U.S. Executive Compensation in Historical Perspective

Wells, Harwell

doi:10.4337/9781781005101.00008

Cited by 6 publications

(4 citation statements)

References 11 publications

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“…Trends in top tax rate and executive earnings. Data from Frydman and Saks (2008) and Wells (2011), adjusted to 2000 basis using GDP per capita.…”

Section: Which Environmental Changes Lead To Changing Business Culture?mentioning

confidence: 99%

“…Initially, executives were paid fixed salaries like any other employee, but boards came to realize that a salaried employee would never display the same degree of care and energy as an owner unless they had some incentive to do so. Thus, they started to pay bonuses for performance (Wells 2011).…”

Section: Which Environmental Changes Lead To Changing Business Culture?mentioning

confidence: 99%

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A Cultural Evolution Model for Trend Changes in the American Secular Cycle

Alexander¹

2019

CDN

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Rising economic inequality in the United States has become a topic of political interest in recent years. Inequality appears to show cycles corresponding to secular cycles, suggesting the possibility of declining inequality in the future. The most recent episode of declining inequality in America is known as the Great Compression. It occurred in the middle of the twentieth century. This paper uses the guided variation cultural evolution model (Boyd and Richerson 1985: 95-97) to explain shifting trends in inequality in five nations. According to this analysis, the Great Compression was largely due to a shift in the business environment reflecting tax and other economic policy implemented over the 1914-45 era. The cultural evolutionary response to this environmental change was to replace "shareholder primacy" cultural variants with "stakeholder capitalism" variants, which resulted in lower inequality. Half a century later, new policy, implemented in response to the great inflation following the collapse of the Bretton Woods system, changed the business environment again in ways that favored shareholder primacy cultural variants and rising inequality. The extent to which this occurred depended on the degree to which stakeholder capitalism was integrated into institutions.

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“…Trends in top tax rate and executive earnings. Data from Frydman and Saks (2008) and Wells (2011), adjusted to 2000 basis using GDP per capita.…”

Section: Which Environmental Changes Lead To Changing Business Culture?mentioning

confidence: 99%

Section: Which Environmental Changes Lead To Changing Business Culture?mentioning

confidence: 99%

A Cultural Evolution Model for Trend Changes in the American Secular Cycle

Alexander¹

2019

CDN

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“…Over the last couple of decades executive compensation has rocketed. Executive compensation began growing at a faster rate in the mid-1970s (Frydman and Saks 2010) and the general upward trend is since then well established (Wells, 2012). Efforts by regulators to put a cap on compensation have failed (Murphy, 2012).…”

Section: Lack Of Alignment Between Fxrm and Performance Evaluationmentioning

confidence: 99%

Why FX Risk Management Is Broken–and What Boards Need to Know to Fix It

Jankensgård¹,

Alviniussen

Oxelheim

2016

J Applied Corp Finance

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In this paper we challenge the role of Foreign Exchange Risk Management (FXRM) in corporate management. We believe it is fair to characterize FXRM, on the whole, as a legacy activity rather than something that reflects a realistic cost-benefit analysis at the enterpriselevel. The Board of Directors, as the designated guardians of the interests of shareholders, has a key role in setting the firm on a path towards a cost-efficient and centralized FXRM that preserves the firm's transparency and predictability towards the investor community. A policy conclusion from our analysis is that responsibility for FX policy should shift from the traditional Finance/Treasury orientation to a group risk function (e.g. a Chief Risk Officer) supported by a risk committee dedicated to integrated risk management.

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Section: Lack Of Alignment Between Fxrm and Performance Evaluationmentioning

confidence: 99%

Why FX Risk Management Is Broken - And What Boards Need to Know to Fix It

2015

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may AbstractIn this paper we challenge the role of Foreign Exchange Risk Management (FXRM) in corporate management. We believe it is fair to characterize FXRM, on the whole, as a legacy activity rather than something that reflects a realistic cost-benefit analysis at the enterpriselevel. The Board of Directors, as the designated guardians of the interests of shareholders, has a key role in setting the firm on a path towards a cost-efficient and centralized FXRM that preserves the firm's transparency and predictability towards the investor community. A policy conclusion from our analysis is that responsibility for FX policy should shift from the traditional Finance/Treasury orientation to a group risk function (e.g. a Chief Risk Officer) supported by a risk committee dedicated to integrated risk management.

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U.S. Executive Compensation in Historical Perspective

Cited by 6 publications

References 11 publications

A Cultural Evolution Model for Trend Changes in the American Secular Cycle

A Cultural Evolution Model for Trend Changes in the American Secular Cycle

Why FX Risk Management Is Broken–and What Boards Need to Know to Fix It

Why FX Risk Management Is Broken - And What Boards Need to Know to Fix It

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