The DOI matches its Crossref record.
CEO Pay and Appointments: A Market-Based Explanation for Recent Trends
Abstract
Very few business topics attract as much public attention as the paychecks of top executive officers in the largest U.S. companies. Undoubtedly, part of this interest has been fueled by the large and continuous increases in chief executive officers ’ (CEOs) compensation over the past three decades. Even ignoring the more recent escalation in the use of executive stock options (Brian Hall and Kevin J. Murphy, 2000, 2003), the base salaries and bonuses of Forbes 800 CEOs increased from an average of $700,000 in 1970 (in 2002-constant dollars) to over $2.2 million in 2000. 1 During the same period, the ratio of CEO cash compensation to average pay for production workers increased from about 25 in 1970 to nearly 90 in 2000. 2 The most prevalent explanation in popular press for this trend is the “fat cat ” theory, a variant of which has been espoused among academics by Lucian Bebchuk, Jesse Fried, and
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Cited by
Frydman, C., & Jenter, D. (2010) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-120209-133958 · Cited by 542
Executive Pay, Hidden Compensation and Managerial Entrenchment
Kuhnen, C. M., & Zwiebel, J. H. (2007) · doi:10.2139/ssrn.972622 · Cited by 116
Metadata
- Authors
- Murphy, K. J., & Zábojník, J.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2004-04-01
- Volume
- 94
- Issue
- 2
- Pages
- 192-196
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2132935253
- Cited by
- 613
- References
- 0
- FWCI
- 51.06
- 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.
