Joskow, Paul L.; Rose, Nancy L.; Wolfram, Catherine - In: RAND Journal of Economics 27 (1996) 1, pp. 165-182
This study explores the effect of regulatory and political constraints on the level of CEO compensation for 87 state-regulated electric utilities during 1978-1990. The results suggest that political pressures may constrain top executive pay levels in this industry. First, CEOs of firms operating...