The Impact of Ownership Structure on the Structure of Compensation Committees
研究企业所有权结构如何影响薪酬委员会中内部人的任命，发现CEO持股比例越高，委员会中内部人越多；而非高管员工持股比例越高，内部人越少。
The practice of appointing insiders to the compensation committee has drawn considerable criticism since compensation committees play an important role in executive compensation decisions. This paper examines the association between the firm’s ownership structure and the decision to use insiders on the compensation committee. The paper finds that CEO stock ownership is positively related to the presence of insiders on the compensation committee whereas the stockholdings of non‐executive employees, as a group, is negatively related to the presence of insiders.