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The Effect of Social Pressures on CEO CompensationJames S. AngFlorida State University Gregory Leo NagelMiddle Tennessee State University Jun YangIndiana University June 6, 2012 Abstract: We analyze the effect of social pressures on CEO compensation via interacting with other CEOs, Forbes 400 people, and social elites in the local area; attending industry, alumni, and charitable events; and comparing luxury homes. Each venue is an independent source of social pressures that elevate CEO pay to a level not explained by local economic conditions, firm performance and characteristics, and corporate governance. Social premiums in CEO pay are greater at firms with young, non-Ivy League and non-narcissistic CEOs and at firms with directors who are likely to understand and conform to social norms (well governed or locally rooted).
Number of Pages in PDF File: 51 Keywords: CEO compensation, social pressure, social interactions, elites JEL Classification: G32, G34 working papers seriesDate posted: March 25, 2008 ; Last revised: June 7, 2012Suggested CitationContact Information
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