The Role of Defined Benefit Pension Plans in Executive Compensation
利用新披露数据，研究了CEO固定收益养老金计划在薪酬合同中的作用，发现拥有该计划的CEO年度薪酬高于经济因素预测值，且权力更大的CEO获得更高总薪酬。
Although defined benefit (DB) pension plans constitute a significant portion of both annual compensation and firm-related wealth for many CEOs, prior studies of CEO compensation contracts generally exclude these plans from their analyses due to lack of data. Taking advantage of recently increased disclosure requirements, we analyse the role of DB pension plans in these contracts. We find that firms with CEO DB pension plans grant the CEO annual compensation that is larger than predicted by economic determinants. We also find that more powerful CEOs, identified by their extraordinary pension benefits, receive higher total pay in addition to the pension benefits. We find no evidence that CEO pension benefits contribute to the pay-for-performance sensitivity of the annual pay.