Are U.S. CEOs Paid More? New International Evidence

被引：159

作者：

Fernandes, Nuno

Ferreira, Miguel A. ^{[1
]}

Matos, Pedro ^{[2
]}

Murphy, Kevin J. ^{[3
]}

机构：

[1] Nova Sch Business & Econ, Lisbon, Portugal

[2] Univ Virginia, Darden Sch Business, Charlottesville, VA 22903 USA

[3] Univ So Calif, Marshall Sch Business, Los Angeles, CA 90089 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2013年 / 26卷 / 02期

关键词：

FIRM PERFORMANCE; EXECUTIVE-COMPENSATION; CORPORATE GOVERNANCE; INSTITUTIONAL INVESTORS; PAY; RISK; OWNERSHIP; ECONOMICS; OPTIONS; SIZE;

D O I：

10.1093/rfs/hhs122

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper challenges the widely accepted stylized fact that chief executive officers (CEOs) in the United States are paid significantly more than their foreign counterparts. Using CEO pay data across fourteen countries with mandated pay disclosures, we show that the U.S. pay premium is economically modest and primarily reflects the performance-based pay demanded by institutional shareholders and independent boards. Indeed, we find no significant difference in either level of CEO pay or the use of equity-based pay between U.S. and non-U.S. firms exposed to international and U.S. capital, product, and labor markets. We also show that U.S. and non-U.S. CEO pay has largely converged in the 2000s.

引用

页码：323 / 367

页数：45