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Please use this identifier to cite or link to this item: http://hdl.handle.net/1942/13863

Title: CEO compensation in private family firms: pay-for-performance and the moderating role of ownership and management
Authors: Michiels, Anneleen
Voordeckers, Wim
Lybaert, Nadine
Steijvers, Tensie
Issue Date: 2013
Citation: Family Business Review, 26 (2), p. 140-160
Abstract: Although classical agency theorists claim that pay-for-performance is not relevant in the context of private family firms, the authors provide empirical evidence of the opposite, using a sample of 529 privately held U.S. family firms. The results suggest that objective performance-based measures play a significant role in CEO compensation. Additionally, the authors find that in private family firms CEO compensation is more responsive to firm performance in firms with low ownership dispersion and in the controlling-owner stage. Furthermore, the positive pay-for-performance relation is slightly stronger for nonfamily CEOs than for family CEOs.
URI: http://hdl.handle.net/1942/13863
DOI: 10.1177/0894486512454731
ISI #: 000318810900003
ISSN: 0894-4865
Category: A1
Type: Journal Contribution
Validation: ecoom, 2014
Appears in Collections: Research publications

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