CEO earnings: Evidence from Danish twins

IF 1.8 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2025-09-09 DOI:10.1016/j.econlet.2025.112562

Martin Conyon , Juyeong Jeong , Steen Thomsen

引用次数: 0

Abstract

We estimate the CEO earnings premium using Danish twin data. Ordinary least squares indicate CEOs earn 59.5% more than comparable non-CEOs. Controlling for twin-pair and firm fixed effects, which capture shared family, genetic, and workplace factors, reduces the premium substantially to 15.9%. A series of sensitivity analyses — varying income definitions, sample restrictions, firm-size interactions, and environmental controls — confirm that this reduced premium remains robust. These results suggest that a significant portion of the CEO earnings gap is explained by unobserved background factors rather than by the causal effect of CEO status itself.

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CEO收入：来自丹麦双胞胎的证据

我们使用丹麦双胞胎数据估计CEO的收益溢价。普通最小二乘表明，ceo的收入比非ceo高出59.5%。控制双胞胎和公司固定效应，包括共同的家庭、遗传和工作场所因素，将溢价大幅降低至15.9%。一系列的敏感性分析——不同的收入定义、样本限制、公司规模的相互作用和环境控制——证实了这种降低的溢价仍然强劲。这些结果表明，CEO收入差距的很大一部分是由未观察到的背景因素来解释的，而不是由CEO地位本身的因果效应来解释的。

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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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.