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Executive Compensation and Stock Performance, 2004.
Evaluation of the "Agency Theory" that led to expansion of stock options in executive remuneration packages.
5,024 words (approx. 20.1 pages), 11 sources, MLA, $ 126.95
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Abstract
This report evaluates whether or not the hypothesis at the heart of the "Agency Theory", which states that if an executive is given an ownership stake, it will have a positive effect on stock performance, works as expected. Furthermore, this paper tracks the increasing use of the "Agency Theory" in executive compensation and enumerates and evaluates the effects that the increasing use of the "Agency Theory" has had on American business and on stock performance. The paper also evaluates the effect of what has been described as ?over the top? use of increasingly generous, stock-dependent, executive compensation packages, both on stock performance and on other business evaluative factors. The effect of the scandals involving executive compensation/stock performance on the social/commercial fabric of the U.S. is discussed briefly, as well.
Outline
The "Agency Theory", Executive Compensation and Stock Performance
The Effect of Pay on Executive Motivation
The Effect of FASB Rules on Compensation/Stock Performance
From the Paper
"In the wake of the Enron, ImClone and WorldCom financial scandals, the increasing use of stock options as part of executive compensation packages came under public scrutiny. Because of the lax was in which FASB guidelines are written, it was possible, lacking adequate corporate governance, for CEOs to use their stock options to increase their personal wealth while diminishing the strength of the corporation and decreasing?or completely negating?benefits for shareholders. In addition to the problematical FASB rules, also operative was a management theory, the Agency Theory, formulated by academicians and economists in the last century. The theory held that giving executives a financial stake in the financial health of the company would increase their motivation to run those companies for maximum profits for shareholders; in short, this form of executive compensation was thought to be able to produce superior stock performance. The findings of several researchers even before the scandals of the past few years, however, revealed that results often departed wildly from what the theory predicted."
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Home Depot's vs. Lowes' Executive Compensation, 2008.
An analysis of executive compensation schemes at Home Depot or Lowes.
7,973 words (approx. 31.9 pages), 16 sources, MLA, $ 172.95
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Abstract
This paper discusses executive compensation schemes within organizations. It specifically analyzes whether chief executive officer (CEO) stock options and other executive compensation align with Home Depot or Lowes' long-term performance with shareholder interests. The paper discusses the positive and negative aspects of executive compensation schemes.
Table of Contents:
Compensation and Executive Compensation
Does CEO Stock Options and Other Compensation Align the Company's Long Term Performance with Shareholder Interests?
The Positive Side
The Negative Side
Home Depot and Lowes
Home Depot
Lowes
The ESOP Woes
Appendix
From the Paper
"The avenue that began as a small way has come to occupy the biggest legal money making methodology since greenhorns in dotcom companies were offered stock options during times when the going was good. Things cannot get worse than this. Subsequently, not to be left behind, auditors also joined the party. Because of this, it is found that companies that have never shown profits are quoted at fantastic prices. The bane of all this has been the stock option plan and the sooner it is abolished, the better. The CEO should be paid bonuses solely on the net profits he shows as a result of his performance. This is because the CEO is a paid professional and never an investor or a speculator. Any conflicts of interests must not be present. In case he is desirous of owning company stock then they must purchase at market prices just like any ordinary shareholder does with his personal finances. If this is not done, nothing can stop the CEOs in their pursuit of looting the corporation, albeit legally through ESOPs. (Executive Compensation)"
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Executive Compensation, 2004.
An analysis of different types of executive compensation.
890 words (approx. 3.6 pages), 6 sources, MLA, $ 31.95
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Abstract
This paper discusses the seemingly ludicrous executive compensation packages. The paper attempts to distinguish the relationship between company success and executives' efforts, claiming this to be an indication of how much an executive should earn. The paper examines the different components of high level executive compensation packages: High salaries, large bonuses, generous perquisites and so-called golden handshakes and parachutes.
From the Paper
"Sometimes it seems that the salaries executives make at big corporations are entirely out of proportion with the value added to the firm by their being on the payroll. It makes sense that if someone, anyone, makes a certain wage, then they should be making at least that much money for the company. If someone is pumping gas for $7/hr, then he should be pumping at least $7 worth of gas every hour. If someone else is making $30 million/year at a big corporation, then he should be bringing in at least that much revenue, even if only indirectly. If a $30 million/year executive starts programs at the company that make $100million, then the $30 million the company pays him is well-worth it. The trouble is that it is sometimes hard to decide the degree to which company performance is the result of an exec's contribution."
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Executive Compensation, 2004.
This paper discusses executive compensation by examining the policy of Rite Aid Corporation.
1,350 words (approx. 5.4 pages), 4 sources, APA, $ 47.95
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Abstract
This paper explains the executive compensation policy of Rite Aid Corporation, a publicly traded company. The author contrasts the company's executive compensation policy with that of its chief competitor. The paper suggest several ways to enhance a company's policy to minimize agency conflict and maximize shareholder wealth.
From the Paper
"Rite Aid Corporation is a drug store chain. The stated objectives of its Compensation Committee are to support the achievement of desired company performance, to provide compensation and benefits that will attract and retain superior talent and reward performance and to fix a portion of executive compensation to the outcome of the Company's performance. The executive compensation program includes a base salary performance bonuses and long-term incentives in the form of stock options. Stock Appreciation Rights known as SARs stock-based awards and restricted stock awards ..."
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Executive Compensation, 2002.
This paper explores the pros and cons of executive compensation.
900 words (approx. 3.6 pages), 6 sources, $ 35.95
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Abstract
This paper describes the advantages and disadvantages related to the packages and concepts of executive compensation in the organization.
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Executive Compensation, 2005.
A look at the changing policies towards high executive compensation.
1,354 words (approx. 5.4 pages), 7 sources, MLA, $ 45.95
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Abstract
This paper studies a classic executive remuneration package and discusses how the attitude towards this practice has been changing recently.
From the Paper
"Compensation committees are now increasingly depending on the expertise of CPAs in designing suitable compensation packages. They can help committees establish performance milestones for executives, upon achievement of which their compensation would increase. Benefits and bonuses must be increased in accordance with performance and achievement. For example CPAs can advise the compensation committee on which performance goals to establish and if these goals are feasible in the long run."
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Executive Compensation, 2007.
An investigation into some of the issues regarding CEO compensation.
6,774 words (approx. 27.1 pages), 45 sources, APA, $ 154.95
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Abstract
This paper examines some of the current issues of executive compensation and how prevalent the situation has become. Some of the topics discussed include agency theory, CEO influence over the Board of Directors and CEO compensation - justification and ethics. Lastly it compares CEO compensation in the U.S. and abroad with a look at some outrageous perks.
Outline:
Introduction
Agency Theory
Agency Theory and Executive Compensation
The "Golden Parachute" and Reasons for It
Board of Directors Influence over CEO Compensation/CEO Influence Over BOD
Is CEO's Compensation Ethical?
Executive Compensation in US Compared To Other Countries
Japan
China
Korea/Taiwan
France
India
Germany
Britain
Results
Top 3 Paid CEO's In 2006
Richard Fairbank
Bruce Karatz
Henry Silverman
Outrageous CEO Perks
Conclusion
From the Paper
"Very few if any CEO's are capable of turning around a failing business on their own; it requires the assistance of every employee. The first to feel the pressure of the failing company is the employee who is given a pink slip. At the same time, the CEO is collecting a salary that could be up to 500 times greater than the common worker. The question becomes does the CEO value his workers? The answer would have to be no, as long as he continues to collect on their parachute even after the company goes bankrupt.The fairness to workers who have lost jobs or had pay levels or benefits reduced in some form while the CEO's are receiving these exorbitant amounts has become an ethical issue. The Golden Parachute has become so lucrative for CEO's that the IRS has developed the Golden Parachute Audit Techniques Guide (Bailey, 1999)."
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Executive Compensation Programs, 2002.
An examination of compensation programs available to executive employers of companies - and the advantages and disadvantages of each program.
1,980 words (approx. 7.9 pages), 6 sources, MLA, $ 62.95
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Abstract
This paper looks in detail at these types of packages, listing that they consists of five basic components: 1) base salary, 2) annual incentives /bonuses, 3) long-term incentives and capital appreciation plans, 4) employee benefits, and 5) perquisites. Each of these components are analyzed for the short and long term benefits.
From the Paper
"In 1996 the average salary plus bonus for CEOs was $2.3 million. After other benefits were added, this sum rose to $5,781,300. Beginning with Revlon executive Michael Bergerac who broke the $1 million mark in 1974, executive pay and bonus plans have soared to mind-boggling proportions. Although various governmental agencies have set limits on tax-deductible executive compensation, these efforts not only failed but served to raise the bar on executive compensation even higher (Milkovich and Newman 455). In general, the CEO of a corporation makes at least twice as much as the next highest paid executive and 35 times the salary of the average worker (Bogie 118). This pay disparity becomes even more alarming when bad leadership causes mass layoffs and shareholder losses even as top executives continue to receive their oversized pay."
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Executive Compensation Programs, 1996.
Evolution, types (stocks, deferred compensation), taxation, stockholder responses and examples.
1,575 words (approx. 6.3 pages), 12 sources, $ 55.95
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From the Paper
"Introduction
The industrial revolution brought about the concept of regular wages, in which employees receive a guaranteed wage for performing a given task. Sometimes the wages are tied to productivity, as in piece work, and sometimes they are based on the number of hours worked. This is the typical compensation program in place for most American employees today. However, there is a different compensation structure in place for management and top executives at many American companies. At these high levels of management, executives receive not only a base salary, but oftentimes receive additional compensation (often in the form of stock options) based on their performance, which is most often related to profitability. In a perverse turn of economics, some executives receive additional bonuses in years in which they lay off low.."
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Executive Compensation, 2006.
A master's thesis studying the correlation between CEO compensation and company profit.
8,149 words (approx. 32.6 pages), 28 sources, APA, $ 174.95
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Abstract
This study attempts to discern the statistical connection between the total compensation of American chief executive officers and company profits as defined by company net income. The data included for the study concerns the fiscal year 2002 and 2003. The study finds that that there is no statistically significant correlation relationship between chief executive officer compensation and company net income.
Table of Contents
List of Figures
List of Tables
List of Abbreviations
Introduction
Review of the Literature
Methodology
Findings
Summary, Conclusions and Recommendations
From the Paper
"The chief executive officer in an organization can broadly define the individual who "plans and directs all aspects of an organization's policies, objectives, and initiatives" ("Chief Executive Officer"). When these individuals take control of the helms of large corporations, their reputations, and salaries often mirror those of highly successful professional athletes or Hollywood movie stars. With millions (and sometimes billions) of corporate dollars at stake, chief executive officers face massive pressure and unwavering scrutiny by shareholders, financial institutions, and the media. False steps, poor business decisions, scandal, and the no-fault peril of the American marketplace threaten the tenures of all chief executive officers, regardless of past performance. Current surveys of chief executive officers reflect that nearly 50 percent of all CEOs are removed from their current position within five years of accepting their positions ("No Walk in the Park"). Furthermore, the job is grueling, and there is little opportunity for vacation, personal, or family time ("No Walk in the Park")."
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Executive Compensation, 2004.
A discussion of the role of compensation in organizational behavior.
800 words (approx. 3.2 pages), 4 sources, APA, $ 28.95
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Abstract
This paper looks at the role compensation plays at the executive level and that this role, based on the assumption that compensation packages affect attitude and behavior, is seen as a company's key tool for motivating management to achieve the company's organizational objectives. The paper also points out that, in order for compensation packages to be effective, it is vital that an organization develop a clear compensation philosophy with clearly defined objectives.
From the Paper
"Though compensation may undeniably be an important factor, several research studies have shown that the role of compensation may vary within the context of markets, organizational or individual behavior. For instance, the role of compensation in attracting and retaining employees and management talent was seen to increase in importance in the tight labor market of 1996-97 when wages and salaries grew at a pace not seen in many years. In addition, the increasingly competitive business environment of the last few decades has necessitated that organizations control labor costs, while focusing simultaneously on increasing productivity, quality, and enhanced customer service. Other trends such as flatter organization structure, more fluid organizational design have also required new strategies for employee compensation, particularly as employee compensation is deemed to be critical to financial success (Schuster). "
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Can Executive Compensation Be Justified?, 2000.
A discussion of the feeling of many members of the public that the huge sums of stock options and cash payments that many of the CEOs of the top U.S. companies currently receive are largely unjustified.
1,061 words (approx. 4.2 pages), 5 sources, $ 37.95
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From the Paper
"Criticism of executive compensation packages has increased rapidly over the past few years. They are many people in the general public who feel that the huge sums of stock options and cash payments that many of the CEO?s of the top U.S. companies currently receive are largely unjustified. About 20 years ago, the main component of executive compensation was cash, in the form of bonuses and salaries. The problem with cash payments is that they alone do not guarantee that a CEO will make decisions that will be in the best interests of the shareholders. In an effort to better tie a company?s performance to the CEO?s compensation, many top executives began receiving large stock option grants in exchange for large cash payments. This meant that executives now had to make a concentrated effort to raise their firm?s stock price if they wanted to profit from their compensation plans. Unfortunately, by using a fixed price, conventional stock options have pitfalls that allow executives to profit at the expense of the shareholders. The exercise price is established at the market price the day the options are granted, and the option holder can then cash in on the options if the stock price rises above the exercise price. One of two problems with this method is that it encourages CEOs to make decisions that will raise the stock price in the short term but ignore the stock?s performance in the long term. This allows the executive to make a quick profit by cashing in his or her options as soon as the stock price rises and then jumping ship as soon as the stock begins to falter. ?The other problem with this option plan is that it rewards a mediocre CEO if the value of the company increases due to a bull market even if the company?s gain is well below that of its competitors,? (Hall 2000). These reasons are why the traditional method of granting stock options must be altered somewhat to better tie the executive?s compensation to the performance of the company. "
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Compensation by Performance, 2001.
This essay discusses the process of compensation by performance with reference to certain companies as examples of this process.
800 words (approx. 3.2 pages), 0 sources, $ 28.95
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Abstract
The purpose of this paper is to introduce, discuss and analyze the process of compensation of employees by their performance, rather than strictly on a salary scale or job title. It includes examples of companies that use this process.
From the paper:
"Compensation by performance has a long-standing history in the world. From factory workers to salespeople who work on commission, ?pay by performance? is a way for employers to reduce their costs associated with labor, while rewarding workers who produce the most. In many countries, performance based pay is often established by the number of products or "pieces" a worker can generally complete during a standard work shift. It's often called "piece work" or "pay by the piece" ".
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Stock Options and Compensation Packages, 2005.
A discussion of the place of stock options in compensation packages.
1,800 words (approx. 7.2 pages), 9 sources, $ 71.95
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Abstract
This paper looks at stock options and compensation packages and some of the problems raised as well as comments from those supporting this approach, noting the recent rule changes that will also change how employees are compensated with stock options, an addition to base pay and only one of the other means of pay that are used to motivate, recruit and reward.
From the Paper
"Compensation packages are a means by which companies can achieve several different goals related to recruitment, retention, and motivation, among other things. Such packages are constituted in a variety of different ways, and one issue that has been raised is what role stock options should have and how effective they are in the compensation package. The question is also asked as to whether they serve the needs of the company and the employee alike or favor one over the other. In terms of the general issue, of compensation, Molvig (2005) states, Executive compensation never involves just one element. Boards must look at every piece of the package to determine if it furthers the goals of the CU and the executive (para. 1). Compensation is not the only element in recruitment and retention, however, and surveys show that while important, compensation is not necessarily the most important factor. "
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Compensation Performance, 200.
The following paper discusses how employers can reduce their costs associated with labor, while rewarding workers who produce the most.
850 words (approx. 3.4 pages), 0 sources, $ 30.95
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Abstract
The purpose of this paper is to introduce, discuss and analyze the process of compensation of employees by their performance, rather than strictly on a salary scale or job title. It includes examples of companies that use this process.
From the Paper
"Compensation by performance has a long-standing history in the world. From factory workers to salespeople who work on commission, "pay by performance" is a way for employers to reduce their costs associated with labor, while rewarding workers who produce the most. In many countries, performance based pay is often established by the number of products or "pieces" a worker can generally complete during a standard work shift. It's often called "piece work" or "pay by the piece" ".
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