Urban Agglomeration and CEO Compensation
研究发现公司总部所在城市规模越大，CEO总薪酬和股权薪酬越高，且CEO教育质量也更高；CEO在大城市积累人力资本后迁往小城市会获得薪酬奖励。
We examine the relation between the agglomeration of firms around big cities and chief executive officer (CEO) compensation. We find a positive relation among the metropolitan size of a firm’s headquarters, the total and equity portion of its CEO’s pay, and the quality of CEO educational attainment. We also find that CEOs gradually increase their human capital in major metropolitan areas and are rewarded for this upon relocation to smaller cities. Taken together, the results suggest that urban agglomeration reflects local network spillovers and faster learning of skilled individuals, for which firms are willing to pay a premium and which are therefore important factors in CEO compensation.