An Introduction to Executive Compensation

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9780120771264: An Introduction to Executive Compensation

General readers have no idea why people should care about what executives are paid and why they are paid the way they are. That's the reason that The Wall Street Journal, Fortune, Forbes, and other popular and practitioner publications have regular coverage on them. This book not only proposes a reason--executives need incentives in order to maximize firm value (economists call this "agency theory")--it also describes the nature and design of executive compensation practices. Those incentives can take the form of benefits (salary, stock options), perquisites (reflecting the status of the executive within the organizational culture.
This book is important because it takes the elements of an executive compensation package apart, analyzing them in the contexts of both economic theory and corporate practice and then explains how, under varying conditions, one might construct a compensation package that optimizes an executive's and a corporation's performance.

Key Features
* Presents an objective analysis of current executive compensation practices
* Comprehensively reviews of academic literature and extant practice
* Explains and illustrates the various components of the compensation package
* Discusses the incentive, financial reporting, tax, political, equity, and firm value effects of those components

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From the Back Cover:

"Professor Balsam has written an outstanding introduction to this important and complex field. Both beginners and experienced managers will learn more about the structure and design of executive compensation programs."
—Ira T. Kay, Watson Wyatt Worldwide

"This book is a timely, comprehensive, and well-researched synthesis of what's happening in the world of executive compensation today. The book is sophisticated in its content, but presented in such a way that a novice can understand it. The book links compensation theory to the real world, illustrates concepts with real-life examples, and is a practical guide to understanding and designing compensation packages for today's executives. This book is a 'must read' for Board members, CEOs, and Human Resource and Compensation professionals alike."
—Robin A. Ferracone, Worldwide Partner, Mercer Consulting

An Introduction to Executive Compensation analyzes package elements and, drawing upon practitioner and academic literature, leads readers through the development of optimal plans under varying circumstances. Bypassing general issues of employee compensation, it focuses exclusively on the subjects that make this politically sensitive topic so important to corporations and shareholders alike.
Most of the material on executive compensation is written by consultants and thus has little theory and much selling of services. Much of the economics and finance literature on executive compensation betrays a lack of knowledge of how these consultants actually get paid. Steven Balsam balances theory and practice, and his generous use of examples makes this work readable and approachable for nonacademics.

About the Author
Steven Balsam, Director of the Ph.D. Program in Business, Associate Professor of Accounting and Merves Research Fellow at the Fox School of Business at Temple University, obtained his Ph.D. from the City University of New York (Baruch College) in 1991. His research interests are in the areas of executive compensation and capital markets. He has published articles in academic journals, including the Journal of Accounting and Economics, Contemporary Accounting Research, Journal of the American Taxation Association, Journal of Accounting and Public Policy, Journal of Accounting, Auditing and Finance,and Accounting Horizons.Prior to coming to Temple University, he taught at Baruch College and the University of Rochester. Before entering academia, he was a Certified Public Accountant working for the international accounting firm of Ernst & Young.

About the Author:

Steven Balsam, Director of the Ph.D. Program in Business, Associate Professor of Accounting and Merves Research Fellow at the Fox School of Business at Temple University, obtained his Ph.D. from the City University of New York (Baruch College) in 1991. His research interests are in the areas of executive compensation and capital markets. He has published articles in academic journals including the Journal of Accounting and Economics, Contemporary Accounting Research, Journal of the American Taxation Association, Journal of Accounting and Public Policy, Journal of Accounting, Auditing and Finance, and Accounting Horizons. Prior to coming to Temple University he taught at Baruch College and the University of Rochester. Before entering academia he was a Certified Public Accountant working for the international accounting firm of Ernst & Young.

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