Bizjak, John M.; Lemmon, Michael L.; Naveen, Lalitha - In: Journal of Financial Economics 90 (2008) 2, pp. 152-168
We provide empirical evidence on how the practice of competitive benchmarking affects chief executive officer (CEO) pay. We find that the use of benchmarking is widespread and has a significant impact on CEO compensation. One view is that benchmarking is inefficient because it can lead to...