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首页> 外文期刊>The Academy of Management Perspectives >Compensation Consultants and Executive Pay: Evidence from the United States and the United Kingdom
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Compensation Consultants and Executive Pay: Evidence from the United States and the United Kingdom

机译：薪酬顾问和高管薪酬：来自美国和英国的证据

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摘要

Executive compensation consultants are investigated using data from the United States and the United Kingdom. The study yields a number of findings. First, CEO pay is generally greater in firms that use compensation consultants, consistent with a rent-extraction theory of executive pay. Second, the amount of equity used in the CEO compensation package, such as stock options, is greater in firms that use consultants. This is consistent with alignment of manager and shareholder interests. Third, there is little evidence that using consultants with potential conflicts of interest, such as supplying other business to client firms, leads to greater CEO pay or the adverse design of pay contracts.rnCEOs in the United States earn a great deal of money. Average CEO pay in S&P 500 firms increased dramatically from about $3 million in 1993 to a peak of approximately $16 million in 2000, and while it has fallen back in recent years, in 2006 it still stood at more than $8 million (Kaplan, 2008). U.S. CEOs also appear to be doing well when their income is compared to that of the typical American household.
机译：高管薪酬顾问使用来自美国和英国的数据进行调查。该研究得出了许多发现。首先，在使用薪酬顾问的公司中，首席执行官的薪酬通常更高，这与高管薪酬的租金提取理论一致。其次，在使用顾问的公司中，CEO补偿计划中使用的股权数量（例如股票期权）更大。这与管理者和股东利益一致。第三，几乎没有证据表明聘用具有潜在利益冲突的顾问（例如向客户公司提供其他业务）会导致更高的CEO薪酬或不利的薪酬合同设计。美国的CEO赚了很多钱。标准普尔500强公司的首席执行官平均薪酬从1993年的约300万美元急剧上升到2000年的约1600万美元的峰值，尽管近年来有所回落，但在2006年仍超过800万美元（Kaplan，2008年） 。与美国典型家庭的收入相比，美国CEO的表现也不错。

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