Executive Compensation: A Survey of Theory and Evidence

Publication information:

Edmans, Gabaix X, Jenter. Executive Compensation: A Survey of Theory and Evidence. In: Handbook of the Economics of Corporate Governance, Chapter 9. 2017. pp. 383–539.

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Abstract

Survey paper on executive compensation, containing (1) Data on CEO and other top executive pay over time and across firms, including private firms and non-US firms. (2) Critical analysis of three explanations for the drivers of pay: shareholder value maximization (including a simple unifying model), rent extraction, institutional influences. (3) The “effects” of executive pay and challenges in causal identification. (4) Directions for future research.