The Price of a CEO's Rolodex

The Price of a CEO's Rolodex

CEOs with large networks earn more than those with small networks. An additional connection to an executive or director outside the firm increases compensation by about $17,000 on average, more so for "important" members, such as CEOs of big firms. Pay-for-connectivity is unrelated to seve...

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Veröffentlicht in:The Review of financial studies 2013-01, Vol.26 (1), p.79-114
Hauptverfasser: Engelberg, Joseph, Gao, Pengjie, Parsons, Christopher A.
Format: Artikel
Sprache:eng
Schlagworte:
Business structures
Chief executive officers
Compensation
Connectivity
Corporate governance
Executive compensation
Experimental methods
Income distribution
Industrial concentration
Industrial market
Labor markets
Price theory
Productivity
Senior management
Social networks
Studies
Universities
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Beschreibung
Zusammenfassung:CEOs with large networks earn more than those with small networks. An additional connection to an executive or director outside the firm increases compensation by about $17,000 on average, more so for "important" members, such as CEOs of big firms. Pay-for-connectivity is unrelated to several measures of corporate governance, evidence in favor of an efficient contracting explanation for CEO pay.
ISSN:0893-9454
1465-7368
DOI:10.1093/rfs/hhs114