Indispensable and Other Myths
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A01=Michael Dorff
american business
american economy
Author_Michael Dorff
behavioral theory
big business
board members
bosses
business
capitalism
Category=JHB
Category=KCP
ceos
chief executive officer
compensation
corporate culture
corporate directors
corporate governance tools
corporate performance
corporations
economists
economy
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
eq_society-politics
era of guaranteed salaries
executive pay
human resource professionals
large salaries
leadership
motivation
performance pay
project management
stock options
Product details
- ISBN 9780520281011
- Weight: 590g
- Dimensions: 152 x 229mm
- Publication Date: 01 Aug 2014
- Publisher: University of California Press
- Publication City/Country: US
- Product Form: Hardback
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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.
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.
