|
|
|
|
||||
|
||||
Are US CEOs Paid More? New International EvidenceNuno Goncalves Gracias FernandesIMD International Miguel A. FerreiraNova School of Business and Economics; European Corporate Governance Institute (ECGI) Pedro P. MatosUniversity of Virginia - Darden School of Business; European Corporate Governance Institute (ECGI) Kevin J. MurphyUniversity of Southern California - Marshall School of Business; University of Southern California - Department of Economics; USC Gould School of Law September 30, 2012 Review of Financial Studies, Forthcoming Abstract: This paper challenges the widely accepted stylized fact that CEOs in the United States are paid significantly more than their foreign counterparts. Using CEO pay data across 14 countries with mandated pay disclosures, we show that the US 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 US and non-US firms exposed to international and US capital, product, and labor markets. We also show that US and non-US CEO pay has largely converged in the 2000s.
Number of Pages in PDF File: 66 Keywords: executive compensation, CEO pay, international pay differences, stock options, corporate governance JEL Classification: G32, G34, G38 Accepted Paper SeriesDate posted: October 10, 2012 ; Last revised: November 27, 2012Suggested CitationContact Information
|
|
|||||||||||||||||||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo6 in 0.390 seconds
