메뉴 건너뛰기




Volumn 123, Issue 1, 2008, Pages 49-100

Why has CEO pay increased so much?

Author keywords

[No Author keywords available]

Indexed keywords


EID: 42149179178     PISSN: 00335533     EISSN: 15314650     Source Type: Journal    
DOI: 10.1162/qjec.2008.123.1.49     Document Type: Article
Times cited : (1189)

References (92)
  • 1
    • 0003354843 scopus 로고
    • International Differences in Executive and Managerial Compensation
    • Richard B. Freeman and Lawrence F. Katz, eds, Chicago: University of Chicago Press
    • Abowd, John, and Michael Bognanno, "International Differences in Executive and Managerial Compensation," in Differences and Changes in Wage Structures, Richard B. Freeman and Lawrence F. Katz, eds. (Chicago: University of Chicago Press, 1995).
    • (1995) Differences and Changes in Wage Structures
    • Abowd, J.1    Bognanno, M.2
  • 3
    • 33744517618 scopus 로고    scopus 로고
    • The Polarization of the U.S. Labor Market
    • Autor, David, Lawrence Katz, and Melissa Kearney, "The Polarization of the U.S. Labor Market," American Economic Review, 96 (2006), 189-194.
    • (2006) American Economic Review , vol.96 , pp. 189-194
    • Autor, D.1    Katz, L.2    Kearney, M.3
  • 4
    • 0035823152 scopus 로고    scopus 로고
    • Zipf Distribution of U.S. Firm Sizes
    • Axtell, Robert, "Zipf Distribution of U.S. Firm Sizes," Science, 293 (2001), 1818-1820.
    • (2001) Science , vol.293 , pp. 1818-1820
    • Axtell, R.1
  • 5
    • 11144308389 scopus 로고    scopus 로고
    • CEO Incentives and Firm Size
    • Baker, George, and Brian Hall, "CEO Incentives and Firm Size," Journal of Labor Economics, 22 (2004), 767-798.
    • (2004) Journal of Labor Economics , vol.22 , pp. 767-798
    • Baker, G.1    Hall, B.2
  • 6
    • 84977726267 scopus 로고
    • Compensation and Incentives: Practice vs. Theory
    • Baker, George, Michael Jensen, and Kevin Murphy, "Compensation and Incentives: Practice vs. Theory," Journal of Finance, 43 (1988), 593-616.
    • (1988) Journal of Finance , vol.43 , pp. 593-616
    • Baker, G.1    Jensen, M.2    Murphy, K.3
  • 7
    • 0001202483 scopus 로고
    • Pay, Performance, and Turnover of Bank CEOs
    • Barro, Jason, and Robert Barro, "Pay, Performance, and Turnover of Bank CEOs," Journal of Labor Economics, 8 (1990), 448-481.
    • (1990) Journal of Labor Economics , vol.8 , pp. 448-481
    • Barro, J.1    Barro, R.2
  • 9
    • 0036599832 scopus 로고    scopus 로고
    • Managerial Power and Rent Extraction in the Design of Executive Compensation
    • Bebchuk, Lucian, Jesse Fried, and David Walker, "Managerial Power and Rent Extraction in the Design of Executive Compensation," University of Chicago Law Review, 69 (2002), 751-846.
    • (2002) University of Chicago Law Review , vol.69 , pp. 751-846
    • Bebchuk, L.1    Fried, J.2    Walker, D.3
  • 12
    • 34249847377 scopus 로고    scopus 로고
    • Bennedsen, Morten, Kasper Nielsen, Francisco Pérez- González, and Daniel Wolfenzon, Inside the Family Firm: The Role of Families in Succession Decisions and Performance, Quarterly Journal of Economics, 122 (2007), 647-691.
    • Bennedsen, Morten, Kasper Nielsen, Francisco Pérez- González, and Daniel Wolfenzon, "Inside the Family Firm: The Role of Families in Succession Decisions and Performance," Quarterly Journal of Economics, 122 (2007), 647-691.
  • 13
    • 0039784061 scopus 로고    scopus 로고
    • Are CEOs Rewarded for Luck? The Ones without Principals Are
    • Bertrand, Marianne, and Sendhil Mullainathan, "Are CEOs Rewarded for Luck? The Ones without Principals Are," Quarterly Journal of Economics, 116 (2001), 901-932.
    • (2001) Quarterly Journal of Economics , vol.116 , pp. 901-932
    • Bertrand, M.1    Mullainathan, S.2
  • 14
    • 0345447671 scopus 로고    scopus 로고
    • Managing with Style: The Effect of Managers on Corporate Policy
    • Bertrand, Marianne, and Antoinette Schoar, "Managing with Style: The Effect of Managers on Corporate Policy," Quarterly Journal of Economics, 118 (2003), 1169-1208.
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 1169-1208
    • Bertrand, M.1    Schoar, A.2
  • 15
    • 37249060605 scopus 로고    scopus 로고
    • Measuring and Explaining Management Practices Across Firms and Countries
    • Bloom, Nicholas, and John Van Reenen, "Measuring and Explaining Management Practices Across Firms and Countries," Quarterly Journal of Economics, 122 (2007), 1351-1408.
    • (2007) Quarterly Journal of Economics , vol.122 , pp. 1351-1408
    • Bloom, N.1    Van Reenen, J.2
  • 16
    • 33745808764 scopus 로고    scopus 로고
    • Executive Compensation and Short-termist Behavior in Speculative Markets
    • Bolton, Patrick, Jose Scheinkman, and Wei Xiong, "Executive Compensation and Short-termist Behavior in Speculative Markets," Review of Economic Studies, 73 (2006), 577-610.
    • (2006) Review of Economic Studies , vol.73 , pp. 577-610
    • Bolton, P.1    Scheinkman, J.2    Xiong, W.3
  • 17
    • 0002519023 scopus 로고    scopus 로고
    • Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk
    • Campbell, John, Martin Lettau, Burton G. Malkiel, and Yexiao Xu, "Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk," Journal of Finance, 56 (2001), 1-43.
    • (2001) Journal of Finance , vol.56 , pp. 1-43
    • Campbell, J.1    Lettau, M.2    Malkiel, B.G.3    Xu, Y.4
  • 18
    • 21244441102 scopus 로고    scopus 로고
    • The Prince and the Pauper? CEO Pay in the United States and United Kingdom
    • Conyon, Martin, and Kevin Murphy, "The Prince and the Pauper? CEO Pay in the United States and United Kingdom," Economic Journal, 110 (2000), 640-671.
    • (2000) Economic Journal , vol.110 , pp. 640-671
    • Conyon, M.1    Murphy, K.2
  • 19
    • 0001897960 scopus 로고
    • The Renumeration of Chief Executives in the United Kingdom
    • Cosh, Andrew, "The Renumeration of Chief Executives in the United Kingdom," Economic Journal, 85 (1975), 75-94.
    • (1975) Economic Journal , vol.85 , pp. 75-94
    • Cosh, A.1
  • 22
    • 33645345141 scopus 로고    scopus 로고
    • Where Did the Productivity Go? Inflation Dynamics and the Distribution of Income
    • Dew-Becker, Ian, and Robert J. Gordon, "Where Did the Productivity Go? Inflation Dynamics and the Distribution of Income," Brookings Papers on Economic Activity, 2 (2005), 67-127.
    • (2005) Brookings Papers on Economic Activity , vol.2 , pp. 67-127
    • Dew-Becker, I.1    Gordon, R.J.2
  • 23
    • 28244486112 scopus 로고    scopus 로고
    • CEO Compensation, Change, and Corporate Strategy
    • Dow, James, and Clara Raposo, "CEO Compensation, Change, and Corporate Strategy," Journal of Finance, 60 (2005), 2701-2727.
    • (2005) Journal of Finance , vol.60 , pp. 2701-2727
    • Dow, J.1    Raposo, C.2
  • 28
    • 42149166368 scopus 로고    scopus 로고
    • Frydman, Carola, and Raven Saks, Historical Trends in Executive Compensation, 1936-2003, mimeo, Harvard University, 2005.
    • Frydman, Carola, and Raven Saks, "Historical Trends in Executive Compensation, 1936-2003," mimeo, Harvard University, 2005.
  • 29
    • 0742272491 scopus 로고    scopus 로고
    • Do Pareto-Zipf and Gibrat Laws Hold True? An Analysis with European Firms
    • 335 2004
    • Fujiwara, Yoshi, Corrado Di Guilmi, Hideaki Aoyama, Mauro Gallegati, and Wataru Souma, "Do Pareto-Zipf and Gibrat Laws Hold True? An Analysis with European Firms," Physica A, 335 (2004), 197-216.
    • Physica A , pp. 197-216
    • Fujiwara, Y.1    Di Guilmi, C.2    Aoyama, H.3    Gallegati, M.4    Souma, W.5
  • 30
    • 0013034368 scopus 로고    scopus 로고
    • Zipf's Law for Cities: An Explanation
    • Gabaix, Xavier, "Zipf's Law for Cities: An Explanation," Quarterly Journal of Economics, 114 (1999), 739-767.
    • (1999) Quarterly Journal of Economics , vol.114 , pp. 739-767
    • Gabaix, X.1
  • 32
    • 3042831202 scopus 로고    scopus 로고
    • A Theory of Power Law Distributions in Financial Market Fluctuations
    • Gabaix, Xavier, Parameswaran Gopikrishnan, Vasiliki Plerou, and H. Eugene Stanley, "A Theory of Power Law Distributions in Financial Market Fluctuations," Nature, 423 (2003), 267-270.
    • (2003) Nature , vol.423 , pp. 267-270
    • Gabaix, X.1    Gopikrishnan, P.2    Plerou, V.3    Eugene Stanley, H.4
  • 35
    • 66049142975 scopus 로고    scopus 로고
    • The Evolution of the City Size Distributions
    • Vernon Henderson and Jacques-François Thisse, eds, Oxford: Elsevier Science
    • Gabaix, Xavier, and Yannis Ioannides, "The Evolution of the City Size Distributions," in Handbook of Regional and Urban Economics, Vol. 4, Vernon Henderson and Jacques-François Thisse, eds. (Oxford: Elsevier Science, 2004).
    • (2004) Handbook of Regional and Urban Economics , vol.4
    • Gabaix, X.1    Ioannides, Y.2
  • 36
    • 33646375435 scopus 로고    scopus 로고
    • Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets
    • Gabaix, Xavier, and David Laibson, "Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets," Quarterly Journal of Economics, 121 (2006), 505-540.
    • (2006) Quarterly Journal of Economics , vol.121 , pp. 505-540
    • Gabaix, X.1    Laibson, D.2
  • 38
    • 42149113750 scopus 로고    scopus 로고
    • Garicano, Luis, and Thomas Hubbard, Learning about the Nature of Production from Equilibrium Assignment Patterns, mimeo, University of Chicago Graduate School of Business, 2005.
    • Garicano, Luis, and Thomas Hubbard, "Learning about the Nature of Production from Equilibrium Assignment Patterns, mimeo, University of Chicago Graduate School of Business, 2005.
  • 39
    • 33845351103 scopus 로고    scopus 로고
    • Organization and Inequality in a Knowledge Economy
    • Garicano, Luis, and Esteban Rossi-Hansberg, "Organization and Inequality in a Knowledge Economy," Quarterly Journal of Economics, 121 (2006), 1383-1435.
    • (2006) Quarterly Journal of Economics , vol.121 , pp. 1383-1435
    • Garicano, L.1    Rossi-Hansberg, E.2
  • 43
    • 0009200691 scopus 로고    scopus 로고
    • Are CEOs Really Paid like Bureaucrats?
    • Hall, Brian, and Jeffrey Liebman, "Are CEOs Really Paid like Bureaucrats?" Quarterly Journal of Economics, 113 (1998), 653-691.
    • (1998) Quarterly Journal of Economics , vol.113 , pp. 653-691
    • Hall, B.1    Liebman, J.2
  • 45
    • 23844552986 scopus 로고    scopus 로고
    • Trends in Corporate Governance
    • Hermalin, Benjamin, "Trends in Corporate Governance," Journal of Finance, 60 (2005), 2351-2384.
    • (2005) Journal of Finance , vol.60 , pp. 2351-2384
    • Hermalin, B.1
  • 47
    • 0000357552 scopus 로고    scopus 로고
    • Corporate Governance and Merger Activity in the U.S
    • Holmström, Bengt, and Steven Kaplan, "Corporate Governance and Merger Activity in the U.S.," Journal of Economic Perspectives, 15 (2001), 121-144.
    • (2001) Journal of Economic Perspectives , vol.15 , pp. 121-144
    • Holmström, B.1    Kaplan, S.2
  • 48
  • 49
    • 60449104919 scopus 로고    scopus 로고
    • Non- diversification Traps in Catastrophe Insurance Markets
    • forthcoming
    • Ibragimov, Rustam, Dwight Jaffee, and Johan Walden, "Non- diversification Traps in Catastrophe Insurance Markets," Review of Financial Studies, forthcoming.
    • Review of Financial Studies
    • Ibragimov, R.1    Jaffee, D.2    Walden, J.3
  • 53
    • 84936016411 scopus 로고
    • Performance Pay and Top-Management Incentives
    • Jensen, Michael, and Kevin J. Murphy, "Performance Pay and Top-Management Incentives," Journal of Political Economy, 98 (1990), 225-264.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.1    Murphy, K.J.2
  • 55
    • 20444367720 scopus 로고    scopus 로고
    • The Shape of Production Functions and the Direction of Technical Change
    • Jones, Charles I., "The Shape of Production Functions and the Direction of Technical Change," Quarterly Journal of Economics, 120 (2005), 517-549.
    • (2005) Quarterly Journal of Economics , vol.120 , pp. 517-549
    • Jones, C.I.1
  • 57
    • 84937314069 scopus 로고
    • Top Executive Rewards and Finn Performance: A Comparison of Japan and the United States
    • Kaplan, Steven, "Top Executive Rewards and Finn Performance: A Comparison of Japan and the United States," Journal of Political Economy, 102 (1994), 510-546.
    • (1994) Journal of Political Economy , vol.102 , pp. 510-546
    • Kaplan, S.1
  • 60
    • 0000971801 scopus 로고    scopus 로고
    • Research, Patenting, and Technological Change
    • Kortum, Samuel S., "Research, Patenting, and Technological Change," Econometrica, 65 (1997), 1389-1419.
    • (1997) Econometrica , vol.65 , pp. 1389-1419
    • Kortum, S.S.1
  • 61
    • 0002539550 scopus 로고
    • Firm Size and Executive Compensation
    • Kostiuk, Peter F., "Firm Size and Executive Compensation," Journal of Human Resources, 25 (1990), 91-105.
    • (1990) Journal of Human Resources , vol.25 , pp. 91-105
    • Kostiuk, P.F.1
  • 62
    • 84993888629 scopus 로고    scopus 로고
    • Kothari, S. P., Jay Shanken, and Richard G. Sloan, Another Look at the Cross-Section of Expected Stock Returns, Journal of Finance, 50 (1995), 185-224.
    • Kothari, S. P., Jay Shanken, and Richard G. Sloan, "Another Look at the Cross-Section of Expected Stock Returns," Journal of Finance, 50 (1995), 185-224.
  • 63
    • 13444249878 scopus 로고    scopus 로고
    • The Economics of Real Superstars: The Market for Rock Concerts in the Material World
    • Krueger, Alan B., "The Economics of Real Superstars: The Market for Rock Concerts in the Material World," Journal of Labor Economics, 23 (2005), 1-30.
    • (2005) Journal of Labor Economics , vol.23 , pp. 1-30
    • Krueger, A.B.1
  • 65
    • 0006761611 scopus 로고    scopus 로고
    • Corporate Ownership around the World
    • La Porta, Raphael, Florencio Lopez-de-Silanes, and Andrei Shleifer, "Corporate Ownership around the World," Journal of Finance, 54 (1999), 471-517.
    • (1999) Journal of Finance , vol.54 , pp. 471-517
    • Porta, L.1    Raphael, F.L.-D.2    Shleifer, A.3
  • 67
    • 0000013633 scopus 로고
    • On the Size Distribution of Business Firms
    • Lucas, Robert E., Jr., "On the Size Distribution of Business Firms," Bell Journal of Economics, 9 (1978), 508-523.
    • (1978) Bell Journal of Economics , vol.9 , pp. 508-523
    • Lucas Jr., R.E.1
  • 68
    • 34547693001 scopus 로고    scopus 로고
    • Selection, Growth, and the Size Distribution of Firms
    • Luttmer, Erzo G. J., "Selection, Growth, and the Size Distribution of Firms," Quarterly Journal of Economics, 122 (2007), 1103-1144.
    • (2007) Quarterly Journal of Economics , vol.122 , pp. 1103-1144
    • Luttmer, E.G.J.1
  • 70
    • 0001042527 scopus 로고    scopus 로고
    • Executive Compensation
    • Orley Ashenfelter and David Card, eds, New York/Oxford: Elsevier Science/North Holland
    • Murphy, Kevin J., "Executive Compensation," in Handbook of Labor Economics, Vol. 3b, Orley Ashenfelter and David Card, eds. (New York/Oxford: Elsevier Science/North Holland, 1999).
    • (1999) Handbook of Labor Economics , vol.3 b
    • Murphy, K.J.1
  • 71
    • 4043139394 scopus 로고    scopus 로고
    • CEO Pay and Appointments: A Market-Based Explanation for Recent Trends
    • Murphy, Kevin J., and Jan Zabojnik, "CEO Pay and Appointments: A Market-Based Explanation for Recent Trends," American Economic Review Papers and Proceedings, 94 (2004), 192-196.
    • (2004) American Economic Review Papers and Proceedings , vol.94 , pp. 192-196
    • Murphy, K.J.1    Zabojnik, J.2
  • 72
    • 42149142606 scopus 로고    scopus 로고
    • Nakazato, Minora, J. Mark Ramseyer, and Eric B. Rasmusen, Executive Compensation in Japan: Estimating Levels and Determinants from Tax Records, mimeo, Kelley School of Business, Indiana University, 2006.
    • Nakazato, Minora, J. Mark Ramseyer, and Eric B. Rasmusen, "Executive Compensation in Japan: Estimating Levels and Determinants from Tax Records," mimeo, Kelley School of Business, Indiana University, 2006.
  • 73
    • 0034402489 scopus 로고    scopus 로고
    • The Impact of Regulation on CEO Labor Markets
    • Palia, Darius, "The Impact of Regulation on CEO Labor Markets," RAND Journal of Economics, 31 (2000). 165-179.
    • (2000) RAND Journal of Economics , vol.31 , pp. 165-179
    • Palia, D.1
  • 74
    • 33847607987 scopus 로고    scopus 로고
    • Pérez-González, Francisco, Inherited Control and Firm Performance, American Economic Review, 96 (2006), 1559-1588.
    • Pérez-González, Francisco, Inherited Control and Firm Performance," American Economic Review, 96 (2006), 1559-1588.
  • 75
    • 0037331911 scopus 로고    scopus 로고
    • Income Inequality in the United States, 1913-1998
    • Piketty, Thomas, and Emmanuel Saez, "Income Inequality in the United States, 1913-1998," Quarterly Journal of Economics, 118 (2003), 1-39.
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 1-39
    • Piketty, T.1    Saez, E.2
  • 76
    • 33744509650 scopus 로고    scopus 로고
    • The Evolution of Top Incomes: A Historical and International Perspective
    • _, "The Evolution of Top Incomes: A Historical and International Perspective," American Economic Review, 96 (2006), 200-205.
    • (2006) American Economic Review , vol.96 , pp. 200-205
    • Piketty, T.1    Saez, E.2
  • 78
    • 33750929516 scopus 로고    scopus 로고
    • The Flattening Firm: Evidence from Panel Data on the Changing Nature of Corporate Hierarchies
    • Rajan, Raghu, and Julie Wulf, "The Flattening Firm: Evidence from Panel Data on the Changing Nature of Corporate Hierarchies," Review of Economics and Statistics, 88 (2006), 759-773.
    • (2006) Review of Economics and Statistics , vol.88 , pp. 759-773
    • Rajan, R.1    Wulf, J.2
  • 80
    • 0001598383 scopus 로고
    • A General Theory of Executive Compensation Based on Statistically Tested Propositions
    • Roberts, David R., "A General Theory of Executive Compensation Based on Statistically Tested Propositions," Quarterly Journal of Economics, 70 (1956), 270-294.
    • (1956) Quarterly Journal of Economics , vol.70 , pp. 270-294
    • Roberts, D.R.1
  • 81
    • 0031513224 scopus 로고    scopus 로고
    • Firm Diversification and CEO Compensation: Managerial Ability or Executive Entrenchment?
    • Rose, Nancy, and Andrea Shepard, "Firm Diversification and CEO Compensation: Managerial Ability or Executive Entrenchment?" RAND Journal of Economics, 28 (1997), 489-514.
    • (1997) RAND Journal of Economics , vol.28 , pp. 489-514
    • Rose, N.1    Shepard, A.2
  • 82
    • 0000602640 scopus 로고
    • The Economics of Superstars
    • Rosen, Sherwin, "The Economics of Superstars," American Economic Review, 71 (1981), 845-858.
    • (1981) American Economic Review , vol.71 , pp. 845-858
    • Rosen, S.1
  • 83
    • 0000045786 scopus 로고
    • Authority. Control and the Distribution of Earnings
    • _, "Authority. Control and the Distribution of Earnings," Bell Journal of Economics, 13 (1982), 311-323.
    • (1982) Bell Journal of Economics , vol.13 , pp. 311-323
    • Rosen, S.1
  • 84
    • 0001816476 scopus 로고
    • Contracts and the Market for Executives
    • Lars Werin and Hans Wijkander, eds, Cambridge, MA/Oxford: Blackwell
    • _, "Contracts and the Market for Executives," in Contract Economics, Lars Werin and Hans Wijkander, eds. (Cambridge, MA/Oxford: Blackwell, 1992).
    • (1992) Contract Economics
    • Rosen, S.1
  • 86
    • 0000319340 scopus 로고
    • Assignment Models of the Distribution of Earnings
    • Sattinger, Michael, "Assignment Models of the Distribution of Earnings," Journal of Economic Literature, 31 (1993), 831-880.
    • (1993) Journal of Economic Literature , vol.31 , pp. 831-880
    • Sattinger, M.1
  • 88
    • 0000570212 scopus 로고
    • On a Class of Skew Distribution Functions
    • Simon, Herbert, "On a Class of Skew Distribution Functions," Biometrika, 42 (1955), 425-440.
    • (1955) Biometrika , vol.42 , pp. 425-440
    • Simon, H.1
  • 90
    • 0029483917 scopus 로고
    • The Wage Distribution in a Model of the Assignment of Skills to Jobs
    • Teulings, Coen N., "The Wage Distribution in a Model of the Assignment of Skills to Jobs," Journal of Political Economy, 103 (1995), 280-315.
    • (1995) Journal of Political Economy , vol.103 , pp. 280-315
    • Teulings, C.N.1
  • 92
    • 0040238831 scopus 로고    scopus 로고
    • Good Timing: CEO Stock Option Awards and Company News Announcements
    • Yermack, David, "Good Timing: CEO Stock Option Awards and Company News Announcements," Journal of Finance, 52 (1997), 449-476.
    • (1997) Journal of Finance , vol.52 , pp. 449-476
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.