Social Comparison and Reciprocity in Director Compensation
研究董事薪酬上涨的机制，发现董事通过社会比较和与CEO的互惠关系推高薪酬水平，基于1996-2005年数据验证。
In this article, we develop theory regarding one set of mechanisms through which increases in the compensation of directors are transmitted throughout the director labor market. In a longitudinal study using director compensation data from 1996 to 2005, we test hypotheses about how directors’ use of social comparison processes, and reciprocity between CEOs and the board, drive up the compensation level for boards of directors. Specifically, we argue and find that directors’ home firms and interlocked boards serve as salient comparison groups for board members.