Chapter 3. Executive Compensation and Incentives
Corporate executive behavior is the result of many factors. These factors include the relationship between the board and the CEO and between auditors and the firm, regulators, and executive pay structures. Boards, auditors, accountants, analysts, regulators, investors, and others in the corporate system are discussed in other chapters. Here, we focus on the incentives induced by modern executive compensation.
The SEC requires that the pay of the CEO in public firms be disclosed. Therefore, anyone can obtain and know the pay of the top executives of a firm. Many people take an interest—particularly stockholders, employees, labor unions, the media, and even Congress. However, executive pay did not ...
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