Articlegreen1996

CEO Influence and Executive Compensation

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Corporate Finance and Governance Labor market dynamics and wage inequality Corporate Governance and Financial Management

Abstract

Abstract The sales‐maximization hypothesis and the shareholder wealth‐maximization hypothesis have been suggested in prior finance literature to explain the determinants of CEO pay. This paper proposes that CEO influence over the board is an additional explanation for the size of CEO pay. Evidence from the 1989–1991 period indicates that CEO pay is positively related to measures of CEO influence over the board. Results of this study suggest that CEO salary levels are mostly a function of CEO influence over the board, the growth in sales and the size of the firm.

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References

1990Performance Pay and Top-Management Incentives 1988Outside directors and CEO turnover 1990Outside directors, board independence, and shareholder wealth 1985Corporate performance and managerial remuneration 1991Executive incentives and the horizon problem 1985Executive compensation, management turnover, and firm performance 1963A Model of the "Managerial" Enterprise 1992Board Composition and Shareholder Wealth: The Case of Management Buyouts

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2001Ethics Programs, Board Involvement, and Potential Conflicts of Interest in Corporate Governance 2012“Say on Pay”: A Wolf in Sheep's Clothing?2003Corporate Governance and CEO Compensation in China 2017Related Party Transactions, Corporate Governance and CEO Compensation 2008What happens to CEO compensation following turnover and succession?2002Insider Entrenchment, Board Leadership Structure and Informativeness of Earnings

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