What Influences the Changes in REIT CEO Compensation? Evidence from Panel Data

John M. Griffith · Mohammad Najand · H. Shelton Weeks

16 citations0/0 files storedJournal of Real Estate Research

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Corporate Finance and Governance Financial Markets and Investment Strategies Accounting and Organizational Management

Abstract

This study examines what influences the changes in REIT CEO compensation using the following performance measures: average three-year total returns to shareholders, market value added, Tobin's q, and change in funds from operations. The impact of managerial power on the change in compensation is also examined. The empirical evidence indicates that firm performance and size do not influence the change in CEO salary, while risk, tenure, title, ownership, and age have significant impacts. Bonuses are not influenced by risk, size, or CEO power; however, they are influenced by performance. Option awards are affected by performance and CEO power.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1992The investment opportunity set and corporate financing, dividend, and compensation policies 2008Executive compensation 1991Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence 1998Are CEOs Really Paid Like Bureaucrats?1997Are CEOs Really Paid Like Bureaucrats?1982Authority, Control, and the Distribution of Earnings 1962Business Behavior, Value and Growth.

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