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Ceo Incentive Plans Improvement in International Public Companies St. Petersburg State University Graduate School of Management Master in Management Program CEO INCENTIVE PLANS IMPROVEMENT IN INTERNATIONAL PUBLIC COMPANIES Master’s Thesis by the 2nd year student Concentration - International Business Boris V. Yanauer Research advisor: Nikolay A. Zenkevich, Associate Professor St. Petersburg 2017 ЗАЯВЛЕНИЕ О САМОСТОЯТЕЛЬНОМ ХАРАКТЕРЕ ВЫПОЛНЕНИЯ ВЫПУСКНОЙ КВАЛИФИКАЦИОННОЙ РАБОТЫ Я, Янауэр Борис Всеволодович, студент второго курса магистратуры направления «Менеджмент», заявляю, что в моей магистерской диссертации на тему «Моделирование величины материального вознаграждения для генеральных директоров компаний на примере международных публичны компаний», представленной в службу обеспечения программ магистратуры для последующей передачи в государственную аттестационную комиссию для публичной защиты, не содержится элементов плагиата. Все прямые заимствования из печатных и электронных источников, а также из защищенных ранее выпускных квалификационных работ, кандидатских и докторских диссертаций имеют соответствующие ссылки. Мне известно содержание п. 9.7.1 Правил обучения по основным образовательным программам высшего и среднего профессионального образования в СПбГУ о том, что «ВКР выполняется индивидуально каждым студентом под руководством назначенного ему научного руководителя», и п. 51 Устава федерального государственного бюджетного образовательного учреждения высшего образования «Санкт-Петербургский государственный университет» о том, что «студент подлежит отчислению из Санкт-Петербургского университета за представление курсовой или выпускной квалификационной работы, выполненной другим лицом (лицами)». _______________________________________________ (Подпись студента) _____28.09.2017_________________ ________________ (Дата) STATEMENT ABOUT THE INDEPENDENT CHARACTER OF THE MASTER THESIS I, Boris V. Yanauer, second year master student, master program «Management», state that my master thesis on the topic «CEO Incentive Plans Improvement in International Companies», which is presented to the Master Office to be submitted to the Official Defense Committee for the public defense, does not contain any elements of plagiarism. All direct borrowings from printed and electronic sources, as well as from master theses, PhD and doctorate theses which were defended earlier, have appropriate references. I am aware that according to paragraph 9.7.1. of Guidelines for instruction in major curriculum programs of higher and secondary professional education at St.Petersburg University «A master thesis must be completed by each of the degree candidates individually under the supervision of his or her advisor», and according to paragraph 51 of Charter of the Federal State Institution of Higher Education Saint-Petersburg State University «a student can be expelled from St.Petersburg University for submitting of the course or graduation qualification work developed by other person (persons)». ________________________________________________ (Student’s signature) _____28.09.2017_________________ ________________ (Date) 2 АННОТАЦИЯ Автор Янауэр Борис Всеволодович Название Моделирование величины материального вознаграждения для магистерской генеральных директоров компаний на примере международных диссертации публичны компаний Факультет Высшая школа менеджмента, Санкт-Петербургский государственный университет Направление Менеджмент подготовки Год 2015 Научный Зенкевич Николай Анатольевич руководитель Описание цели, задач Цель: на основе анализа существующих теоретических моделей и и основных подходов к определению размера переменной части материального результатов вознаграждения для генеральных директоров компаний усовершенствовать методику определения размера такого вознаграждения и проверить возможность ее практического применения на примерах публичных компаний Задачи: обосновать требования к методике формирования переменной части вознаграждения, проанализировать практику принятия решений по определению размера переменной части на примере международных публичных компаний; усовершенствовать модель оценки оптимального размера переменной части вознаграждения генеральных директоров; провести сравнительный анализ результатов теоретического моделирования и реальных размеров переменной части вознаграждения генеральных директоров на примерах международных публичных компаний и сформулировать предложения по Основные результаты: были обоснованы требования к методике формирования переменной части вознаграждения; была выбрана и усовершенствована модель оценки оптимального размера переменной части вознаграждения; был проведён сравнительный анализ результатов теоретического моделирования и реальных размеров переменной части вознаграждения генеральных директоров на примерах международных публичных компаний Ключевые слова Корпоративное управление, агентская проблема, вознаграждение генеральных директоров, оптимальный контракт, размер и структура вознаграждения, теоретико-игровое моделирование 3 ABSTRACT Master Student's Name Yanauer Boris Vsevolodovich Master Thesis Title CEO Incentive Plans Improvement in International Public Companies Faculty Graduate School of Management, Saint-Petersburg University Main field of study Management Year 2015 Academic Advisor's Zenkevich Nikolay Anatolievich Name Description of the goal, Goal: Improving the mechanism of forming the variable part of CEO tasks and main results compensation and test the applicability of the mechanism on international public companies. Tasks: based on the scientific literature substantiate the requirements for the mechanism of forming the variable part of compensation; analyze CEO compensation value and practice of forming the variable part of compensation on example of international public companies in specific industries; improve the theoretical model of forming the variable part of CEO compensation; carry out a comparative analysis of the results of theoretical modeling and practice of forming the variable part of the CEO compensation in international public companies in specific industries. Main results: the requirements to the methodology for forming the variable part of the compensation were justified; the model for estimating the optimal size of the variable part of the compensation was chosen and improved; a comparative analysis of the results of theoretical modeling and the actual size of the variable part of the remuneration of CEOs on the examples of international public companies was made. Keywords Corporate governance, agency problem, CEO compensation, optimal contracting; compensation structure and value, game-theoretical modeling 4 Table of Contents Introduction ......................................................................................................................... 7 Chapter 1. CEO compensation problem ............................................................................... 9 1.1 Evolution of agency problem ..................................................................................... 9 1.2. Theoretical approaches for compensation modeling ................................................ 12 1.3. Optimal contract modeling approach ....................................................................... 14 1.4. Managerial power approach .................................................................................... 17 1.5. Conclusion .............................................................................................................. 18 Chapter 2. Research Methodology ..................................................................................... 19 2.1. The compensation model ........................................................................................ 19 2.2. Specification of parameters for the model ............................................................. 26 2.3. Conclusion ........................................................................................................... 32 Chapter 3. Practical aspects of CEO compensation on the example of U.S. public companies ..................................................................................................................................................... 34 3.1. Introduction into corporate governance system of US public companies .................. 34 3.2. Evolution of CEO compensation in US public companies ....................................... 37 3.3. Normative regulation of CEO compensation in the US public companies ................ 39 3.4. The decision making process for material compensation of CEOs in the US public companies ................................................................................................................................. 42 3.5. The structure of material compensation of CEOs in the US public companies ......... 42 3.6. The practice of forming the material remuneration of CEOs in the IT industry and the retail industry ............................................................................................................................ 44 3.7. Conclusion .............................................................................................................. 48 Chapter 4. Modeling of CEO incentive plans on the example of the U.S. public companies 49 4.1. Modeling of CEO incentive plans for the companies of IT industry ......................... 49 4.1.1. The compensation system at Yahoo Inc. .............................................................................. 49 4.1.2. The compensation system at Blackbaud Inc. .......................................................................
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