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- April 2010
- Article
Executive Pay and 'Independent' Compensation Consultants
By: K. J. Murphy and Tatiana Sandino
Executive compensation consultants face potential conflicts of interest that can lead to higher recommended levels of CEO pay, including the desires to "cross-sell" services and to secure "repeat business." We find evidence in both the US and Canada that CEO pay is... View Details
Keywords: Compensation Consultants; Conflicts Of Interest; CEO Pay; Board Of Directors; Director Pay; Disclosure; Conflict of Interests; Governing and Advisory Boards; Corporate Disclosure; Executive Compensation; Corporate Governance; Consulting Industry; Canada; United States
Murphy, K. J., and Tatiana Sandino. "Executive Pay and 'Independent' Compensation Consultants." Journal of Accounting & Economics 49, no. 3 (April 2010): 247–262.
- Research Summary
Executive Compensation
By: Susanna Gallani
In this line of work, Prof. Gallani explores the influence of external actors on the design and effectiveness of executive compensation. Prominent external actors she has examined in her work include compensation consultants, proxy advisory firms, and institutional... View Details
- January 2020
- Article
Compensation Consultants and the Level, Composition, and Complexity of CEO Pay
By: Kevin J. Murphy and Tatiana Sandino
We provide fresh evidence regarding the relation between compensation consultants and CEO pay. First, firms that employ consultants have higher-paid CEOs—this result is robust to firm fixed effects and matching on economic and governance variables. Second, while this... View Details
Keywords: Consultants; Benchmarking; Incentive Pay; Executive Compensation; Complexity; Motivation and Incentives; Governance
Murphy, Kevin J., and Tatiana Sandino. "Compensation Consultants and the Level, Composition, and Complexity of CEO Pay." Accounting Review 95, no. 1 (January 2020): 311–341.
- 2019
- Working Paper
Compensation Consultants and the Level, Composition, and Complexity of CEO Pay
By: Kevin J. Murphy and Tatiana Sandino
We provide fresh evidence regarding the relation between compensation consultants and CEO pay. First, firms that employ consultants have higher-paid CEOs—this result is robust to firm fixed effects and matching on economic and governance variables. Second, while this... View Details
Keywords: Consultants; Benchmarking; Incentive Pay; Executive Compensation; Complexity; Motivation and Incentives; Governance
Murphy, Kevin J., and Tatiana Sandino. "Compensation Consultants and the Level, Composition, and Complexity of CEO Pay." Harvard Business School Working Paper, No. 18-027, September 2017. (Revised March 2019. Accepted and forthcoming at The Accounting Review.)
- June 1995 (Revised June 1996)
- Case
Hawthorne (A): The Compensation Consulting Marketplace
By: Jay W. Lorsch and Geoffrey Love
Lorsch, Jay W., and Geoffrey Love. "Hawthorne (A): The Compensation Consulting Marketplace." Harvard Business School Case 495-065, June 1995. (Revised June 1996.)
- June 1995 (Revised June 1996)
- Case
Hawthorne (B): The Hawthorne Compensation Consulting Practice
By: Jay W. Lorsch and Geoffrey Love
Lorsch, Jay W., and Geoffrey Love. "Hawthorne (B): The Hawthorne Compensation Consulting Practice." Harvard Business School Case 495-066, June 1995. (Revised June 1996.)
- 2016
- Working Paper
Through the Grapevine: Network Effects on the Design of Executive Compensation Contracts
By: Susanna Gallani
Effective design of executive compensation contracts involves choosing and weighting performance measures, as well as defining the mix between fixed and incentive-based pay components, with a view to fostering talent retention and goal congruence. The variability in... View Details
Keywords: Compensation Design; Board Interlocks; Compensation Consultants; Network Centrality; Homophily; Quadratic Assignment Procedure; Blockholders; Executive Compensation
Gallani, Susanna. "Through the Grapevine: Network Effects on the Design of Executive Compensation Contracts." Harvard Business School Working Paper, No. 16-019, August 2015. (Revised December, 2016.)
- Research Summary
Executive Compensation
By: Tatiana Sandino
Professor Sandino’s other stream of research examines players that influence the design of an executive’s compensation. She has examined the role shareholder activists can play in influencing CEO pay and found that a compensation-related shareholder proposal could... View Details
- March 2022 (Revised May 2022)
- Case
Winning Business at Russell Reynolds (A)
By: Ethan Bernstein and Cara Mazzucco
In an effort to make compensation drive collaboration, Russell Reynolds Associates’ (RRA) CEO Clarke Murphy sought to re-engineer the bonus system for his executive search consultants in 2016. As his HR analytics guru, Kelly Smith, points out, that risks upsetting–and... View Details
Keywords: Compensation; Collaboration; Executive Search Firms; Consulting Firms; Compensation and Benefits; Restructuring; Human Resources; Human Capital; Management Practices and Processes; Organizational Culture; Organizational Change and Adaptation; Social and Collaborative Networks; Recruitment; Selection and Staffing; Talent and Talent Management; Consulting Industry; Consulting Industry; Asia; Europe; Latin America; Middle East; North and Central America; South America; Oceania
Bernstein, Ethan, and Cara Mazzucco. "Winning Business at Russell Reynolds (A)." Harvard Business School Case 422-045, March 2022. (Revised May 2022.)
- March 2022
- Supplement
Winning Business at Russell Reynolds (B)
By: Ethan Bernstein and Cara Mazzucco
In an effort to make compensation drive collaboration, Russell Reynolds Associates’ (RRA) CEO Clarke Murphy sought to re-engineer the bonus system for his executive search consultants in 2016. As his HR analytics guru, Kelly Smith, points out, that risks upsetting–and... View Details
Keywords: Compensation; Collaboration; Executive Search Firms; Consulting Firms; Compensation and Benefits; Restructuring; Human Resources; Human Capital; Management Practices and Processes; Organizational Culture; Organizational Change and Adaptation; Social and Collaborative Networks; Recruitment; Selection and Staffing; Talent and Talent Management; Consulting Industry; Consulting Industry; Asia; Europe; Latin America; Middle East; North and Central America; South America; Oceania
Bernstein, Ethan, and Cara Mazzucco. "Winning Business at Russell Reynolds (B)." Harvard Business School Supplement 422-046, March 2022.
- May 2011 (Revised March 2013)
- Case
Marshall & Gordon: Designing an Effective Compensation System (A)
By: Heidi K. Gardner and Kerry Herman
CEO Kelly Browne wrestles with the design of a new compensation system to promote the collaboration and cross-selling necessary for supporting her firm's new strategy. Marshall Gordon International, a global public relations (PR) firm, has recently expanded its service... View Details
Keywords: Change Management; Customer Relationship Management; Compensation and Benefits; Retention; Growth and Development Strategy; Growth Management; Organizational Culture; Partners and Partnerships; Motivation and Incentives; Alignment; Public Relations Industry
Gardner, Heidi K., and Kerry Herman. "Marshall & Gordon: Designing an Effective Compensation System (A)." Harvard Business School Case 411-038, May 2011. (Revised March 2013.)
- July 2010 (Revised February 2011)
- Supplement
Eden McCallum: A Network-Based Consulting Firm (B)
By: Heidi K. Gardner and Erin McFee
To weather the 2009 financial crisis, Eden McCallum's cofounders must renegotiate partners' compensation, attract independent consultants to meet different client demands, and reassure their Advisory Board that their network-based consulting model remains sound. The... View Details
Keywords: Business Model; Decision Choices and Conditions; Financial Crisis; Entrepreneurship; Governing and Advisory Boards; Compensation and Benefits; Partners and Partnerships; Consulting Industry
Gardner, Heidi K., and Erin McFee. "Eden McCallum: A Network-Based Consulting Firm (B)." Harvard Business School Supplement 411-027, July 2010. (Revised February 2011.)
- May 2011 (Revised March 2013)
- Supplement
Marshall & Gordon: Designing an Effective Compensation System (B)
By: Heidi K. Gardner and Kerry Herman
CEO Kelly Browne wrestles with the design and roll-out of a new compensation system to promote the collaboration necessary for supporting her firm's new strategy. Marshall Gordon International, a global public relations (PR) firm, has recently expanded its service... View Details
Keywords: Globalization; Executive Compensation; Management; Organizational Culture; Performance; Groups and Teams; Behavior; Corporate Strategy; System
Gardner, Heidi K., and Kerry Herman. "Marshall & Gordon: Designing an Effective Compensation System (B)." Harvard Business School Supplement 411-099, May 2011. (Revised March 2013.)
- 20 Nov 2012
- Working Paper Summaries
Pay Harmony: Peer Comparison and Executive Compensation
Keywords: by Claudine Gartenberg & Julie Wulf
- 08 Sep 2015
- Working Paper Summaries
Through the Grapevine: Network Effects on the Design of Executive Compensation Contracts
Keywords: by Susanna Gallani
- 09 Jul 2024
- Research & Ideas
Are Management Consulting Firms Failing to Manage Themselves?
After nearly a decade of uninterrupted growth, strategic consulting firms are now facing one of their most challenging periods in memory, prompting widespread cutbacks in staff and changes to recruiting. How did these firms get to this... View Details
- 10 Jan 2018
- Research & Ideas
Working for a Shamed Company Can Hurt Your Future Compensation
do some sophisticated talent arbitrage” In order to gauge the effect on executive pay, the researchers obtained a data set from a large global headhunting company, one of many consulting firms that act as intermediaries between companies... View Details
- 2021
- Working Paper
rTSR: Properties, Determinants, and Consequences of Benchmark Choice
By: Paul Ma, Jee-Eun Shin and Charles C.Y. Wang
We develop a measurement-error framework for assessing the quality of relative-performance metrics designed to filter out the systematic component of performance and analyze relative total shareholder return (rTSR)—the predominant metric market participants use to... View Details
Keywords: Relative TSR; Relative Performance Evaluation; Systematic Risk; Board Of Directors; Compensation Consultants; Style Effects; Executive Compensation; Performance Evaluation; Corporate Governance
Ma, Paul, Jee-Eun Shin, and Charles C.Y. Wang. "rTSR: Properties, Determinants, and Consequences of Benchmark Choice." Harvard Business School Working Paper, No. 19-112, April 2019. (Revised May 2021.)
- March 2022 (Revised October 2022)
- Case
Transforming Kimball International, Inc. (A)
By: Lynn S. Paine and Will Hurwitz
Kimball International, Inc. (KII), led by CEO Kristie Juster, and its board of directors, chaired by Kim Ryan, faced critical questions about KII’s future in the spring of 2021. Two years earlier, the board had appointed Juster as the new CEO of KII, a publicly traded,... View Details
Keywords: Board Of Directors; Board Committees; Board Decisions; Board Dynamics; CEO Compensation; CEO Succession; Compensation Committee; Compensation Consultants; Compensation Design; Compensation Mix; Corporate Purpose; COVID-19; ESG; Furniture; Furniture Industry; Manufacturing; Midwest; Pandemic; Purpose; Spin Off; Strategic Change; Strategic Decisions; Strategic Evolution; Target-setting; Executive Compensation; Family Ownership; Governance; Restructuring; Strategy; Transformation; Manufacturing Industry; United States
Paine, Lynn S., and Will Hurwitz. "Transforming Kimball International, Inc. (A)." Harvard Business School Case 322-083, March 2022. (Revised October 2022.)
- March 2022
- Supplement
Transforming Kimball International, Inc. (B)
By: Lynn S. Paine and Will Hurwitz
Supplements the (A) case. View Details
Keywords: Board Of Directors; Board Committees; Board Decisions; Board Dynamics; CEO Compensation; CEO Succession; Compensation Committee; Compensation Consultants; Compensation Design; Compensation Mix; Corporate Purpose; COVID-19; ESG; Furniture; Furniture Industry; Manufacturing; Midwest; Pandemic; Purpose; Spin-off; Strategic Change; Strategic Decisions; Strategic Evolution; Target-setting; Executive Compensation; Family Ownership; Governance; Restructuring; Strategy; Transformation; Manufacturing Industry; United States
Paine, Lynn S., and Will Hurwitz. "Transforming Kimball International, Inc. (B)." Harvard Business School Supplement 322-084, March 2022.