Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/25298
Title: Is innovativeness a link between pay and performance?
Authors: Fung, MK 
Issue Date: 2009
Publisher: Wiley-Blackwell
Source: Financial management, 2009, v. 38, no. 2, p. 411-429 How to cite?
Journal: Financial management 
Abstract: The relationship between innovativeness and pay-performance sensitivity is theoretically ambiguous because innovative activities simultaneously enhance the productivity of executives in creating shareholder value (productivity effect) and increase the volatility of the firm's performance (volatility effect). The empirical findings from the pooled sample suggest that innovativeness and executive pay-performance sensitivity are inversely related. The extent to which the volatility effect outweighed the productivity effect was especially pronounced during the 2000-2003 market crash period. While the productivity effect is stronger than the volatility effect in both the CEO and low-free-cash-flow subsamples, the volatility effect is stronger than the productivity effect in both the non-CEO and high-free-cash-flow subsamples.
URI: http://hdl.handle.net/10397/25298
ISSN: 0046-3892
EISSN: 1755-053X
DOI: 10.1111/j.1755-053X.2009.01041.x
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