Benchmarking of pay components in CEO compensation design

被引：2
|
作者：
Grinstein, Yaniv [1 ,3 ,4 ]
Lauterbach, Beni [2 ,4 ]
Yosef, Revital [2 ]
机构：
[1] Reichman Univ, Arison Sch Business, IL-4610101 Herzliyya, Israel
[2] Bar Ilan Univ, Sch Business Adm, IL-5290002 Ramat Gan, Israel
[3] Cornell Univ, Johnson Grad Sch Management, Ithaca, NY 14853 USA
[4] ECGI, Brussels, Belgium
来源：
JOURNAL OF CORPORATE FINANCE | 2022年 / 77卷
关键词：
Benchmarking; CEO compensation; Peer group; Pay mix; Pay components;
D O I：
10.1016/j.jcorpfin.2022.102308
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We document an important element of CEO compensation design - benchmarking of the pay components. Analyzing a panel of CEO compensation data entailing 1451 S&P 1500 firms during 2006-2019, we find that: 1) Component-of-pay benchmarking more effectively explains CEO compensation design than does total compensation benchmarking; 2) Most pay components exhibit similar benchmarking behavior; the only exception is the milder adjustment of salary to that of peers; 3) Benchmarking of the weight of each component in total compensation is also apparent. Our results suggest that benchmarking of pay components is an economically funda-mental part of CEO compensation design.
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页数：12
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