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Are all CEOs above average? An empirical analysis of compensation peer groups and pay design

Citations

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Cited by:

  1. Wolfgang Keller & William W. Olney, 2017. "Globalization and Executive Compensation," Department of Economics Working Papers 2017-04, Department of Economics, Williams College, revised Feb 2018.
  2. Frye, Melissa B. & Gatchev, Vladimir A. & Pham, Duong T., 2024. "Director self-dealing: Evidence from compensation peer groups," Journal of Corporate Finance, Elsevier, vol. 85(C).
  3. Vasilii Erokhin & Dmitry Endovitsky & Alexey Bobryshev & Natalia Kulagina & Anna Ivolga, 2019. "Management Accounting Change as a Sustainable Economic Development Strategy during Pre-Recession and Recession Periods: Evidence from Russia," Sustainability, MDPI, vol. 11(11), pages 1-23, June.
  4. Jing, Wei & Zhang, Xueyong, 2021. "Online social networks and corporate investment similarity," Journal of Corporate Finance, Elsevier, vol. 68(C).
  5. Albuquerque, Ana M. & De Franco, Gus & Verdi, Rodrigo S., 2013. "Peer choice in CEO compensation," Journal of Financial Economics, Elsevier, vol. 108(1), pages 160-181.
  6. Francis, Bill & Hasan, Iftekhar & Mani, Sureshbabu & Ye, Pengfei, 2016. "Relative peer quality and firm performance," Journal of Financial Economics, Elsevier, vol. 122(1), pages 196-219.
  7. Eyring, Henry & Narayanan, V.G., 2018. "Performance effects of setting a high reference point for peer-performance comparison," LSE Research Online Documents on Economics 86732, London School of Economics and Political Science, LSE Library.
  8. Han, Feng & Tee, Kienpin & Hao, Siyuan & Xiong, Rancen, 2024. "Does unfairness reduce efficiency? Within-industry CEO pay inequity and firm efficiency in China," Finance Research Letters, Elsevier, vol. 62(PA).
  9. Josh Bivens & Lawrence Mishel, 2013. "The Pay of Corporate Executives and Financial Professionals as Evidence of Rents in Top 1 Percent Incomes," Journal of Economic Perspectives, American Economic Association, vol. 27(3), pages 57-78, Summer.
  10. Keller, Wolfgang & Molina, Teresa & Olney, William W., 2023. "The gender gap among top business executives," Journal of Economic Behavior & Organization, Elsevier, vol. 211(C), pages 270-286.
  11. Chien Chi Chu & Xiu‐Fen Su & Yu‐En Lin & Akihiro Omura & Bin Li & Adrian Wai‐Kong Cheung, 2023. "Love thy neighbour: Evidence from capital structure decisions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(3), pages 2907-2933, September.
  12. Markus Broman & Debarshi K. Nandy & Yisong S. Tian, 2023. "Industry co-agglomeration, executive mobility and compensation," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 817-854, October.
  13. Adelina Gschwandtner & Richard McManus, 2018. "University vice-chancellor pay, performance and (asymmetric) benchmarking," Studies in Economics 1807, School of Economics, University of Kent.
  14. Carosi, Andrea & Guedes, José, 2024. "Can compensation disclosure cause CEO pay escalation?," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  15. Cheng-Feng Cheng, 2012. "Evaluate the Effectiveness of Manager Compensation," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 11(1), pages 25-44, June.
  16. Matousek, Roman & Tzeremes, Nickolaos G., 2016. "CEO compensation and bank efficiency: An application of conditional nonparametric frontiers," European Journal of Operational Research, Elsevier, vol. 251(1), pages 264-273.
  17. Merz, Alexander, 2017. "What have we learned from SFAS 123r and IFRS 2? A review of existing evidence and future research suggestions," Journal of Accounting Literature, Elsevier, vol. 38(C), pages 14-33.
  18. Sheng Guo & Qiang Kang & Oscar A. Mitnik, 2022. "Dynamics of managerial power and CEO compensation in the course of corporate distress: Evidence from 1992 to 2019," Financial Management, Financial Management Association International, vol. 51(3), pages 797-825, September.
  19. Brookman, Jeffrey T. & Thistle, Paul D., 2013. "Managerial compensation: Luck, skill or labor markets?," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 252-268.
  20. Rosalia Santulli, 2022. "“Fairness of CEO Compensation. A multi-faceted and multi-cultural framework to structure executive pay” by M.A. Eklund (Springer, 2019)," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(1), pages 315-325, March.
  21. Kieschnick, Robert & Shi, Wenyun, 2023. "Spillover effects in managerial compensation," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 62-73.
  22. Xavier Gabaix & Augustin Landier & Julien Sauvagnat, 2014. "CEO Pay and Firm Size: An Update After the Crisis," Economic Journal, Royal Economic Society, vol. 124(574), pages 40-59, February.
  23. Budsaratragoon, Pornanong & Lhaopadchan, Suntharee & Thomsen, Steen, 2020. "Community and compensation: Director remuneration in Thailand," Research in International Business and Finance, Elsevier, vol. 52(C).
  24. Kaustia, Markku & Rantala, Ville, 2015. "Social learning and corporate peer effects," Journal of Financial Economics, Elsevier, vol. 117(3), pages 653-669.
  25. Susanna Gallani, 2015. "Through the Grapevine: Network Effects on the Design of Executive Compensation Contracts," Harvard Business School Working Papers 16-019, Harvard Business School, revised Dec 2016.
  26. Yaowen Shan & Terry Walter, 2016. "Responses and Rejoinders to Commentaries," Abacus, Accounting Foundation, University of Sydney, vol. 52(4), pages 772-780, December.
  27. Keller, Wolfgang & Olney, William W., 2021. "Globalization and executive compensation," Journal of International Economics, Elsevier, vol. 129(C).
  28. Ormazabal, Gaizka & Jochem, Torsten & Rajamani, Anjana, 2020. "Why Have CEO Pay Levels Become Less Diverse?," CEPR Discussion Papers 15523, C.E.P.R. Discussion Papers.
  29. Marc Crummenerl & Tilmann Doll & Christian Koziol, 2015. "How to Pay Envious Managers – a Theoretical Analysis," European Financial Management, European Financial Management Association, vol. 21(4), pages 811-832, September.
  30. Francis, Bill & Hasan, Iftekhar & Mani, Sureshbabu & Ye, Pengfei, 2016. "Relative peer quality and firm performance," Journal of Financial Economics, Elsevier, vol. 122(1), pages 196-219.
  31. Michel Magnan & Dominic Martin, 2019. "Executive Compensation and Employee Remuneration: The Flexible Principles of Justice in Pay," Journal of Business Ethics, Springer, vol. 160(1), pages 89-105, November.
  32. Grinstein, Yaniv & Lauterbach, Beni & Yosef, Revital, 2022. "Benchmarking of pay components in CEO compensation design," Journal of Corporate Finance, Elsevier, vol. 77(C).
  33. Bick, Patty & Flugum, Ryan, 2022. "Money isn't everything: Compensation of locally educated executives," Journal of Corporate Finance, Elsevier, vol. 74(C).
  34. Harjeet S. Bhabra & Ashrafee T. Hossain, 2018. "Does location influence executive compensation? Evidence from Canadian SMEs," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(1), pages 89-109, March.
  35. Werner, Peter & Bolton, Gary & Ockenfels, Axel, 2013. "How managerial wage transparency may reduce shareholder returns Evidence from an experiment," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79766, Verein für Socialpolitik / German Economic Association.
  36. C.S. Agnes Cheng & Iftekhar Hasan & Feng Tang & Jing Xie, 2024. "Market Feedback Effect on CEO Pay: Evidence from Peers’ Say-on-Pay Voting Failures," Working Papers 202408, University of Macau, Faculty of Business Administration.
  37. Shi, Lina & Gong, Stephen & Wang, Xingang, 2021. "Social network, corporate governance, and rent extraction in CEO compensation: Evidence from spatial econometric models," The British Accounting Review, Elsevier, vol. 53(4).
  38. Thomas R. Kubick & G. Brandon Lockhart & David C. Mauer, 2024. "Industry tournament incentives and debt contracting," Review of Quantitative Finance and Accounting, Springer, vol. 63(4), pages 1281-1321, November.
  39. Bereskin, Frederick L. & Cicero, David C., 2013. "CEO compensation contagion: Evidence from an exogenous shock," Journal of Financial Economics, Elsevier, vol. 107(2), pages 477-493.
  40. John Bizjak & Swaminathan Kalpathy & Zhichuan Frank Li & Brian Young, 2022. "The Choice of Peers for Relative Performance Evaluation in Executive Compensation [Peer choice in CEO compensation]," Review of Finance, European Finance Association, vol. 26(5), pages 1217-1239.
  41. Liu, Qigui & Wang, Junyi & Chi, Wenqiang, 2022. "The spillover effects of innovation content disclosure in MD&A," Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
  42. Bugeja, Martin & Matolcsy, Zoltan & Spiropoulos, Helen, 2017. "The CEO pay slice: Managerial power or efficient contracting? Some indirect evidence," Journal of Contemporary Accounting and Economics, Elsevier, vol. 13(1), pages 69-87.
  43. Canil, Jean & Karpavičius, Sigitas, 2020. "Compensation consultants: Does reputation matter?," Journal of Corporate Finance, Elsevier, vol. 64(C).
  44. Ye, Zhiqiang & Zhang, Shunming & Zheng, Jiefei, 2023. "The peer effects of PIPEs," International Review of Economics & Finance, Elsevier, vol. 83(C), pages 156-172.
  45. De Cesari, Amedeo & Marinelli, Nicoletta & Sonika, Rohit, 2024. "The timing of stock repurchases: Do well-connected CEOs help or harm?," Journal of Banking & Finance, Elsevier, vol. 168(C).
  46. Bettis, J. Carr & Bizjak, John & Coles, Jeffrey L. & Kalpathy, Swaminathan, 2018. "Performance-vesting provisions in executive compensation," Journal of Accounting and Economics, Elsevier, vol. 66(1), pages 194-221.
  47. Fich, Eliezer M. & Starks, Laura T. & Yore, Adam S., 2014. "CEO deal-making activities and compensation," Journal of Financial Economics, Elsevier, vol. 114(3), pages 471-492.
  48. Jiao Ji & Oleksandr Talavera & Shuxing Yin, 2020. "Frequencies of board meetings on various topics and corporate governance: evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 54(1), pages 69-110, January.
  49. Gong, Rong, 2025. "Peers’ performance and sensitivity of investment to peers’ stock price: Examining the moderating role of CEO overconfidence," Journal of Business Research, Elsevier, vol. 186(C).
  50. Billett, Matthew T. & Garfinkel, Jon A. & Jiang, Yi, 2023. "The capital supply channel in peer effects: The case of SEOs," Journal of Banking & Finance, Elsevier, vol. 149(C).
  51. Emilie R. Feldman & Claudine Gartenberg & Julie Wulf, 2018. "Pay inequality and corporate divestitures," Strategic Management Journal, Wiley Blackwell, vol. 39(11), pages 2829-2858, November.
  52. Balafas, Nikolaos & Florackis, Chris, 2014. "CEO compensation and future shareholder returns: Evidence from the London Stock Exchange," Journal of Empirical Finance, Elsevier, vol. 27(C), pages 97-115.
  53. Laschever, Ron A., 2013. "Keeping up with CEO Jones: Benchmarking and executive compensation," Journal of Economic Behavior & Organization, Elsevier, vol. 93(C), pages 78-100.
  54. Henry Eyring & V. G. Narayanan, 2018. "Performance Effects of Setting a High Reference Point for Peer‐Performance Comparison," Journal of Accounting Research, Wiley Blackwell, vol. 56(2), pages 581-615, May.
  55. Andres, Christian & Fernau, Erik & Theissen, Erik, 2014. "Should I stay or should I go? Former CEOs as monitors," Journal of Corporate Finance, Elsevier, vol. 28(C), pages 26-47.
  56. André F. Silva, 2019. "Strategic Liquidity Mismatch and Financial Sector Stability," Finance and Economics Discussion Series 2019-082, Board of Governors of the Federal Reserve System (U.S.).
  57. Eaton, Gregory W. & Guo, Feng & Liu, Tingting & Officer, Micah S., 2022. "Peer selection and valuation in mergers and acquisitions," Journal of Financial Economics, Elsevier, vol. 146(1), pages 230-255.
  58. Kubick, Thomas R. & Lockhart, G. Brandon, 2016. "Do external labor market incentives motivate CEOs to adopt more aggressive corporate tax reporting preferences?," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 255-277.
  59. Tu Nguyen & Jing Zhao, 2021. "Industry tournament incentives and corporate innovation," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(9-10), pages 1797-1845, October.
  60. Machokoto, Michael & Chipeta, Chimwemwe & Ibeji, Ngozi, 2021. "The institutional determinants of peer effects on corporate cash holdings," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
  61. Rongnan Li & Zhongfei Li & Kexin Hu & Kai Gan, 2024. "The spillover effects of green bond issuance: a study based on Chinese firms’ stock price synchronicity," Economic Change and Restructuring, Springer, vol. 57(1), pages 1-41, February.
  62. Imperatore, Claudia & Pündrich, Gabriel & Verdi, Rodrigo S. & Yost, Benjamin P., 2024. "Litigation risk and strategic M&A valuations," Journal of Accounting and Economics, Elsevier, vol. 78(1).
  63. Kim, So Yeon & Lee, Kang Ryun & Shin, Hyun-Han, 2017. "The enhanced disclosure of executive compensation in Korea," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 72-83.
  64. Gunratan Lonare & Ahmet Nart & Ahmet M. Tuncez, 2022. "Industry tournament incentives and corporate hedging policies," Financial Management, Financial Management Association International, vol. 51(2), pages 399-453, June.
  65. Umar Farooq & Mosab I. Tabash & Ahmad A. Al-Naimi & Linda Nalini Daniel & Mohammad Ahmad Al-Omari, 2023. "Herding Trend in Working Capital Management Practices: Evidence from the Non-Financial Sector of Pakistan," JRFM, MDPI, vol. 16(2), pages 1-14, February.
  66. repec:zbw:bofrdp:2012_017 is not listed on IDEAS
  67. Lim, Elizabeth, 2018. "Social pay reference point, external environment, and risk taking: An integrated behavioral and social psychological view," Journal of Business Research, Elsevier, vol. 82(C), pages 68-78.
  68. Hsu, Yuan-Teng & Huang, Chia-Wei & Koedijk, Kees G., 2023. "Unintended consequences of compensation peer groups on corporate innovation," Journal of Corporate Finance, Elsevier, vol. 78(C).
  69. Xianjun Cai & Huifeng Pan & Chengcheng Gao & Chunyang Wang & Liping Lu, 2021. "Top executive tournament incentives and corporate innovation output," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(5), pages 5893-5924, December.
  70. Peng, Qiyuan & Yin, Sirui, 2021. "Does the executive labor market discipline? Labor market incentives and earnings management," Journal of Empirical Finance, Elsevier, vol. 62(C), pages 62-86.
  71. Robert Rieg, 2015. "Dynamics of value-based management: does shareholder value cause short-termism?," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 26(2), pages 193-224, August.
  72. Mathijs de Vaan & Benjamin Elbers & Thomas A. DiPrete, 2019. "Obscured Transparency? Compensation Benchmarking and the Biasing of Executive Pay," Management Science, INFORMS, vol. 65(9), pages 4299-4317, September.
  73. Francis, Bill B. & Hasan, Iftekhar & John, Kose & Waisman, Maya, 2016. "Urban Agglomeration and CEO Compensation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 51(6), pages 1925-1953, December.
  74. Andres, Christian & Fernau, Erik & Theissen, Erik, 2012. "Is it better to say goodbye? When former executives set executive pay," CFR Working Papers 12-02, University of Cologne, Centre for Financial Research (CFR).
  75. James, Hui L. & Benson, Bradley W. & Park, Jung Chul, 2020. "CEO fixed effects and inside debt compensation," Journal of Business Research, Elsevier, vol. 117(C), pages 71-86.
  76. Schmid, Stefan & Altfeld, Frederic & Dauth, Tobias, 2018. "Americanization as a driver of CEO pay in Europe: The moderating role of CEO power," Journal of World Business, Elsevier, vol. 53(4), pages 433-451.
  77. Francis, Bill B. & Hasan, Iftekhar & John, Kose & Waisman, Maya, 2016. "Urban Agglomeration and CEO Compensation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 51(6), pages 1925-1953, December.
  78. Stacey Beaumont & Raluca Ratiu & David Reeb & Glenn Boyle & Philip Brown & Alexander Szimayer & Raymond Silva Rosa & David Hillier & Patrick McColgan & Athanasios Tsekeris & Bryan Howieson & Zoltan Ma, 2016. "Comments on Shan and Walter: ‘Towards a Set of Design Principles for Executive Compensation Contracts’," Abacus, Accounting Foundation, University of Sydney, vol. 52(4), pages 685-771, December.
  79. Zhang, Zhikai & Wang, Yudong & Li, Bin, 2023. "Asymmetric spillover of geopolitical risk and oil price volatility: A global perspective," Resources Policy, Elsevier, vol. 83(C).
  80. Nguyen, Nam H. & Phan, Hieu V. & Phan, Hung V. & Tran, Dung T.T. & Vo, Hong, 2020. "Tournament-based incentives and mergers and acquisitions," International Review of Financial Analysis, Elsevier, vol. 71(C).
  81. repec:zbw:bofrdp:2016_006 is not listed on IDEAS
  82. Yanrong Jia & Ananth Seetharaman & Yan Sun & Xu Wang, 2023. "Relative Performance Goals and Management Earnings Guidance," Journal of Business Ethics, Springer, vol. 183(4), pages 1045-1071, April.
  83. Huang, Minjie & Kubick, Thomas R. & Tseng, Kevin, 2021. "Technology spillovers and the duration of executive compensation," Journal of Banking & Finance, Elsevier, vol. 131(C).
  84. Schneider, Thomas Ian, 2021. "Executive compensation and aspirational peer benchmarking," Journal of Empirical Finance, Elsevier, vol. 62(C), pages 121-140.
  85. Jing Zhang & Jieun Chung, 2018. "Does geographical location matter for managerial compensation design?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 42(1), pages 1-32, January.
  86. Mei Cheng & Yuan Zhang, 2024. "Corporate stakeholders and CEO-worker pay gap: evidence from CEO pay ratio disclosure," Review of Accounting Studies, Springer, vol. 29(4), pages 3713-3751, December.
  87. Ann-Christine Schulz & Miriam Flickinger, 2020. "Does CEO (over)compensation influence corporate reputation?," Review of Managerial Science, Springer, vol. 14(4), pages 903-927, August.
  88. Lin, Yu-En & Jiang, Xiao-Tong & Yu, Bo & Lam, Keith S.K., 2023. "Compensation peer crash risks and corporate own investments: New evidences from U.S. stock markets," International Review of Financial Analysis, Elsevier, vol. 89(C).
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