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22대 대한민국 국회 국회정보길라잡이 국회의원검색
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소장정보 검색

국회도서관 홈으로 정보검색 소장정보 검색
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Title page

Contents

Abstract 3

I. Introduction 4

II. Theory and Hypotheses: Relationship Between the CEO Pay Gap and Firm Performance 9

III. Methodological Pitfalls 17

A. Researcher-Induced Endogeneity 18

B. Natural Endogeneity 20

IV. Empirical Analysis 20

A. Empirical Specifications 20

B. Data, Measures, and Sample Selection 22

C. Results 25

D. Endogeneity of the Pay Ratio 28

V. Robustness Tests and Further Analysis 34

VI. Discussion and Implications 35

VII. Conclusion 39

Reference 41

Online Appendix 58

A1. Measurement Error Induced by Winsorizing the Pay Ratio 58

A2. CEO-Firm Fixed Effects Versus Firm Fixed Effects 61

A3. Lagged Dependent Variable and Firm Performance Measure on the Right-Hand Side 64

A4. Instruments in Previous Literature 66

A5. Arellano-Bond Dynamic Panel Estimator 71

A6. Analysis of Outliers 72

A7. Alternative Measure of Executive Pay Gap 79

Reference (for Online Appendix) 91

Tables

Table I. Empirical studies testing pay disparity and firm performance 46

Table II. Variable Definitions 49

Table III. Descriptive Statistics 51

Table IV. Relationship Between Firm Performance and ExecPayRatio 52

Table V. Monte Carlo Simulations Showing Effect of Winsorizing Pay Variables 55

Table VI. Instrumental Variable (IV) Regressions - Firm Performance and ExecPayRatio 56

Figures

Figure 1. ExecPayRatio vs. Industry-adjusted Tobin's q 45

Appendix Tables

Table A1. The top 100 observations of ExecPayRatio 75

Table A2. Sample Selection Criteria 78

Table A3. Relationship Between Firm Performance and ExecPayDiff 81

Table A4. Instrumental Variable (IV) Regressions - Firm Performance and ExecPayRatio (Alternative Configurations of Instruments Including Directors' Influence) 83

Table A5. Instrumental Variable (IV) Regressions - Firm Performance and ExecPayRatio (Alternative Configurations of Instruments Including Directors' Industry Experience) 85

Table A6. Sensitivity (to Outliers) of the Relationship Between Firm Performance and ExecPayRatio 87

Table A7. Relationship Between Firm Performance and ExecPayRatio (Including Firm-CEO-COO Fixed Effects) 89

Table A8. Relationship Between Firm Performance and ExecPayRatio (Accounting for Missing R&D Values) 90

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