The DOI matches its Crossref record; 22 of the 22 references it cites were found in a registry or an index.
Top management team compensation: the missing link between CEO pay and firm performance?
Abstract
In this research we discuss the relationship between CEO and top management team (TMT) member compensation, and explore the implications of TMT pay for firm performance. Specifically, we suggest that firm performance may benefit due to agency and group behavioral issues when top management team member pay is aligned—alignment is defined as the degree to which TMT member pay reflects (1) shareholder interests and (2) key political and strategic contingencies within the firm. In support of our theorizing, we found CEO pay to be related to TMT pay; TMT compensation, in turn, predicted performance (i.e., return on assets and Tobin's q) when aligned with shareholder interests and internal contingencies. Moreover, the effect of CEO pay on future firm performance was dependent on top team pay. Copyright © 2002 John Wiley & Sons, Ltd.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Baron, R. M., & Kenny, D. A. (1986) · Journal of Personality and Social Psychology · doi:10.1037/0022-3514.51.6.1173 · Cited by 91,532
Agency Theory: An Assessment and Review
Eisenhardt, K. M. (1989) · The Academy of Management Review · doi:10.5465/amr.1989.4279003 · Cited by 13,338
Performance Pay and Top-Management Incentives
Jensen, M. C., & Murphy, K. J. (1990) · Journal of Political Economy · doi:10.1086/261677 · Cited by 5,083
Executive compensation structure, ownership, and firm performance
Mehran, H. (1995) · Journal of Financial Economics · doi:10.1016/0304-405x(94)00809-f · Cited by 2,086
Explaining the Premiums Paid for Large Acquisitions: Evidence of CEO Hubris
Hayward, M. L. A., & Hambrick, D. C. (1997) · Administrative Science Quarterly · doi:10.2307/2393810 · Cited by 1,787
Strategic Leadership: Top Executives and Their Effects on Organizations
Donaldson, L. (1997) · Australian Journal of Management · doi:10.1177/031289629702200205 · Cited by 1,770
The Composition of Boards of Directors and Strategic Control: Effects on Corporate Strategy
Baysinger, B., & Hoskisson, R. E. (1990) · The Academy of Management Review · doi:10.2307/258106 · Cited by 1,418
Performance, Aspirations, and Risky Organizational Change
Greve, H. R. (1998) · Administrative Science Quarterly · doi:10.2307/2393591 · Cited by 1,314
How Much Does Performance Matter? A Meta-Analysis of CEO Pay Studies
Tosi, H. L., Werner, S., Katz, J. P., & Gomez-Mejia, L. R. (2000) · Journal of Management · doi:10.1177/014920630002600207 · Cited by 979
Sanders, W. M. G., & Carpenter, M. A. (1998) · Academy of Management Journal · doi:10.2307/257100 · Cited by 920
Self-citation
Cited by
Does female representation in top management improve firm performance? A panel data investigation
Dezsö, C. L., & Ross, D. G. (2012) · Strategic Management Journal · doi:10.1002/smj.1955 · Cited by 1,424
Substitutes or Complements? A Configurational Examination of Corporate Governance Mechanisms
Misangyi, V. F., & Acharya, A. G. (2014) · Academy of Management Journal · doi:10.5465/amj.2012.0728 · Cited by 771
Ownership and the Internationalization of Small Firms
George, G., Wiklund, J., & Zahra, S. A. (2005) · Journal of Management · doi:10.1177/0149206304271760 · Cited by 537
Overpaid CEOs and Underpaid Managers: Fairness and Executive Compensation
Wade, J. B., O'Reilly, C. A., & Pollock, T. G. (2006) · Organization Science · doi:10.1287/orsc.1060.0204 · Cited by 441
The functions and dysfunctions of hierarchy
Anderson, C., & Brown, C. E. (2010) · Research in Organizational Behavior · doi:10.1016/j.riob.2010.08.002 · Cited by 395
Metadata
- Authors
- Carpenter, M. A., & Sanders, W. G.
- Venue
- Strategic Management Journal
- Publisher
- Wiley
- Published
- 2002-02
- Volume
- 23
- Issue
- 4
- Pages
- 367-375
- ISSN
- 0143-2095 (ISSN-L)
- 1097-0266
- OpenAlex
- W2039612508
- Cited by
- 416
- References
- 22
- FWCI
- 16.95
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Top management team compensation: the missing link between CEO pay and firm performance? https://app.cochat.ai/papers/10.1002/smj.228
- The paper
- Carpenter, M. A., & Sanders, W. G. (2002). Top management team compensation: the missing link between CEO pay and firm performance? Strategic Management Journal. https://doi.org/10.1002/smj.228
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
