Environmental Performance and Executive Compensation: An Integrated Agency-Institutional Perspective
研究污染行业中CEO薪酬与环境绩效的关系，发现好的环境绩效会提高CEO薪酬，但环境治理机制（如薪酬政策与环境委员会）仅起象征作用，并未增强这一关联。
Relying on institutional theory, agency rationale, and environmental management research, we hypothesize that, in polluting industries, good environmental performance increases CEO pay; that environmental governance mechanisms strengthen this linkage; that pollution prevention strategies affect executive compensation more than end-of-pipe pollution control; and that long-term pay increases pollution prevention success. Using longitudinal data on 469 U.S. firms, we found support for three hypotheses. Contrary to our expectations, firms with an explicit environmental pay policy and an environmental committee do not reward environmental strategies more than those without such structures, suggesting that these mechanisms play a merely symbolic role.