This article examines the compensation of top managers of nonprofits in the United States using panel data from tax returns of the organizations from 1992 to 1996. Studying managers in nonprofits is particularly interesting given the difficulty in measuring performance. The article examines many...

Many nonprofit organizations are governed by boards of directors comprised of individuals who often have been invited to join the board based on their contributions of time and money. For many, this is either their first board membership or yet another conducted within an environment lacking the...

Many factors including incentive-pay, powerful shareholders, and takeover threats push for-profits managers towards maximizing shareholder value. One of the most striking factors about non-profit firms is that they have no comparable governance institutions, and the only check on managers are...