Flights of fancy: Corporate jets, CEO perquisites, and inferior shareholder returns
作者： David Yermack
DOI: 10.1016/J.JFINECO.2005.05.002
关键词: Executive compensation 、 Monetary economics 、 Stock (geology) 、 Compensation (psychology) 、 Explanatory power 、 Shareholder 、 Regression analysis 、 Business 、 Golf club
摘要: Abstract This paper studies perquisites of CEOs, focusing on personal use company planes. For firms that have disclosed this managerial benefit, average shareholder returns underperform market benchmarks by more than 4% annually, a severe gap far exceeding the costs resources consumed. Around date initial disclosure, firms’ stock prices drop an 1.1%. Regression analysis finds no significant associations between CEOs’ and their compensation or percentage ownership, but variables related to CEO characteristics, especially long-distance golf club memberships, explanatory power for aircraft use.
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