The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
CEO Incentives and Firm Size
Abstract
We develop a model that clarifies how to measure CEO incentive strength and how to reconcile the enormous differences in pay sensitivities between executives in large and small firms. The crucial parameter is shown to be the elasticity of CEO productivity with respect to firm size. We find that CEO marginal products rise significantly with firm size (confirming Rosen’s conjecture that CEOs of large firms have a “chain letter” effect on firm performance), and overall CEO incentives are roughly constant, or decline slightly, with firm size. We employ a multitask model to discuss implications for the design of control systems.
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Citations
Cites
The pricing of options and corporate liabilities
Black, F., & Scholes, M. (1973) · Journal of Political Economy · doi:10.1086/260062 · Cited by 29,074
Cited by
Frydman, C., & Jenter, D. (2010) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-120209-133958 · Cited by 542
Garvey, G. T., & Milbourn, T. T. (2006) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.01.006 · Cited by 480
Common Ownership, Competition, and Top Management Incentives
Anton, M., Ederer, F., Gine, M., & Schmalz, M. C. (2016) · doi:10.2139/ssrn.2802332 · Cited by 150
Metadata
- Authors
- Baker, G. P., & Hall, B. J.
- Venue
- Journal of Labor Economics
- Publisher
- University of Chicago Press
- Published
- 2004-10
- Volume
- 22
- Issue
- 4
- Pages
- 767-798
- ISSN
- 0734-306X (ISSN-L)
- 1537-5307
- OpenAlex
- W3123920159
- Cited by
- 487
- References
- 1
- FWCI
- 111.12
- Type
- journal article
- Language
- en
- Open access
- closed
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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.
