Entrepreneurial rewards and economic performance: an empirical study of the best small companies
by Jooh Lee, Harold W. Lucius, Steven A. McNeil
International Journal of Technology Management (IJTM), Vol. 17, No. 7/8, 1999

Abstract: This study attempts to examine a different spectrum of CEO compensation and economic performance in small- and medium-sized firms in America. Particularly, this study explores the directions and magnitudes of the relationships between compensation variables (cash-based short-term vs. long-term compensation) and economic performance (accounting- and market-based performance) after controlling for other interacting factors like CEO tenure, CEO stock ownership, and industry type. The researchers find that CEOs compensation in small- and medium-sized firms, in different types of industries, is positively linked to those firms' economic performance, particularly with respect to market-based performance. With respect to the control variables, only the CEO's stock ownership shows a significantly positive sign in determining the CEO's compensation.

Online publication date: Sun, 06-Jul-2003

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