The Price of Change: The Role of CEO Compensation in Strategic Variation and Deviation From Industry Strategy Norms
研究CEO薪酬变化如何影响企业战略变异和偏离行业规范，发现薪酬变化对战略变革的影响取决于企业绩效：低绩效时正向，高绩效时负向。
This research tests the proposition that changes in CEO pay will be reflected in strategic change—viewed as variation in firm strategy and deviation from industry strategic norms. Changes in total CEO pay, long-term pay, and long-term pay structure were found to affect strategic change in a sample of large U.S. firms. However, the effects of pay on change were positive when firm performance was low; the relationships were negative among the highest performing firms.