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Indispensable and Other Myths: Why the CEO Pay Experiment Failed and How to Fix It
Michael Dorff
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Description for Indispensable and Other Myths: Why the CEO Pay Experiment Failed and How to Fix It
Hardback. Prodded by economists in the 1970s, corporate directors began adding stock options and bonuses to the already-generous salaries of CEOs with hopes of boosting their companies' fortunes. Guided by largely unproven assumptions, this trend continues today. This book explores the consequences of this development. Num Pages: 328 pages, black & white line drawings, black & white tables, figures. BIC Classification: JHB; KCP. Category: (G) General (US: Trade). Dimension: 153 x 233 x 25. Weight in Grams: 590.
Prodded by economists in the 1970s, corporate directors began adding stock options and bonuses to the already-generous salaries of CEOs with hopes of boosting their companies' fortunes. Guided by largely unproven assumptions, this trend continues today. So what are companies getting in return for all the extra money? Not much, according to the empirical data. In Indispensable and Other Myths: Why the CEO Pay Experiment Failed and How to Fix It, Michael Dorff explores the consequences of this development. He shows how performance pay has not demonstrably improved corporate performance and offers studies showing that performance pay cannot improve performance on the kind of tasks companies ask of their CEOs. Moreover, CEOs of large established companies do not typically have much impact on their companies' results. In this eye-opening expose, Dorff argues that companies should give up on the decades-long experiment to mold compensation into a corporate governance tool and maps out a rationale for returning to the era of guaranteed salaries.
Product Details
Format
Hardback
Publication date
2014
Publisher
University of California Press
Condition
New
Number of Pages
328
Place of Publication
Berkerley, United States
ISBN
9780520281011
SKU
V9780520281011
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-1
About Michael Dorff
Michael Dorff has taught at UCLA School of Law, Rutgers Law School, and the Peter F. Drucker and Masatoshi Ito Graduate School of Management. He is currently Professor of Law at Southwestern Law School, where he teaches corporate law and other business law topics.
Reviews for Indispensable and Other Myths: Why the CEO Pay Experiment Failed and How to Fix It
"A carefully stated cri de guerre against 'the current cult of leadership' that characterizes corporate culture-and leads to extraordinary paychecks... A provocative thesis couched in measured, scholarly language. Watch the editorial pages of Bloomberg News and the Wall Street Journal to see whether it catches on." Kirkus "Every director needs to read Dorff's new book. It's time to give pay for performance a new look."
Stephen Bainbridge Agenda "'Indispensable and Other Myths' is an all-guns-blazing attack on the way that Anglo-Saxon companies pay their bosses." The Economist "Dorff argues convincingly, from the evidence available, that the behavioural theory developed in capitalism that performance-related pay is a significant motivator for employees does not hold up to scrutiny... This is a must-read for human resources professionals and others willing to give serious thought to CEO and top management pay, and what those people realistically can and do deliver."
Cary Cooper Times Higher Education "Dorff makes a persuasive case that performance pay is overrated."
Jonathan Low The Lowdown
Stephen Bainbridge Agenda "'Indispensable and Other Myths' is an all-guns-blazing attack on the way that Anglo-Saxon companies pay their bosses." The Economist "Dorff argues convincingly, from the evidence available, that the behavioural theory developed in capitalism that performance-related pay is a significant motivator for employees does not hold up to scrutiny... This is a must-read for human resources professionals and others willing to give serious thought to CEO and top management pay, and what those people realistically can and do deliver."
Cary Cooper Times Higher Education "Dorff makes a persuasive case that performance pay is overrated."
Jonathan Low The Lowdown