Business Ethics and the Decision to Adopt Golden Parachute Contracts: Empirical Evidence of Concern for All Stakeholders
Golden parachutes are often viewed as a form of excessive compensation because they provide senior management with substantial payouts following an acquisition while other stakeholders are subjected to layoffs, disrupted business relationships and other negative externalities. Using a sample of S&am...
| Autores principales: | ; |
|---|---|
| Tipo de documento: | Electrónico Artículo |
| Lenguaje: | Inglés |
| Verificar disponibilidad: | HBZ Gateway |
| Interlibrary Loan: | Interlibrary Loan for the Fachinformationsdienste (Specialized Information Services in Germany) |
| Publicado: |
2009
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| En: |
Journal of business ethics
Año: 2009, Volumen: 86, Número: 1, Páginas: 65-79 |
| Otras palabras clave: | B
Organizational Commitment
B Business Ethics B CEO executive pay B Mergers B tender offers |
| Acceso en línea: |
Volltext (JSTOR) Volltext (lizenzpflichtig) |
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| 520 | |a Golden parachutes are often viewed as a form of excessive compensation because they provide senior management with substantial payouts following an acquisition while other stakeholders are subjected to layoffs, disrupted business relationships and other negative externalities. Using a sample of S&P 500 firms, an economic and ethical justification for this type of contract is given. Golden parachutes ensure effective corporate governance that, in turn, preserve the firm's value for all stakeholders. Boards of directors enter into parachute agreements to protect recently hired CEOs' human capital during periods of financial uncertainty and, thus, potential takeover activity. From an ethics viewpoint, golden parachutes are valuable to all stakeholders because they encourage merger or acquisition in lieu of bankruptcy. | ||
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