Rethinking Measurement of Pay Disparity and Its Relation to Firm Performance
开发了公司层面薪酬差距的衡量指标，发现CEO与员工平均薪酬比率与绩效无显著关系，但将薪酬差距分解为经济因素解释和未解释部分后，未解释部分（作为薪酬公平性的代理）与未来绩效负相关，解释部分正相关。
ABSTRACT I develop measures of firm-level pay disparity and examine their relation to firm performance. Using comprehensive compensation data for a large sample of firms, I find no statistically significant relation between the ratio of CEO-to-mean employee compensation and performance. I next create empirical models that allow me to separate the components of CEO and employee compensation explained by economic factors from those that are not, and use these models to estimate explained and unexplained pay disparity. After validating my estimate of unexplained pay disparity as a proxy for pay fairness, I find robust evidence of a negative (positive) relation between unexplained (explained) pay disparity and future firm performance. JEL Classifications: G32; G35; J31; M12; M14; M52.