CEO Tournaments: A Cross-Country Analysis of Causes, Cultural Influences, and Consequences
利用跨国样本，研究CEO与其他高管之间的薪酬差距（锦标赛结构）如何受企业特征和各国文化价值观（如权力距离、公平收入差异和竞争观念）的影响，并发现这种薪酬差距与企业价值正相关。
Using a cross-country sample, we examine the chief executive officer (CEO) tournament structure (measured alternatively as the ratio and the difference of pay between the CEO and other top executives within a firm). We find the tournament structure to vary systematically with firm and country cultural characteristics. In particular, firm size and the cultural values of power distance, fair income differences, and competition are significantly associated with variations in tournament structures. We also establish support for the primary implication of tournament theory in that tournament structure tends to be positively related to firm value, even after controlling for endogeneity.