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Too Much Is Not Enough
The scholarly literature on executive compensation is vast. As such, this literature provides an unparalleled resource for studying the interaction between the setting of incentives (or the attempted setting of incentives) and the behavior that is actually adduced. From this literature, there are several reasons for believing that one can set incentives in executive compensation with a high rate of success in guiding CEO behavior, and one might expect CEO compensation to be a textbook example of the successful use of incentives. Also, as executive compensation has been studied intensively in the academic literature, we might also expect the success of incentive compensation to be well-documented. Historically, however, this has been very far from the case. This book studies the performance of incentives in executive compensation across many dimensions of CEO performance. The book begins with an overview of incentives and unintended consequences. Then it focuses on the theory of incentives as applied to compensation generally, and as applied to executive compensation particularly. Subsequent chapters explore different facets of executive compensation and assess the evidence on how well incentive compensation performs in each arena. The book concludes with a final chapter that provides an overall assessment of the value of incentives in guiding executive behavior. In it, the book argues that incentive compensation for executives is so problematic and so prone to error that the social value of giving huge incentive compensation packages is likely to be negative on balance. In focusing on incentives, the book provides a much sought-after resource, for while there are a number of books on executive compensation, none focuses specifically on incentives.
eBook
The moral economy : why good incentives are no substitute for good citizens
Should the idea of economic man-the amoral and self-interested Homo economicus-determine how we expect people to respond to monetary rewards, punishments, and other incentives? Samuel Bowles answers with a resounding \"no.\" Policies that follow from this paradigm, he shows, may \"crowd out\" ethical and generous motives and thus backfire. But incentives per se are not really the culprit. Bowles shows that crowding out occurs when the message conveyed by fines and rewards is that self-interest is expected, that the employer thinks the workforce is lazy, or that the citizen cannot otherwise be trusted to contribute to the public good. Using historical and recent case studies as well as behavioral experiments, Bowles shows how well-designed incentives can crowd in the civic motives on which good governance depends
eBook
Employee Ownership and Employee Involvement at Work: Case Studies
With a growing prominence of sophisticated econometric research in the field of New Economics of Participation (NEP), it is of particular value to learn about real-world examples of participatory and labor-managed firms in the advanced market economies through extensive case studies. In this volume, the authors present such case studies.
eBook
Mixed signals : how incentives really work
An informative and entertaining account of how actions send signals that shape behaviors and how to design better incentives for better results in our life, our work, and our world Incentives send powerful signals that aim to influence behavior. But often there is a conflict between what we say and what we do in response to these incentives. The result: mixed signals. Consider the CEO who urges teamwork but designs incentives for individual success, who invites innovation but punishes failure, who emphasizes quality but pays for quantity. Employing real-world scenarios just like this to illustrate this everyday phenomenon, behavioral economist Uri Gneezy explains why incentives often fail and demonstrates how the right incentives can change behavior by aligning with signals for better results. Drawing on behavioral economics, game theory, psychology, and fieldwork, Gneezy outlines how to be incentive smart, designing rewards that are simple and effective. He highlights how the right combination of economic and psychological incentives can encourage people to drive more fuel-efficient cars, be more innovative at work, and even get to the gym. \"Incentives send a signal,\" Gneezy writes, \"and your objective is to make sure this signal is aligned with your goals.\"
Book
Impact of government incentives on digital content creators in Malaysia: An empirical study
The emergence of the digital creative content industry in Malaysia, highlighted in the 'Twelfth Malaysia Plan', reflects the nation's pursuit of a share in the global digital market. Government initiatives, manifested through grants and incentives, aim to bolster the industry, but their effectiveness remains uncertain. This study explores the impact of these initiatives on digital content creators, utilising firm-level databases from the Malaysia Digital Economy Corporation. Employing parametric tests, the stochastic frontier model, and the panel model, the research reveals that pairing small funds with effective developmental programs yields superior results. Grant recipients exhibit notable growth in job creation ‒ particularly among local skilled workers ‒ heightened research and development (RandD) activity, and increased productivity and profits. Future grant policies should incorporate knowledge sharing from successful recipients and emphasise mentoring, while also supporting industrial training for educators to align curricula with industry expectations.
Journal Article