Abstract
This study examines how a large sample of US banks compensates their top management teams (i.e., the top four to five highest ranking executives in each bank). We observe two tiers of compensation in the executive suite: the Chief Executive Officer (CEO) and the rest of the top management team. CEOs receive not only greater pay in absolute dollar, but are also rewarded more in relation to performance, as manifested in having a larger portion of their pay in performance contingent compensation. Below the CEO, top executives have similar compensation structure and pay to performance elasticities. The results are robust to a significant size effect, and alternate measures of performance.
| Original language | English |
|---|---|
| Pages (from-to) | 1143-1163 |
| Number of pages | 21 |
| Journal | Journal of Banking and Finance |
| Volume | 26 |
| Issue number | 6 |
| DOIs | |
| State | Published - 2002 |
Keywords
- Executive compensation
- Non-CEO top executives
- Pay performance relations
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