Urban Agglomeration and CEO Compensation

被引：62

作者：

Francis, Bill B. ^{[1
]}

Hasan, Iftekhar ^{[2
,3
]}

John, Kose ^{[4
,5
]}

Waisman, Maya ^{[6
]}

机构：

[1] Rensselaer Polytech Inst, Lally Sch Management, Troy, NY 12181 USA

[2] Fordham Univ, Gabelli Sch Business, Bronx, NY 10458 USA

[3] Bank Finland, Helsinki, Finland

[4] Temple Univ, Fox Sch Business, Philadelphia, PA 19122 USA

[5] NYU, New York, NY 10003 USA

[6] Fordham Univ, Gabelli Sch Business, Bronx, NY 10458 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2016年 / 51卷 / 06期

关键词：

GEOGRAPHY; CITIES; WAGES; PRODUCTIVITY; BIAS;

D O I：

10.1017/S0022109016000752

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the relation between the agglomeration of firms around big cities and chief executive officer (CEO) compensation. We find a positive relation among the metropolitan size of a firm's headquarters, the total and equity portion of its CEO's pay, and the quality of CEO educational attainment. We also find that CEOs gradually increase their human capital in major metropolitan areas and are rewarded for this upon relocation to smaller cities. Taken together, the results suggest that urban agglomeration reflects local network spillovers and faster learning of skilled individuals, for which firms are willing to pay a premium and which are therefore important factors in CEO compensation.

引用

页码：1925 / 1953

页数：29

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