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Chief executive compensation: A study of the intersection of markets and political processes

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  • Sydney Finkelstein
  • Donald C. Hambrick

Abstract

A model of the determinants of chief executive (CEO) compensation is presented and tested. Based on a sample from the leisure industry, the study finds that CEO pay has complex links to several factors: firm size, complexity, performance, CEO power, board vigilance, and the CEO's human capital. The study includes a separate examination of CEO salary and bonus, as well as a test of pay determination across McEachern's (1975) ownership categories.

Suggested Citation

  • Sydney Finkelstein & Donald C. Hambrick, 1989. "Chief executive compensation: A study of the intersection of markets and political processes," Strategic Management Journal, Wiley Blackwell, vol. 10(2), pages 121-134, March.
    • Handle: RePEc:bla:stratm:v:10:y:1989:i:2:p:121-134
    DOI: 10.1002/smj.4250100203
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