How Much Does Performance Matter? A Meta-Analysis of CEO Pay Studies
通过元分析检验企业规模与绩效对CEO薪酬的影响，发现规模解释了薪酬差异的40%以上，而绩效解释不到5%。
Through a meta-analytic review of the empirical literature on the determinants of CEO pay, this study tests the hypothesized relationships between firm size, performance, and CEO pay. We show that firm size accounts for more than 40% of the variance in total CEO pay, while firm performance accounts for less than 5% of the variance. We also show that pay sensitivities are relatively similar for both changes in size (5% of the explained variance in pay) and changes in financial performance (4% of the explained variance in pay). The meta-analysis also suggests that moderator variables may play an important role, but we were unable to test for this.