Frydman, Carola; Saks, Raven E. - In: Review of Financial Studies 23 (2010) 5, pp. 2099-2138
We analyze the long-run trends in executive compensation using a new dataset of top officers of large firms from 1936 to 2005. The median real value of compensation was remarkably flat from the late 1940s to the 1970s, revealing a weak relationship between pay and aggregate firm growth. By...