CEO SALARY INCREASES MAY BE RATIONAL AFTER ALL - REFERENTS AND CONTRACTS IN CEO PAY

• 成果类型: Article
• 署名作者: MILLER, DJ
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/256861
• 发表日期: 1995
• 页码: 1361-1385
• 关键词: executive-compensation; corporate performance; empirical-analysis; firm; determinants

摘要

Studies investigating the relationship between executive compensation and firm performance, firm size, or both have had consistently low explanatory power. The present study uses Forbes data for 1983-89 and shows that nonparametric models, comparing the ranks of firms within industries, more accurately reflect changes in CEO compensation. There was no support for a linear relationship between performance and such changes but strong support for an increasing, convex relationship.