Governance, Conference Calls and CEO Compensation

S. Price (), Jesus Salas () and C. Sirmans ()

The Journal of Real Estate Finance and Economics, 2015, vol. 50, issue 2, 206 pages

Abstract: We study the relations between governance mechanisms (internal and external), conference call voluntary disclosures (incidence and length), and CEO compensation using hand-collected data on conference calls, corporate governance, and compensation. We hypothesize and show that institutions push for more frequent and longer conference calls in order to obtain more information with which to evaluate their investment. While independent directors push to hold conference calls, they may also prefer to have shorter conference calls to avoid potential lawsuits, proprietary costs, and/or loss of reputation that can arise from releasing too much information. Entrenched executives seek to minimize risk (such as employment and/or litigation risk) by limiting the length of conference calls or by avoiding conference calls altogether. In addition, contrary to recently proposed hypotheses, we find that executives do not receive additional compensation for bearing the risks of holding voluntary conference calls. Copyright Springer Science+Business Media New York 2015

Keywords: Voluntary disclosure; Conference calls; Governance; Compensation; Entrenchment; Institutions; REITs; D80; D82; G10; G30; G32; G34 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:jrefec:v:50:y:2015:i:2:p:181-206

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DOI: 10.1007/s11146-014-9457-0

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The Journal of Real Estate Finance and Economics is currently edited by Steven R. Grenadier, James B. Kau and C.F. Sirmans

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