Why is Industry Related to CEO Compensation?: A Managerial Discretion Explanation

S. Finkelstein
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引用次数: 29

Abstract

Although research on CEO compensation is voluminous, only limited attention has been paid to the role of industry. In this paper we develop an industry-level explanatory theory based on the concept of managerial discretion, and test it using a multi-level structural equation modeling approach at the industry level. In contrast to previous work, this theory offers an explanation of why, and how, industry is related to CEO compensation. In a sample of 933 firms in 109 3-digit SIC industries, we find that the level of industry discretion is significantly related to both the level of CEO compensation, and the proportion of performance-contingent CEO compensation. The implications of these findings for industry-level research in general, and research on CEO compensation in particular, are discussed.
为什么行业与CEO薪酬相关?管理自由裁量权的解释
虽然对CEO薪酬的研究很多,但对行业的作用的关注有限。在本文中,我们基于管理自由裁量权的概念发展了一个行业层面的解释理论,并在行业层面上使用多层次结构方程建模方法对其进行了检验。与之前的研究相反,这一理论解释了行业为何以及如何与CEO薪酬相关。在109个3位数SIC行业的933家企业样本中,我们发现行业自由裁量权水平与CEO薪酬水平和绩效薪酬比例均显著相关。本文还讨论了这些发现对行业层面研究的影响,特别是对CEO薪酬的研究。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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