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.emerald.com/insight/content/doi/10.1108/03074350810874073/full/pdf$$EPDF$$P50$$Gemerald$$H</linktopdf><linktohtml>$$Uhttps://www.emerald.com/insight/content/doi/10.1108/03074350810874073/full/html$$EHTML$$P50$$Gemerald$$H</linktohtml><link.rule.ids>314,780,784,967,11635,21695,27924,27925,52686,52689,53244,53372</link.rule.ids></links><search><contributor>Nourayi, Mahmoud M.</contributor><contributor>Tai, Lawrence S.</contributor><creatorcontrib>Tai, Lawrence S</creatorcontrib><title>Synchronous and lagged relationships between CEO pay and performance of quality companies</title><title>Managerial finance</title><description>Purpose - This paper aims to examine the synchronous and lagged relationships between CEOs' pay and the performance of a group of public companies that had won a very prestigious award: the Malcolm Baldrige National Quality Award (MBNQA).Design methodology approach - This study uses three rates of return to represent firm performance: return on assets, return on equity and holding period return. Regression analysis is used to determine the direction of causality between CEO pay and firm performance and the existence of lagged relationship between them.Findings - The findings indicate the existence of synchronous and lagged relationships between CEO pay and firm performance. However, the direction of causality is mainly from pay to performance, and not vice versa.Research limitations implications - The results presented in this paper are limited by the small sample size of MBNQA winning companies. Although the award began in 1988, only a few companies won the award each year and many of them were not public companies. In addition, five companies won the award twice and one company won the award three times, which further reduces the sample size.Originality value - This paper finds the existence of synchronous and lagged relationships between CEO pay and firm performance for a group of quality companies.</description><subject>Awards & honors</subject><subject>Chief executive officers</subject><subject>Chief executives</subject><subject>Executive compensation</subject><subject>Fiscal years</subject><subject>Pay</subject><subject>Performance measures</subject><subject>Public companies</subject><subject>Public sector</subject><subject>Public sector organizations</subject><subject>Quality</subject><subject>Quality of service</subject><subject>Rates of return</subject><subject>Regression analysis</subject><subject>Return on assets</subject><subject>Stock options</subject><subject>Stock prices</subject><subject>Wages & salaries</subject><issn>0307-4358</issn><issn>1758-7743</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2008</creationdate><recordtype>article</recordtype><sourceid>AFKRA</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNqN0EFPHCEUB3DS1MSt9gP0RnroqWOBB8N4NBu1TTaxybYxnggDb3TsDIwwG91vL7qmh9qDJwLv94fHI-QTZ0ecs-YbA6YlKNaUjZZMwzuy4Fo1lS7H78niqV4V0OyTDznfMsaF5GpBrtbb4G5SDHGTqQ2eDvb6Gj1NONi5jyHf9FOmLc73iIEuTy_oZLfPcMLUxTTa4JDGjt5t7NDPW-riONnQYz4ke50dMn58WQ_I77PTX8vv1eri_MfyZFU5WYu58p2HptVOdKXxugXHwTIrAFBiDUo1zDvbqhag9RrRQy1Uo4VHJUtNtnBAvuzunVK822Cezdhnh8NgA5ZPGQAlBTtmBX7-B97GTQqlNyO4qJmupS6I75BLMeeEnZlSP9q0NZyZp0mbV5MumWqX6fOMD38DNv0xtQatjLwUhq14ff5zvTbr4tnO44jJDv5NT3z9f-QVNZPv4BE3LpsX</recordid><startdate>20080704</startdate><enddate>20080704</enddate><creator>Tai, Lawrence S</creator><general>Emerald Group Publishing Limited</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>0U~</scope><scope>1-H</scope><scope>7WY</scope><scope>7WZ</scope><scope>7X1</scope><scope>7XB</scope><scope>8AO</scope><scope>8FI</scope><scope>AFKRA</scope><scope>ANIOZ</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FYUFA</scope><scope>F~G</scope><scope>K6~</scope><scope>K8~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M0T</scope><scope>PQBIZ</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>Q9U</scope><scope>7TA</scope><scope>8FD</scope><scope>JG9</scope></search><sort><creationdate>20080704</creationdate><title>Synchronous and lagged relationships between CEO pay and performance of quality companies</title><author>Tai, Lawrence S</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c462t-dfd38b7c2f0876b3c13a0a233e4e635580dcab5b33bd7eed3625872de545804b3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2008</creationdate><topic>Awards & honors</topic><topic>Chief executive officers</topic><topic>Chief executives</topic><topic>Executive compensation</topic><topic>Fiscal years</topic><topic>Pay</topic><topic>Performance measures</topic><topic>Public companies</topic><topic>Public sector</topic><topic>Public sector organizations</topic><topic>Quality</topic><topic>Quality of service</topic><topic>Rates of return</topic><topic>Regression analysis</topic><topic>Return on assets</topic><topic>Stock options</topic><topic>Stock prices</topic><topic>Wages & salaries</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Tai, Lawrence S</creatorcontrib><collection>Istex</collection><collection>CrossRef</collection><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>Access via ABI/INFORM (ProQuest)</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>Accounting & Tax Database</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ProQuest Pharma Collection</collection><collection>Hospital Premium Collection</collection><collection>ProQuest Central UK/Ireland</collection><collection>Accounting, Tax & Banking Collection</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>Health Research Premium Collection</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>ProQuest Business Collection</collection><collection>DELNET Management Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>Healthcare Administration Database</collection><collection>ProQuest One Business</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central Basic</collection><collection>Materials Business File</collection><collection>Technology Research Database</collection><collection>Materials Research Database</collection><jtitle>Managerial finance</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Tai, Lawrence S</au><au>Nourayi, Mahmoud M.</au><au>Tai, Lawrence S.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Synchronous and lagged relationships between CEO pay and performance of quality companies</atitle><jtitle>Managerial finance</jtitle><date>2008-07-04</date><risdate>2008</risdate><volume>34</volume><issue>8</issue><spage>555</spage><epage>561</epage><pages>555-561</pages><issn>0307-4358</issn><eissn>1758-7743</eissn><abstract>Purpose - This paper aims to examine the synchronous and lagged relationships between CEOs' pay and the performance of a group of public companies that had won a very prestigious award: the Malcolm Baldrige National Quality Award (MBNQA).Design methodology approach - This study uses three rates of return to represent firm performance: return on assets, return on equity and holding period return. Regression analysis is used to determine the direction of causality between CEO pay and firm performance and the existence of lagged relationship between them.Findings - The findings indicate the existence of synchronous and lagged relationships between CEO pay and firm performance. However, the direction of causality is mainly from pay to performance, and not vice versa.Research limitations implications - The results presented in this paper are limited by the small sample size of MBNQA winning companies. Although the award began in 1988, only a few companies won the award each year and many of them were not public companies. In addition, five companies won the award twice and one company won the award three times, which further reduces the sample size.Originality value - This paper finds the existence of synchronous and lagged relationships between CEO pay and firm performance for a group of quality companies.</abstract><cop>Patrington</cop><pub>Emerald Group Publishing Limited</pub><doi>10.1108/03074350810874073</doi><tpages>7</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0307-4358 |
| ispartof | Managerial finance, 2008-07, Vol.34 (8), p.555-561 |
| issn | 0307-4358 1758-7743 |
| language | eng |
| recordid | cdi_proquest_journals_212607647 |
| source | Emerald A-Z Current Journals; Standard: Emerald eJournal Premier Collection |
| subjects | Awards & honors Chief executive officers Chief executives Executive compensation Fiscal years Pay Performance measures Public companies Public sector Public sector organizations Quality Quality of service Rates of return Regression analysis Return on assets Stock options Stock prices Wages & salaries |
| title | Synchronous and lagged relationships between CEO pay and performance of quality companies |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2024-12-26T15%3A14%3A57IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_emera&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Synchronous%20and%20lagged%20relationships%20between%20CEO%20pay%20and%20performance%20of%20quality%20companies&rft.jtitle=Managerial%20finance&rft.au=Tai,%20Lawrence%20S&rft.date=2008-07-04&rft.volume=34&rft.issue=8&rft.spage=555&rft.epage=561&rft.pages=555-561&rft.issn=0307-4358&rft.eissn=1758-7743&rft_id=info:doi/10.1108/03074350810874073&rft_dat=%3Cproquest_emera%3E1510352171%3C/proquest_emera%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=212607647&rft_id=info:pmid/&rfr_iscdi=true |