| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23596 |
| 来源ID | Working Paper 23596 |
| Executive Compensation: A Survey of Theory and Evidence | |
| Alex Edmans; Xavier Gabaix; Dirk Jenter | |
| 发表日期 | 2017-07-17 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength of executive incentives. We compare pay in U.S. public firms to private and non-U.S. firms. We then critically analyze three non-exclusive explanations for what drives executive pay -- shareholder value maximization by boards, rent extraction by executives, and institutional factors such as regulation, taxation, and accounting policy. We confront each hypothesis with the evidence. While shareholder value maximization is consistent with many practices that initially seem inefficient, no single explanation can account for all facts and historical trends; we highlight major gaps for future research. We discuss evidence on the effects of executive pay, highlighting recent identification strategies, and suggest policy implications grounded in theoretical and empirical research. Our survey has two main goals. First, we aim to tightly link the theoretical literature to the empirical evidence, and combine the insights contributed by all three views on the drivers of pay. Second, we aim to provide a user-friendly guide to executive compensation, presenting shareholder value theories using a simple unifying model, and discussing the challenges and methodological issues with empirical research. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Economics of Information ; Financial Economics ; Corporate Finance ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w23596 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581270 |
| 推荐引用方式 GB/T 7714 | Alex Edmans,Xavier Gabaix,Dirk Jenter. Executive Compensation: A Survey of Theory and Evidence. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23596.pdf（1415KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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