CEO compensation and performance in US private foundations
研究美国私人基金会中CEO薪酬与行政管理效率的关系，发现同一基金会内薪酬与绩效正相关，但不同基金会间呈负相关，表明部分基金会存在监督不足导致高薪低效的问题。
Abstract In a large sample of US private foundations, we examine the association between CEO compensation and an accounting‐based measure of performance, administrative efficiency. We document a positive pay–performance association across time within foundations, but a negative association across foundations. We interpret our evidence as follows: some foundation boards reward CEOs for high administrative efficiency, which results in a positive pay–performance association. However, some foundations are poorly monitored relative than others, resulting in higher CEO compensation and lower efficiency.