Pay for Talk: How the Use of Shareholder‐Value Language Affects CEO Compensation
研究了美国公司CEO在致股东信中使用的股东价值语言如何影响其薪酬水平，发现使用这种语言与更高薪酬显著相关，且在股东积极主义更强时效果更明显。
ABSTRACT The language that signals conformity to a prevailing norm can contribute to the appearance of managerial competency and organizational legitimacy. We argue that top corporate managers’ use of language that is congruent with a prevailing norm leads the boards of directors to evaluate the managers more favourably and to grant a higher level of compensation. We test this argument by analysing the letters to shareholders from 334 US firms and examine the CEOs’ expression of the shareholder value principle, which is a prevailing model of corporate governance in the USA. We found that the use of shareholder‐value language is significantly related to a higher level of CEO compensation and that the effect of shareholder‐value language is greater when shareholder activism is stronger.