شواهدی از عملکرد بانک و مزایای بازنشستگی مدیر عامل
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شواهدی از عملکرد بانک و مزایای بازنشستگی مدیر عامل

عنوان فارسی مقاله: مفاهیم TARP: شواهدی از عملکرد بانک و مزایای بازنشستگی مدیر عامل
عنوان انگلیسی مقاله: The implications of TARP: Evidence from bank performance and CEO pension benefits
مجله/کنفرانس: مجله حسابداری و سیاست عمومی - Journal of Accounting and Public Policy
رشته های تحصیلی مرتبط: مدیریت، حسابداری
گرایش های تحصیلی مرتبط: مدیریت مالی، حسابداری مالی، بانکداری، مدیریت اجرایی
کلمات کلیدی فارسی: سازمان های مالی، TARP، پاداش مدیر اجرایی، بازنشستگی
کلمات کلیدی انگلیسی: Financial institutions، Troubled Asset Relief Program (TARP)، Executive compensation، Pension
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus - Master Journal List - JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.jaccpubpol.2018.09.001
دانشگاه: Department of Accounting, University of Texas at San Antonio, San Antonio, TX 78249, United States
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2018
ایمپکت فاکتور: 2/093 در سال 2017
شاخص H_index: 58 در سال 2019
شاخص SJR: 0/91 در سال 2017
شناسه ISSN: 0278-4254
شاخص Quartile (چارک): Q1 در سال 2017
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 19
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
کد محصول: E11112
فهرست انگلیسی مطالب

Abstract


1- Introduction


2- Background and hypotheses development


3- Research design


4- Empirical results


5- Conclusion


References

نمونه متن انگلیسی مقاله

Abstract


This study examines the effect of compensation restrictions introduced by the Troubled Assets Relief Program (TARP) of 2008 on the performance of banks and their compensation structures. It documents significant performance improvement among TARP banks that experienced Chief Executive Officer (CEO) resignations after their banks accepted TARP funds. The improvement is most significant in the year following CEO resignation. In addition, TARP banks that kept their CEOs show a significant increase in CEO pensions post-TARP. TARP banks that did not experience CEO resignations, thus, appear to substitute pension increases for their CEOs to mitigate the TARP-induced decrease in conventional forms of compensation. Further analysis on all banks without CEO resignations shows that TARP banks have significantly higher increase in pension benefits post 2009 than banks that chose to decline TARP funds. The evidence shows that increased pension arrangements play a significant role in CEOs’ decisions to remain in their roles despite the constraints imposed by TARP.


Introduction


In response to the economic crisis in 2008, the US Treasury implemented the Troubled Asset Relief Program (TARP) to strengthen the financial system by purchasing troubled assets from financial institutions. One of the controversial aspects of the program is the restrictions it placed on executive compensation and actions deemed to impose excessive risks on the banks. Empirically, many studies show that some banks rejected TARP or exited TARP early due to the restrictions on the chief executive officer (CEO) compensation (e.g., Bayazitova and Shivdasani, 2012). Cadman et al. (2012) and Cazier (2014) find greater subsequent executive departures in banks that accepted TARP funds, and show that the departures were primarily voluntary. Based on Cadman et al. (2012), 81% of the executives who resigned moved to non-TARP banks. Kim (2010) reports a negative market reaction to the announcement of compensation restrictions for banks that accepted TARP. The adverse market reaction points to possible negative effect of the TARP on the long-run value of the banks. However, it is not clear whether resignations of some of the bank CEOs influenced the subsequent performance of their banks. Moreover, many of the bank CEOs did not resign despite the effect of TARP on their compensation; and, it is not clear why they chose to stay. A key question that emerges from the preceding discussion is whether TARP banks whose CEOs resigned at the outset of the program experienced subsequent improvement or deterioration in performance.

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