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Executive Compensation

Kevin J. Murphy

University of Southern California - Marshall School of Business; USC Gould School of Law

April 1998

This paper summarizes the empirical and theoretical research on executive compensation and provides a comprehensive and up-to-date description of pay practices (and trends in pay practices) for chief executive officers (CEOs). Topics discussed include the level and structure of CEO pay (including detailed analyses of annual bonus plans, executive stock options, and option valuation), international pay differences, the pay-setting process, the relation between CEO pay and firm performance ("pay-performance sensitivities"), the relation between sensitivities and subsequent firm performance, relative performance evaluation, executive turnover, and the politics of CEO pay.

Number of Pages in PDF File: 91

JEL Classification: J33, J41, G30

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Date posted: May 19, 1999  

Suggested Citation

Murphy, Kevin J., Executive Compensation (April 1998). Available at SSRN: https://ssrn.com/abstract=163914 or http://dx.doi.org/10.2139/ssrn.163914

Contact Information

Kevin J. Murphy (Contact Author)
University of Southern California - Marshall School of Business ( email )
BRI 308, MC 0804
Los Angeles, CA 90089-0804
United States
213-740-6553 (Phone)
213-740-6650 (Fax)

USC Gould School of Law
699 Exposition Boulevard
Los Angeles, CA 90089
United States

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References:  170
Citations:  805
Footnotes:  4