CEO incentives and the health of defined benefit pension plans

CEO incentives and the health of defined benefit pension plans We examine the relation between CEO pay-related wealth and the funding levels, and freezing decisions, of defined benefit pension plans. Results show that higher funding levels occur when CEOs are most endowed in employee pension plans, but that spillover endowments in supplemental executive plans coincide with the lowest funding levels. CEO equity-wealth correlates with funding health in between the extremes. Further, “hard freezes” of employee plans are less likely, the larger the CEO’s total pension interest (in executive and employee plans together). This suggests that CEOs fear repercussions to their own pension plan when employee plans are frozen. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Accounting Studies Springer Journals

CEO incentives and the health of defined benefit pension plans

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Publisher
Springer US
Copyright
Copyright © 2015 by Springer Science+Business Media New York
Subject
Economics / Management Science; Accounting/Auditing; Finance/Investment/Banking; Public Finance & Economics
ISSN
1380-6653
eISSN
1573-7136
D.O.I.
10.1007/s11142-015-9332-0
Publisher site
See Article on Publisher Site

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