RIEBセミナー
RIEBセミナー
(TJAR Workshop主催)
RIEBセミナー
TJAR Workshop主催、科研基盤研究(C)「利害関係者と利益の質:ステークホルダー資本主義から株主資本主義へ向かう日本の分析」共催
日時 | 2023年11月11日(土) 15:30 - 17:00 |
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会場 | 経済経営研究所 会議室(研究所新館2階) |
対象 | 教員,院生,および同等の知識をお持ちの方 |
使用言語 | 英語 |
参加登録 | ※事前登録制です。下記より参加登録をお願い致します。追って、詳細をご連絡いたします。 参加登録 締切:11/8 |
15:30 - 17:00
- 論題
- The Governance of Director Compensation
- 報告者
- Sterling HUANG (School of Accountancy, Singapore Management University)
- 概要
- The average total compensation of directors in U.S. listed companies was $450,680 in 2020, 6.67 times the median household income. Directors set their own pay, giving rise to potential self-dealing. We argue and document that in the presence of self-dealing, external mechanisms such as legal standards act as effective means of governance. Following a landmark Delaware court ruling that subjected director pay to a more stringent legal standard, Delaware-incorporated firms reduced director compensation relative to non-Delaware firms and experienced positive and non-transient stock price reactions. Our results indicate that proper governance of director compensation enhances firm value.