Posted on Categories:Behavioural Finance, 经济代写, 行为经济学

经济代写|行为经济学代写Behavioural Finance代考|BUS-F519 Concluding Remarks

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经济代写|行为经济学代写Behavioural Finance代考|Concluding Remarks

This chapter explores the impact of a new regulation, Amendment 20 , on executive compensation in Israel. The Amendment is intended to curb excess CEO compensation and tie it to firm performance. We investigate whether the regulation met its goals, differentiating between the behavior of CEOs who are able to influence their postamendment compensation and those who do not have this ability. The concept of influence is based on whether the CEO is a related party as reported in the firm’s annual financial statements, deriving from the concentrated ownership structure in Israel and the notion that related parties might have an impact on the selection of seemingly independent directors. The analysis is conducted using handcollected data on firms traded on TASE in a 2-year window around 2012, the year in which the Amendment was signed into law.

We find that the most influential CEOs are able to impact the redesign of their post-amendment compensation by shifting it away from the fixed component of compensation (mostly salary) to the bonus component of the compensation. We also document that influential chairmen are able to temper the bonus of unrelated CEOs. Also, we are unable to find any meaningful increases in equity-based compensation post-amendment. This is consistent with influential CEOs increasing their incentive-based pay, not by connecting it to market prices but rather by increasing their bonus cash compensation. Clearly, given the media and public outrage it would have been difficult, even for influential CEOs, to increase their salary or benefits. The bonus component is somewhat flexible, unlike an incentive component contingent upon market prices, and yet passes the hurdle of public and media scrutiny. In this way, companies with influential CEOs are able to shift the composition of pay from cash salaries to cash bonuses in response to the Amendment, visibly complying with the intent of the Amendment, however, leaving the CEO better off.

经济代写|行为经济学代写Behavioural Finance代考|Acknowledgments

We wish to thank Keren Kibovich of Keren Kibovich Consulting \& Management and Moshe Peress, Head of Accounting Consulting Services at $\mathrm{Pw}_{\mathrm{w}}$ Israel for insightful discussions. Excellent Research assistantship by Moti Barashi is highly appreciated. We would also like to thank Kobi Avramov of Tel-Aviv Stock Exchange for useful information. We acknowledge the financial support from the Academic College of Tel Aviv-Yaffo.

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