Please use this identifier to cite or link to this item: http://hdl.handle.net/1942/13863
Title: CEO compensation in private family firms: pay-for-performance and the moderating role of ownership and management
Authors: MICHIELS, Anneleen 
VOORDECKERS, Wim 
LYBAERT, Nadine 
STEIJVERS, Tensie 
Issue Date: 2013
Source: Family Business Review, 26 (2), p. 140-160
Abstract: Although classical agency theorists claim that pay-for-performance is not relevant in the context of private family firms, the authors provide empirical evidence of the opposite, using a sample of 529 privately held U.S. family firms. The results suggest that objective performance-based measures play a significant role in CEO compensation. Additionally, the authors find that in private family firms CEO compensation is more responsive to firm performance in firms with low ownership dispersion and in the controlling-owner stage. Furthermore, the positive pay-for-performance relation is slightly stronger for nonfamily CEOs than for family CEOs.
Document URI: http://hdl.handle.net/1942/13863
ISSN: 0894-4865
e-ISSN: 1741-6248
DOI: 10.1177/0894486512454731
ISI #: 000318810900003
Category: A1
Type: Journal Contribution
Validations: ecoom 2014
Appears in Collections:Research publications

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