Management Ownership and Firm Compensation Policy: Evidence from Converting Savings and Loan Associations

Roger D. Stover

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Corporate Finance and Governance Auditing, Earnings Management, Governance Accounting and Organizational Management

Abstract

We examine the relationship between management ownership and compensation for a sample of savings and loan associations which have recently converted to stock organizations. Previous expense preference literature has indicated that the stock form of organization lessens the potential for non-value-maximizing behavior that may be manifested in the payment of employee compensation. Our results confirm those of Morck, et al, which suggest that support for the convergence of interests hypothesis (management acts in the interests of the owners) and the entrenchment hypotheses (management acts in its own interests) is conditional on the magnitude of management ownership in the firm.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1996Production, Information Costs and Economic Organization 1988Management ownership and market valuation 1983Agency Problems and Residual Claims 1983The Structure of Ownership and the Theory of the Firm 1985Corporate performance and managerial remuneration 1988Efficiency Wages and the Inter-Industry Wage Structure 1990Ownership Structure, Deregulation, and Bank Risk Taking

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