Top management tenure, corporate ownership structure and the magnitude of golden parachutes
研究了高管任期、所有权结构和董事会组成如何影响金色降落伞的规模（补偿年限）和覆盖高管人数，发现长期任期的高管获得更高补偿，而股权集中时覆盖人数更少。
This study investigates top management tenure, corporate ownership structure and board composition as predictors of different aspects of golden parachute magnitude: size and the number of executives covered. We found that golden parachute contracts involve higher levels of payment (in years' compensation) when top management is longer-tenured, both in absolute number as well as relative to directors. Golden parachutes are found to extend to fewer executives when non-management-owned blocks of stock are highly concentrated and when the level of management-owned stock is relatively low. The research points to the importance of examining ownership structure, board subcommittee composition and top executive tenure when researching decisions made by corporate boards.