Journal of Governance and Regulation | |
WHAT DOES THE MARKET SAY ABOUT SAY-ON-PAY? A LOOK AT THE CANADIAN BANK EXPERIENCE | |
Kim Trottier1  | |
关键词: Corporate Governance; Executive Compensation; Event Study; Banks; Shareholder Activism; | |
DOI : 10.22495/jgr_v1_i3_c2_p1 | |
学科分类:社会科学、人文和艺术(综合) | |
来源: Virtus Interpress | |
【 摘 要 】
This paper explores the share price reaction to a recent news announcement that Canadian banks were adopting say-on-pay, a policy that gives shareholders an annual non-binding vote on executive compensation. Using event study methodology, the effect of adopting this new policy is explored and found to be associated with a significant increase in share price. This result suggests that giving shareholders a voice on executive compensation is expected to generate economic benefits, which adds to the paucity of knowledge currently available to shareholders and legislators as they consider the consequences of say-on-pay.
【 授权许可】
CC BY-NC
【 预 览 】
Files | Size | Format | View |
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RO201901215628451ZK.pdf | 458KB | download |