We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would … finance consumption, but because it affects perceptions of fairness. The need to fairly recognize the CEO’s contribution … incentives, and why peer firm pay matters beyond retention concerns. Fairness also matters to investors, with shareholder returns …

We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would … finance consumption, but because it affects perceptions of fairness. The need to fairly recognize the CEO’s contribution … incentives, and why peer firm pay matters beyond retention concerns. Fairness also matters to investors, with shareholder returns …

skills and preferences. The key feature of our measure is that it aggregates fairness gaps, defined as the difference between …

work for. We reject, however, the efficient pay hypothesis as CEO pay and the demand for managers increases in Germany in … difficult times when the typical firm size shrinks. We find further that domestic and global competition for managers has …