Go Along to Get Along? Pay-Performance Sensitivity and CEO Membership of the Compensation Committee
作者： Helen Roberts , Glenn Boyle
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摘要: Although CEO membership of the compensation committee is extremely rare in United States, it relatively common New Zealand. Motivated by this institutional difference, we estimate a standard model executive using 1997–2005 Zealand data and compare results to those previously obtained from States. We find that: (i) average pay-performance sensitivity low Zealand, (ii) significantly lower firms that have CEOs on committee, (iii) difference asymmetrical — with achieve high-return years, but not low-return years. Having direct input into one’s own pay discussions apparently pays off. JEL classification: G34, J33
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