公司治理
经济
外商直接投资
高管薪酬
投资(军事)
全球化
货币经济学
市场经济
国际经济学
业务
补偿(心理学)
宏观经济学
财务
政治学
政治
心理学
法学
精神分析
作者
Wolfgang Keller,William W. Olney
标识
DOI:10.1016/j.jinteco.2020.103408
摘要
This paper finds that globalization is contributing to the rapid increase in executive compensation. Employing comprehensive data on top executives at major U.S. companies, we show that their compensation is increasing with exports and foreign direct investment, as well as firm size and technology. Exogenous export shocks unrelated to managerial decisions also increase executive compensation, and there is little evidence that this is due to increasing market returns to talent. We do find that export shocks primarily affect discretionary forms of compensation of more powerful executives at firms with poor corporate governance, as one would expect if globalization has enhanced rent-capture opportunities. Overall, these results indicate that globalization has played a more central role in the rapid growth of executive compensation and inequality than previously thought.
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