How sensitive is executive compensation to organizational size?
通过分析303家公司不同层级高管的薪酬与公司规模的变化数据，发现薪酬变化与规模变化的相关性远小于水平值之间的相关性，表明薪酬变化并非主要由规模变化驱动。
Abstract Prior empirical research has documented a large cross‐sectional correlation between the level of executive pay and firm size. In contrast, this paper examines the association between percentage changes in executive compensation and percentage changes in organizational size. We analyze compensation and size data for executives at several levels of the corporate hierarchy for a sample of 303 firms. Our results indicate that the correlation between compensation and size is much smaller, although still statistically significant, in changes than in levels. This suggests that changes in an executive's compensation are not primarily driven by changes in organizational size.