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We examine how the use of peer groups and competitive benchmarking influence the structure of executive compensation. We find that the practice of competitive benchmarking is pervasive. Moreover, we find that this practice has an effect on all components of pay. In our sample, CEOs whose pay is below the median pay level of CEOs in firms of similar size and(More)
JEL classification: G32 G34 L20 M52 C36 Keywords: Corporate governance Managerial ownership Executive compensation Corporate performance Structural model Endogeneity a b s t r a c t This paper presents a parsimonious, structural model that isolates primary economic determinants of the level and dispersion of managerial ownership, firm scale, and performance(More)
We examine the interrelationships among wage dispersion, player turnover, and organizational performance using a sample of National Football League teams. We find that pay dispersion and player turnover are both negatively related to team performance, and that dispersion is positively related to turnover. We investigate whether dispersion's impact on(More)
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