Abstract
Following changes to the disclosure of executive compensation adopted by the SEC in 2006, researchers have taken a renewed interest in studying the influence of severance pay. The current literature on executive severance agreements consists of a loosely connected research stream across multiple disciplines¬– including management, accounting, and finance. While the insights from these various fields have advanced our knowledge of severance, this lack of integration presents a challenge for scholars seeking to familiarize themselves with this form of compensation and understand how they too can contribute to this dialogue. To address this issue, in this article we provide an integrative review of prior research on executive severance pay as well as an agenda discussing novel ideas for future research in this area. Our research agenda highlights how severance can inform a wide array of theory and phenomena essential to management research. We also discuss key methodological issues identified in our review and how these can be addressed moving forward. Our aim is for this review to both serve as an important reference for scholars new to this topic as well as highlight promising new avenues for research for scholars already interested in executive severance pay.
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