|
| Título : |
Globalization and the provision of incentives inside the firm : the effect of foreign competition |
| Tipo de documento: |
documento electrónico |
| Autores: |
Vicente Cuñat, Autor ; María Guadalupe, Autor |
| Fecha de publicación: |
Jan. 2009 |
| Número de páginas: |
33 p. |
| Il.: |
gráf., tablas |
| Nota general: |
Trabajo premiado en el II Premio "Jaime Fernández de Araoz" sobre Corporate Finance (2007), patrocinado por Santander, Universia y Fundación Mutua Madrileña |
| Idioma : |
Inglés (eng) |
| Materias: |
Competencia internacional
Personal directivo
Política de incentivos
|
| Palabras clave: |
Incentives; Performance-related-pay; Wage Structure; Promotions; Demand for talent; Globalization; Product Market Competition. |
| Clasificación: |
331.2 Salarios. Sueldos. Remuneraciones |
| Resumen: |
This paper studies the effect of changes in foreign competition on the structure of compensation and incentives of U.S. executives. We measure foreign competition as import penetration and use tariffs and exchange rates as instrumental variables to estimate its causal effect on pay. We find that higher foreign competition leads to more incentive provision in a variety of ways. First, it increases the sensitivity of pay to performance. Second, it increases whithin-firm pay differentials between executive levels, with CEOs typically experiencing the largest wage increases, partly because they receive the steepest incentive contracts. Finally, higher foreign competition is also associated with a higher demand for talent. These results indicate that increased foreign competition can explain some of the recent trends in compensation structures. |
| Nota de contenido: |
Bibliografía. |
| Link: |
https://biblioteca.cunef.edu/gestion/catalogo/index.php?lvl=notice_display&id=23089 |
Globalization and the provision of incentives inside the firm : the effect of foreign competition [documento electrónico] / Vicente Cuñat, Autor ; María Guadalupe, Autor . - Jan. 2009 . - 33 p. : gráf., tablas. Trabajo premiado en el II Premio "Jaime Fernández de Araoz" sobre Corporate Finance (2007), patrocinado por Santander, Universia y Fundación Mutua Madrileña Idioma : Inglés ( eng) |
331 Trabajo. Empleo. Organización del trabajo
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