The relationship between CEO nominal salary and firm operating performance
by Mina Glambosky; Surendranath Rakesh Jory; Thanh Ngo
International Journal of Corporate Governance (IJCG), Vol. 12, No. 3/4, 2021

Abstract: Nominal salary is a symbolic amount that does not represent economically meaningful compensation. In this study, we document that CEO nominal salary is positively related to a firms' operating and stock performance. Our results stay robust when we address endogeneity issues using the Heckman self-selection two-stage regression and propensity score matching approach. The findings of our study render important implications about CEO compensation structure and how it can align manager incentives with shareholder wealth.

Online publication date: Thu, 03-Mar-2022

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