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The values of the compensation parameters are also interesting: the compensation time - [[Tau].sub.c] = 0.03 s - is low regarding the values of [[Tau].sub.c] for polymers with flexible chain (10).
H6: There will be a negative association between compensation time horizon and strategic risk, all else equal.
H7: There will be a positive association between compensation time horizon and CEO age, all else equal.
These variables, as defined earlier, are Total Compensation, Compensation Risk, Compensation Time Horizon, Jensen's Alpha, Return on Sales (ROS), Beta (systematic risk), Sigma (unsystematic risk), Income Stream Risk (standard deviation in ROS), CEO Ownership%, CEO Age, CEO Tenure, and Firm Size (log of sales).
Logistic Regression of Golden Parachutes Dependent Variable is Golden Parachute (0/1) Variable Parameter Estimate Intercept -3.03 Firm Return Alpha -.40 ROS -.04 Firm Risk Beta .12 Sigma .09 R & D Intensity .04 Advertising Intensity .05 Capital Intensity .01 Income Stream Risk -.25 Ownership Percentage -.07 CEO Age .01 Chairman (0/1) .47 CEO Tenure -.07 Firm Size (Log of Sales) -.10 Model Chi-square 13.1 (13 df) N 628 Notes: *** p[less than].10 * p[less than].05 ** p[less than].01 *** p[less than].001 Hypotheses 6, 7, and 8 predict associations between compensation time horizon and strategic risk, CEO age, and CEO stock ownership, respectively.
Hypothesis 6, which predicted that compensation time horizon would be positively associated with strategic risk, receives weak support from the analysis reported in Table 6.
Hypothesis 7 predicted that CEO age would be positively associated with compensation time horizon because older CEOs would be more risk averse and, therefore, need more incentives to take risks.
He said his main concern was the "several hundred hours" of time off accrued by workers who were - or were believed to be - salaried, including one who was able to take a full-week of paid vacation by redeeming compensation time.
Her board was not involved in any individual department's decision to let its employees take compensation time, she said.
Among the corrections proposed by the Commission (to be put in place through self-regulation), improvement of complementary cover or topping up' agreements: it is a question of an agreement in virtue of which a banking subsidiary joins the deposit guarantee system of the host member state; or the shortening of compensation times for depositors after the bankruptcy of a bank and better exchanges of information between systems.