摘要: This paper studies separation payments made when CEOs leave their firms. In a sample of 179 exiting Fortune 500 CEOs, more than half receive severance pay and the mean package is worth $5.4 million. The large majority awarded on discretionary basis by board directors not according to terms an employment agreement. For subset who are dismissed, generally conforms theories related bonding damage control. Shareholders react negatively agreements disclosed, but only in cases voluntary CEO turnover.
参考文章(0)