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Title:What can we learn from privately held firms about executive compensation? PDF Logo
Authors:Cole, Rebel A.
Mehran, Hamid
Issue Date:2008
Series/Report no.:Staff Report, Federal Reserve Bank of New York 314
Abstract:This study examines the determinants of CEO compensation using data from a nationally representative sample of privately held U.S. corporations. We find that (i) the pay-size elasticity is much larger for privately held firms than for the publicly traded firms on which previous research has almost exclusively focused; (ii) executives at C-corporations are paid significantly more than executives at S-corporations; (iii) executive pay is inversely related to CEO ownership; (iv) executive pay is inversely related to leverage; and (v) executive pay is related to a number of CEO characteristics, including age, education, and gender. Executive pay is inversely related to CEO age and positively related to educational attainment. Finally, female executives are paid significantly less than their male counterparts.
Subjects:Compensation
organizational form
taxes
ownership
education
gender
JEL:H24
H25
G32
J33
Document Type:Working Paper
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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