CEO Pay-For-Performance Heterogeneity Using Quantile Regression
We provide some examples of how quantile regression can be used to investigate heterogeneity in pay-firm size and pay-performance relationships for U.S. CEOs. For example, do conditionally (predicted) high-wage managers have a stronger relationship between pay and performance than conditionally low-wage managers? Our results using data over a decade show, for some standard specifications, there is considerable heterogeneity in the returns-to-firm performance across the conditional distribution of wages. Quantile regression adds substantially to our understanding of the pay-performance relationship. This heterogeneity is masked when using more standard empirical techniques. Copyright (c) 2010, The Eastern Finance Association.
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Volume (Year): 45 (2010)
Issue (Month): 1 (February)
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