Sample selection and sample distribution
| Panel A: Sample selection | |
|---|---|
| Observations in COMPUSTAT from 2007 to 2016 | 112,987 |
| Remove partial year observations | (8,241) |
| Observations missing cash compensation | (84,906) |
| CEOs' first and last year in office and observations missing CEO tenure | (3,696) |
| Observations missing auditor information | (369) |
| Observations missing stock return information | (1,451) |
| Observations missing financial or industry information | (4,814) |
| Final sample | 9,510 |
| Panel A: Sample selection | |
|---|---|
| Observations in COMPUSTAT from 2007 to 2016 | 112,987 |
| Remove partial year observations | (8,241) |
| Observations missing cash compensation | (84,906) |
| CEOs' first and last year in office and observations missing CEO tenure | (3,696) |
| Observations missing auditor information | (369) |
| Observations missing stock return information | (1,451) |
| Observations missing financial or industry information | (4,814) |
| Final sample | 9,510 |
| Panel B: Sample distribution | ||
|---|---|---|
| Firm-year observation analysis | ||
| # of Obs | Pct | |
| Discretionary bonus payments only | 882 | 9.3% |
| Formula bonus payments only | 6,659 | 70.0% |
| Discretionary bonus and formula bonus payments in the same year | 767 | 8.1% |
| Neither discretionary bonus nor formula bonus payments in a year | 1,202 | 12.6% |
| Total observations | 9,510 | 100.0% |
| Discretionary bonus payments | 1,649 | 17.3% |
| Formula bonus payments | 7,426 | 78.1% |
| Panel B: Sample distribution | ||
|---|---|---|
| Firm-year observation analysis | ||
| # of Obs | Pct | |
| Discretionary bonus payments only | 882 | 9.3% |
| Formula bonus payments only | 6,659 | 70.0% |
| Discretionary bonus and formula bonus payments in the same year | 767 | 8.1% |
| Neither discretionary bonus nor formula bonus payments in a year | 1,202 | 12.6% |
| Total observations | 9,510 | 100.0% |
| Discretionary bonus payments | 1,649 | 17.3% |
| Formula bonus payments | 7,426 | 78.1% |
| Year distribution | |||||
|---|---|---|---|---|---|
| Year | Observations | Discretionary bonus | Pct | Formula bonus | Pct |
| 2007 | 913 | 204 | 22.3% | 705 | 77.2% |
| 2008 | 920 | 188 | 20.4% | 647 | 70.3% |
| 2009 | 1,007 | 185 | 18.4% | 695 | 69.0% |
| 2010 | 1,005 | 211 | 21.0% | 798 | 79.4% |
| 2011 | 979 | 176 | 18.0% | 772 | 78.9% |
| 2012 | 973 | 182 | 18.7% | 773 | 79.4% |
| 2013 | 962 | 145 | 15.1% | 795 | 82.6% |
| 2014 | 956 | 138 | 14.4% | 785 | 82.1% |
| 2015 | 894 | 123 | 13.8% | 725 | 81.1% |
| 2016 | 901 | 97 | 10.8% | 731 | 81.1% |
| 9,510 | 1,649 | 7,426 | |||
| Year distribution | |||||
|---|---|---|---|---|---|
| Year | Observations | Discretionary bonus | Pct | Formula bonus | Pct |
| 2007 | 913 | 204 | 22.3% | 705 | 77.2% |
| 2008 | 920 | 188 | 20.4% | 647 | 70.3% |
| 2009 | 1,007 | 185 | 18.4% | 695 | 69.0% |
| 2010 | 1,005 | 211 | 21.0% | 798 | 79.4% |
| 2011 | 979 | 176 | 18.0% | 772 | 78.9% |
| 2012 | 973 | 182 | 18.7% | 773 | 79.4% |
| 2013 | 962 | 145 | 15.1% | 795 | 82.6% |
| 2014 | 956 | 138 | 14.4% | 785 | 82.1% |
| 2015 | 894 | 123 | 13.8% | 725 | 81.1% |
| 2016 | 901 | 97 | 10.8% | 731 | 81.1% |
| 9,510 | 1,649 | 7,426 | |||
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