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dc.contributor.authorAtif, Muhammad
dc.contributor.authorHuang, Allen
dc.contributor.authorLiu, Benjamin
dc.date.accessioned2019-08-29T05:07:45Z
dc.date.available2019-08-29T05:07:45Z
dc.date.issued2019
dc.identifier.issn0927-538X
dc.identifier.doi10.1016/j.pacfin.2019.01.001
dc.identifier.urihttp://hdl.handle.net/10072/386790
dc.description.abstractWe examine the impact of Australia's Remuneration Amendment Act 2011 on CEO compensation and its spill-over effect on cash holdings to better understand how the new legislation affects the principal–agent relationship. Using a sample of ASX top 300 firms from 2004 to 2015, we find that the Act leads to more use of equity-based compensation. We also document that, after the introduction of the Act, CEO equity-based and total compensations are negatively related with cash holdings, i.e., more equity and total compensations lead to lower cash holdings (a spill-over effect), indicating alignment of the principal–agent interests. Our results are robust to different estimation techniques. Our findings confirm that the Act is effective in driving a more efficient CEO pay strucure and provide important insights for the global discussion on compensation regulations.
dc.description.peerreviewedYes
dc.description.sponsorshipUnited Overseas Resources Ltd
dc.languageEnglish
dc.language.isoeng
dc.publisherElsevier
dc.relation.ispartofjournalPacific-Basin Finance Journal
dc.subject.fieldofresearchAccounting, Auditing and Accountability
dc.subject.fieldofresearchBanking, Finance and Investment
dc.subject.fieldofresearchcode1501
dc.subject.fieldofresearchcode1502
dc.titleThe effect of say on pay on CEO compensation and spill-over effect on corporate cash holdings: Evidence from Australia
dc.typeJournal article
dc.type.descriptionC1 - Articles
dcterms.bibliographicCitationAtif, M; Huang, A; Liu, B, The effect of say on pay on CEO compensation and spill-over effect on corporate cash holdings: Evidence from Australia, Pacific-Basin Finance Journal, 2019
dcterms.licensehttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.date.updated2019-08-29T05:00:40Z
dc.description.versionAccepted Manuscript (AM)
gro.description.notepublicThis publication has been entered into Griffith Research Online as an Advanced Online Version
gro.rights.copyright© 2019 Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licence (http://creativecommons.org/licenses/by-nc-nd/4.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, providing that the work is properly cited.
gro.hasfulltextFull Text
gro.griffith.authorHuang, Allen R.
gro.griffith.authorLiu, Benjamin
gro.griffith.authorAtif, Muhammad


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