Corporate spinoffs and executive compensation

This paper investigates the impact of corporate spinoffs on executive compensation. We find no significant association between executive compensation and stock returns prior to spinoffs, but a significant positive association between the two afterwards. We also find evidence that corporate governanc...

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Published inFrontiers of business research in China Vol. 12; no. 4; pp. 399 - 423
Main Authors Law, Justin, Yu, Wayne
Format Journal Article
LanguageEnglish
Published Singapore Higher Education Press 01.12.2018
Springer Singapore
Springer Nature B.V
Subjects
Accounting/Auditing
Business and Management
Business Finance
CEO compensation
Corporate governance
Executive compensation
Human Resource Management
Marketing
Organization
Spinoffs
China
G34
J33
Corporate governance
Spinoffs
CEO compensation
G32
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Abstract This paper investigates the impact of corporate spinoffs on executive compensation. We find no significant association between executive compensation and stock returns prior to spinoffs, but a significant positive association between the two afterwards. We also find evidence that corporate governance generally improves after the spinoff. In addition, the positive association between executive compensation and stock returns is more pronounced for firms with greater improvements in their corporate governance. Overall, our findings support the notion that spinoffs create value by reducing agency costs.
AbstractList This paper investigates the impact of corporate spinoffs on executive compensation. We find no significant association between executive compensation and stock returns prior to spinoffs, but a significant positive association between the two afterwards. We also find evidence that corporate governance generally improves after the spinoff. In addition, the positive association between executive compensation and stock returns is more pronounced for firms with greater improvements in their corporate governance. Overall, our findings support the notion that spinoffs create value by reducing agency costs.
ArticleNumber 23
Author Justin Law
Wayne Yu
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  givenname: Wayne
  surname: Yu
  fullname: Yu, Wayne
  organization: College of Business, City University of Hong Kong
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The Author(s). 2018
Frontiers of Business Research in China is a copyright of Springer, (2018). All Rights Reserved. © 2018. This work is published under http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.
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CEO compensation
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CEO compensation
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Snippet This paper investigates the impact of corporate spinoffs on executive compensation. We find no significant association between executive compensation and stock...
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SubjectTerms Accounting/Auditing
Business and Management
Business Finance
CEO compensation
Corporate governance
Executive compensation
Human Resource Management
Marketing
Organization
Spinoffs
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Title Corporate spinoffs and executive compensation
URI https://journal.hep.com.cn/fbr/EN/10.1186/s11782-018-0043-9
https://link.springer.com/article/10.1186/s11782-018-0043-9
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Volume 12
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