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The role of CEOs in the sustainability of defined benefit pension plans

dc.contributor.authorHorton, J
dc.contributor.authorKiosse, P
dc.contributor.authorKoumenta, M
dc.contributor.authorMitrou, E
dc.date.accessioned2020-11-05T13:08:04Z
dc.date.issued2020-11-17
dc.description.abstractThe future of defined benefit (DB) pensions is a hotly debated topic in reward management. Drawing on agency and managerial power theories, we examine the conditions under which CEOs can affect their sustainability. We find when the CEO is a member of the same DB plan as their employees or when the CEO is both a member and a trustee of the plan, this affects the agency and power dynamics increasing the likelihood of these plans being retained. To address endogeneity concerns, we use propensity score matching to mimic randomization and our results continue to hold. Using the introduction of pension tax penalties as an exogenous shock on CEO self-interest, we find it affects the propensity of DB plan closures. Our study highlights the key role that CEO incentives play on pensionprovision decisions and indicates how HR practitioners/regulators can harness CEO selfinterest to safeguard the sustainability of DB pension plans.en_GB
dc.identifier.citationPublished online 17 November 2020en_GB
dc.identifier.doi10.1111/1748-8583.12329
dc.identifier.urihttp://hdl.handle.net/10871/123490
dc.language.isoenen_GB
dc.publisherWileyen_GB
dc.rights© 2020 The Authors. Human Resource Management Journal published by John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
dc.subjectDefined Benefit Pension Plansen_GB
dc.subjectCEO Incentivesen_GB
dc.subjectAgencyen_GB
dc.subjectManagerial Poweren_GB
dc.subjectRewardsen_GB
dc.titleThe role of CEOs in the sustainability of defined benefit pension plansen_GB
dc.typeArticleen_GB
dc.date.available2020-11-05T13:08:04Z
dc.identifier.issn0954-5395
dc.descriptionThis is the final version. Available on open access from Wiley via the DOI in this recorden_GB
dc.identifier.journalHuman Resource Management Journalen_GB
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/en_GB
dcterms.dateAccepted2020-10-06
rioxxterms.versionVoRen_GB
rioxxterms.licenseref.startdate2020-10-06
rioxxterms.typeJournal Article/Reviewen_GB
refterms.dateFCD2020-11-05T12:28:47Z
refterms.versionFCDAM
refterms.dateFOA2020-11-20T14:18:16Z
refterms.panelCen_GB


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© 2020 The Authors. Human Resource Management Journal published by John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
Except where otherwise noted, this item's licence is described as © 2020 The Authors. Human Resource Management Journal published by John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.