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Top Executive Pay: Tournament or Teamwork?
Abstract
Tournament mechanisms suggest the need for ever larger rewards to motivate those at the highest organizational levels. But arguments for the efficiency of executive pay compression have also been made. This study reports the results of an empirical investigation of executive compensation using over two-hundred firms and in excess of two thousand executives per year over a 5-year period. Results are consistent with the operation of tournaments but fail to find support for the empirical importance of considerations of pay equity at the top of corporations.
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Cites
A theory of social comparison processes
Festinger, L. (1954) · Human Relations · doi:10.1177/001872675400700202 · Cited by 20,926
Cited by
The Provision of Incentives in Firms
Prendergast, C. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.1.7 · Cited by 3,338
A survey of experimental research on contests, all-pay auctions and tournaments
Dechenaux, E., Kovenock, D., & Sheremeta, R. M. (2015) · Experimental Economics · doi:10.1007/s10683-014-9421-0 · Cited by 706
Personnel Economics: The Economist's View of Human Resources
Lazear, E. P., & Shaw, K. L. (2007) · Journal of Economic Perspectives · doi:10.1257/jep.21.4.91 · Cited by 470
Siegel, P. A., & Hambrick, D. C. (2005) · Organization Science · doi:10.1287/orsc.1050.0128 · Cited by 465
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
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Metadata
- Authors
- O'Reilly, C. A., & Wade, J.
- Venue
- Journal of Labor Economics
- Publisher
- University of Chicago Press
- Published
- 1993-10
- Volume
- 11
- Issue
- 4
- Pages
- 606-628
- ISSN
- 0734-306X (ISSN-L)
- 1537-5307
- OpenAlex
- W1998190637
- Cited by
- 474
- References
- 1
- FWCI
- 18.40
- Type
- journal article
- Language
- en
- Open access
- closed
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