{"id":16850,"date":"2015-11-29T18:43:42","date_gmt":"2015-11-29T17:43:42","guid":{"rendered":"https:\/\/business.uc3m.es\/\/working-papers\/board-independence-ceo-pay-and-camouflaged-compensation-2\/"},"modified":"2015-11-29T18:43:42","modified_gmt":"2015-11-29T17:43:42","slug":"board-independence-ceo-pay-and-camouflaged-compensation-2","status":"publish","type":"working-papers","link":"https:\/\/business.uc3m.es\/en\/working-papers\/board-independence-ceo-pay-and-camouflaged-compensation-2\/","title":{"rendered":"Board Independence, CEO Pay, and Camouflaged Compensation"},"content":{"rendered":"<p>We study how directors&#8217; reputational concerns influence executive compensation and the use of camouflaged forms of pay. We show that, in order to signal their independence to investors, boards lower managers&#8217; pay, but may also pay managers in hidden ways or structure compensation inefficiently. We also show that independent boards are more likely to make use of hidden compensation than manager-friendly boards. We apply our model to study the costs and benefits of greater pay transparency and of measures, such as say-on-pay initiatives, that increase boards&#8217; accountability to shareholders.   <\/p>\n","protected":false},"template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}}},"class_list":["post-16850","working-papers","type-working-papers","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/working-papers\/16850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/working-papers"}],"about":[{"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/types\/working-papers"}],"wp:attachment":[{"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/media?parent=16850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}