Chief executive compensation: A study of the intersection of markets and political processes

Sydney David Finkelstein · Donald C. Hambrick

734 citations0/0 files storedStrategic Management Journal

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Corporate Finance and Governance Accounting and Organizational Management Human Resource and Talent Management

Abstract

Abstract A model of the determinants of chief executive (CEO) compensation is presented and tested. Based on a sample from the leisure industry, the study finds that CEO pay has complex links to several factors: firm size, complexity, performance, CEO power, board vigilance, and the CEO's human capital. The study includes a separate examination of CEO salary and bonus, as well as a test of pay determination across McEachern's (1975) ownership categories.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1973The Pricing of Options and Corporate Liabilities 1933The Modern Corporation and Private Property 1978Towards a Positive Theory of the Determination of Accounting Standards.1985Corporate performance and managerial remuneration

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