Abstract

http://ssrn.com/abstract=1107280
 
 

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The Effect of Social Pressures on CEO Compensation


James S. Ang


Florida State University

Gregory Leo Nagel


Middle Tennessee State University

Jun Yang


Indiana University Bloomington - Kelley School of Business - Department of Finance

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 series


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Date posted: March 25, 2008 ; Last revised: June 7, 2012

Suggested Citation

Ang , James S. and Nagel, Gregory Leo and Yang, Jun, The Effect of Social Pressures on CEO Compensation (June 6, 2012). Available at SSRN: http://ssrn.com/abstract=1107280 or http://dx.doi.org/10.2139/ssrn.1107280

Contact Information

James S. Ang
Florida State University ( email )
College of Business
Tallahassee, FL 32306-1042
United States
904-644-8208 (Phone)
Gregory Leo Nagel (Contact Author)
Middle Tennessee State University ( email )
P.O. Box 50
Murfreesboro, TN 37132
United States
Jun Yang
Indiana University Bloomington - Kelley School of Business - Department of Finance ( email )
1309 E. 10th St.
Bloomington, IN 47405
United States
812-855-3395 (Phone)
812-855-5875 (Fax)
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