The Executive Turnover Risk Premium
研究发现行业波动大的公司CEO更易被解雇，且离职风险与薪酬显著正相关，支持竞争性劳动力市场中的风险补偿理论，而非管理层防御假说。
ABSTRACT We establish that CEOs of companies experiencing volatile industry conditions are more likely to be dismissed. At the same time, accounting for various other factors, industry risk is unlikely to be associated with CEO compensation other than through dismissal risk. Using this identification strategy, we document that CEO turnover risk is significantly positively associated with compensation. This finding is important because job‐risk‐compensating wage differentials arise naturally in competitive labor markets. By contrast, the evidence rejects an entrenchment model according to which powerful CEOs have lower job risk and at the same time secure higher compensation.