Have a personal or library account? Click to login
CEO Characteristics and Compensation: A Channel analysis of U.S. Listed Firms Cover

CEO Characteristics and Compensation: A Channel analysis of U.S. Listed Firms

Open Access
|Sep 2025

References

  1. Adhikari, H. P., Bulmash, S. B., Krolikowski, M. W., & Sah, N. B. (2015). Dynamics of CEO compensation: Old is gold. The Quarterly Review of Economics and Finance, 57, 191–206. https://doi.org/10.1016/j.qref.2015.01.007
  2. Ahn, J.-Y. (2015). CEO pay for long-run performance: a dynamic view. Journal of Applied Business Research, 31(1), 317–330.
  3. Bebchuk, L. A., Fried, J. M., & Walker, D. I. (2002). Managerial power and rent extraction in the design of executive compensation. University of Chicago Law Review, 69(3), 751–846.
  4. Bertrand, M., & Hallock, K. (2001). The Gender Gap in Top Corporate Jobs. Industrial and Labor Relations Review, 55(1), 3–21.
  5. Bertrand, M. & Mullainathan, S. (2001). Are CEOs rewarded for luck? The ones without principals are. Quarterly Journal of Economics 116 (3), 901–932.
  6. Bilyay-Erdogan, S., Danisman, G. O., & Demir, E. (2023). ESG performance and dividend payout: A channel analysis. Finance Research Letters, 55(A), 103827. https://doi.org/10.1016/j.frl.2023.103827.
  7. Brown, R., Gao, N., Lee, E., & Stathopoulos, K. (2012). What Are Friends for? CEO Networks, Pay and Corporate Governance. In: Boubaker, S., Nguyen, B., Nguyen, D. (eds) Corporate Governance. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-31579-4_12
  8. Cherry, I., & Gatchev, V. A. (2019). How Firms Use Director Networks in Setting CEO Pay. Financial Review, 54(3), 501-540. https://doi.org/10.1111/fire.12190
  9. Core, J. E., & Guay, W. R. (2010). Is CEO pay too high and are incentives too low? A wealth-based contracting framework. Academy of Management Perspectives, 24(1), 5-19.
  10. Crespi-Cladera, R., & Pascual-Fuster, B. (2011). Executive Directors Pay and 166 Networks In Spanish Listed Companies, Universitat Illes Balears, Working paper.
  11. Graham, J. R., Li, S., & Qiu, J. (2012). Managerial Attributes and Executive Compensation. The Review of Financial Studies, 25(1), 144-186. https://doi.org/10.1093/rfs/hhr076
  12. Geletkanycz, M. A., Boyd, B. K., & Finkelstein, S. (2001). The Strategic Value of CEO External Directorate Networks: Implications for CEO Compensation. Strategic Management Journal, 22(9), 889–898.
  13. Grinstein, Y., & Hribar, P. (2004). CEO compensation and incentives: Evidence from M&A bonuses. Journal of Financial Economics, 73(1), 119–143.
  14. Hallock, K. (1997). Reciprocally Interlocking Boards of Directors and Executive Compensation, Journal of Financial and Quantitative Analysis, 32(3), 331-344.
  15. Horton, J., Millo, Y., & Serafeim, G. (2012). Resources or Power? Implications of Social Networks on Compensation and Firm Performance. Journal of Business Finance and Accounting, 39(3-4), 399 – 426.
  16. Kulich, C., Haslam, S.A., Renneboog, L., Ryan, M., & Trojanowski, G. (2011). Who Gets the Carrot and Who Gets the Stick? Evidence of Gender Disparities in Executive Remuneration. Strategic Management Journal, 32(3), 301–321.
  17. Page, T. B. (2018). CEO attributes, compensation, and firm value: Evidence from a structural estimation. Journal of Financial Economics, 128(2), 378–401. https://doi.org/10.1016/j.jfineco.2018.02.006
  18. Renneboog, L., & Zhao, Y. (2011). Us Knows Us in the UK: On Director Networks and CEO Compensation. Journal of Corporate Finance, 17(4), 1132-1157.
  19. Schoorman, F. D., Bazerman, M. H., & Atkin, R. S. (1981). Interlocking directorates: A strategy for reducing environmental uncertainty. Academy of Management Review, 243-251.
  20. Smirnova, A. S., & Zavertiaeva, M. A. (2017). Which came first, CEO compensation or firm performance? The causality dilemma in European companies. Research in International Business and Finance, 42, 658–673. https://doi.org/10.1016/j.ribaf.2017.07.009
DOI: https://doi.org/10.2478/sbe-2025-0026 | Journal eISSN: 2344-5416 | Journal ISSN: 1842-4120
Language: English
Page range: 98 - 112
Published on: Sep 4, 2025
Published by: Lucian Blaga University of Sibiu
In partnership with: Paradigm Publishing Services
Publication frequency: 3 issues per year

© 2025 Cosmin Enache, Claudiu Boţoc, Sorin Gabriel Anton, published by Lucian Blaga University of Sibiu
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.