Are U.S. CEOs paid more? New international evidence

Nuno Fernandes, Miguel A. Ferreira, Pedro Matos, Kevin J. Murphy*

*Autor correspondente para este trabalho

Resultado de pesquisarevisão de pares

151 Citações (Scopus)

Resumo

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.
Idioma originalEnglish
Páginas (de-até)323-367
Número de páginas45
RevistaReview of Financial Studies
Volume26
Número de emissão2
DOIs
Estado da publicaçãoPublicado - fev 2013
Publicado externamenteSim

Impressão digital

Mergulhe nos tópicos de investigação de “Are U.S. CEOs paid more? New international evidence“. Em conjunto formam uma impressão digital única.

Citação