Earticle

초록

영어

Existing literature argues that ethical managers are valuable to firms, and ethics is an important capability of managers and organization. Then, the more the ethical capability of a manager, the more the compensation to the manager. However, we find that the managers with questionable ethics tend to be paid higher. This pattern is more salient for controlling-shareholder executives. This suggests several possibilities. First, ethical managers are less valuable to a firm than loyal ones. Second, ethical managers are less valuable to the subgroups holding the hegemony of organization. Other possibilities are corporate governance issues such as the collusion between wrongdoers and organization, corruption, and generosity. Our results suggest important implications on corporate governance, system risk, organizational corruption, the challenges to law-governed economy and the tradeoff between firm level and society level optimality.

목차

Abstract
 Data
 Empirical Results
 Interpretations and Implications
 Conclusion and Future Research
 References

키워드

저자

• Changmin Lee [ Hanyang University Business School ]
• Hansoo Choi [ Korea Institute of Public Finance ]
• Hyoung-Goo Kang [ Department of Finance Hanyang University Business School ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330