Internet Appendix for 'Does Sensationalism Affect Executive Compensation? Evidence from Pay Ratio Disclosure Reform'

The Internet Appendix provides examples of the CEO pay ratio disclosure and media coverage surrounding the CEO pay ratio disclosure, the description of entropy balancing program, the procedure for decomposing the pay ratio into predicted and unexpected components, summary statistics for generalized difference-in-differences models of media coverage and shareholder reactions surrounding the initial CEO pay ratio disclosure, summary statistics for cross-sectional regression models of media coverage and shareholder reactions surrounding the initial CEO pay ratio disclosure, summary statistics for variables used in alternative difference-in-differences tests, additional results for alternative difference-in-differences tests, and the timeline for pre- and post-disclosure windows for alternative difference-in-differences tests.

The paper "Does Sensationalism Affect Executive Compensation? Evidence from Pay Ratio Disclosure Reform" may be found at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3470215

Keywords: CEO compensation; pay ratio; disclosure; pay-for-performance; media coverage; retail trading; say-on-pay; sensationalism

JEL Classification: G34, G38, M12, M52

Suggested Citation: Suggested Citation

Chang, Wonjae and Dambra, Michael and Schonberger, Bryce and Suk, Inho, Internet Appendix for 'Does Sensationalism Affect Executive Compensation? Evidence from Pay Ratio Disclosure Reform' (July 11, 2022). Available at SSRN: https://ssrn.com/abstract=3979898 or http://dx.doi.org/10.2139/ssrn.3979898